Rahbi 5.0
AuthorAdmin
Published At2 weeks ago
MIZORAM RAHBI 5.0: A SEED GRANT COMPETITION
BACKGROUND
Despite growing enthusiasm among entrepreneurs and significant advancements in small-scale industries, industrialization in Mizoram has faced challenges. Persistent issues include a lack of organizational structure, poor infrastructure (especially in communication and power), limited market access, and inadequate financing for new businesses. While there has been a general decline in the number of newly registered industrial units, from 594 in 2007-08 to 169 in 2015-16, recent economic reports show a rebound. Mizoram's economy has seen impressive growth, driven by the service sector, which accounted for over 45% of the state's Gross State Value Added (GSVA) in the 2022-23 financial year. Although the primary sector, which includes agriculture, forestry, and fishing, has faced a slight decline, sectors like horticulture and floriculture are showing positive trends. The Mizoram Startup Mission (MSUM) is addressing these challenges by promoting entrepreneurship through initiatives like the "MIZORAM RAHBI" competition, which provides micro-funding to promising startups. The goal is to create a supportive environment for entrepreneurship, especially among the youth, and to foster economic development through innovative ventures.
VISION & SCOPE
Mizoram is witnessing the rise of a young business class with sharp entrepreneurial acumen. The "MIZORAM RAHBI" initiative aims to encourage and support these aspiring startups and entrepreneurs, particularly those who are in the early stages of their ventures. Through this program, startups with innovative ideas are provided with the necessary capital and support to grow, contributing to the state's economic development and creating employment opportunities. The service sector, including healthcare and hospitality, continues to lead in investment and employment generation . The initiative emphasizes not just financial support but also the creation of a sustainable entrepreneurial culture in Mizoram, with mechanisms in place for monitoring and supporting funded ventures.
TARGET AUDIENCE
The Seed Grant Competition is open to all residents of Mizoram who have recently started their business. While all are welcome, the program primarily targets young, indigenous Mizo entrepreneurs who are keen to innovate and contribute to the state's economic landscape.
OBJECTIVE & KEY DELIVERABLES
To transform challenges into business solutions through capital support.
To provide startup capital to early-stage entrepreneurs, fostering commercialization and problem-solving.
To raise awareness of entrepreneurship, particularly among the youth.
To promote self-reliance and harness the entrepreneurial potential within the state.
To generate direct and indirect employment through the growth of startups.
CONVERGENCE
The Startup Capital Grant Competition initiative will work in tandem with other initiatives in general and Entrepreneurial Development Schemes in particular which include Startup India Initiative, other activities of stakeholders of Mizoram entrepreneurship and startup ecosystem, Administrative Reform in Ease of Doing Business, Strengthening of Infrastructure Development for Entrepreneurs & Farmers, preparation of Entrepreneurship Manual, Setting up of Entrepreneurship Knowledge Centre for providing handholding support services and Data Bank, Conducting Need-based Entrepreneurship Development Programme, Conducting Exposure trips for Potential Startups, tie-up with Mizoram University Incubation Centre, IIM Calcutta Innovation Park etc.
STRUCTURE & MANAGEMENT
• Mizoram Rahbi, will be administered by the Mizoram Startup Mission (MSUM) a Government Society under the Planning and Programme Implementation Department.
• The Startup Grant Competition will be announced through advertisement in leading local television channel and other channel of media.
• The Competition will be held in stages spread across number of days as decided by MSUM involving submission of Business Plan, business idea pitching and personal interview.
• Since one of the major objectives of the Competition is to spread awareness of entrepreneurship, contestants/winners will be obliged to participate in all activities pertaining to the Competition including, but not limited to, workshops, boot camps, interviews, video shoots, award ceremonies etc. interspersed through the duration of the Competition.
• All contestants will be obligated to participate in pre-competition workshops organized by Mizoram Startup Mission (MSUM).
• Selected Business Plan/contest winners will be awarded an initial seed grant of Rs 1 lakh. After the completion of initial milestones, an assessment will be conducted by MSUM to evaluate the progress made. The remaining grant, up to ₹6,50,000, will be provided based on the 4 performance and adherence to the Action Plan. The release of this amount will be contingent upon meeting the pre-set milestones and demonstrating satisfactory progress and may be released in installments or as decided by Mizoram Startup Mission (MSUM).
• Fund release is subject to the approval of the final Business Plan by the competent authority as decided by Mizoram Startup Mission (MSUM) and the Terms & Conditions of the Seed Grant Competition for Aspiring Startups.
• Progress attained will be monitored by the appointed/selected agency as decided by Mizoram Startup Mission (MSUM) and as per Terms & Conditions of the Seed Grant Competition for Aspiring Startups.
SEQUENCE OF COMPETITION:
1. Entry through offline submission using a given form.
2. Pre-competition workshops for all candidates.
3. Submission of Business Plan using a given format.
4. Screening of Valid Contestant.
5. Power-point Presentation/Pitching session followed by a personal interview.
6. Selection of Final Round Contestants.
7. Boot Camp for Finalist.
8. Final Round Power-point Presentation/Pitching Session followed by personal interview.
9. Result announcement.
10. Submission and Approval of Business Plan by MSUM including:
a. Opening of Current Account specifically for Grant.
b. Full Estimate with action plan timeline and deliverance.
11. Felicitation of Winners and release of 1st installment of Grant.
12.Monitoring and incubation:
a. Attending of Trainings under Mizoram Startup Mission.
b. Enterprise Formalization within 60 days of release of Grant
c. 1 st Inspection – 60 days from release of 1st Installment
13.Release of remaining Grant shall be made on performance progress report.
14.Monitoring and Half-Yearly Report.
The sequence of the Competition and any additional criteria is subject to change as per the decision of MSUM.