ASPIRE Scheme, Objectives, Features, Eligibility, Key Details

The ASPIRE Scheme (A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship) was launched by the Ministry of Micro, Small and Medium Enterprises (MSME) in 2015 to promote entrepreneurship and innovation in rural and agro-based industries. The scheme focuses on creating a strong incubation ecosystem by supporting start-ups, micro-enterprises, and innovators, especially in rural and underserved regions.

The article below highlights the objectives, features and eligibility of the ASPIRE Scheme.

ASPIRE Scheme Objectives

The ASPIRE Scheme aims to boost rural entrepreneurship and promote innovation by encouraging the establishment of incubation centers and providing technical and financial support to start-ups. The major objectives of the scheme include:

• To promote innovation and entrepreneurship by establishing Livelihood Business Incubators (LBIs) in rural and underserved areas.
• To generate employment opportunities through the development of formal and scalable micro-enterprises in the agro-rural sector.
• To provide skill development, up-skilling, and re-skilling opportunities in modern agro-rural technologies.
• To strengthen MSME competitiveness by supplying skilled manpower to industrial clusters.
• To encourage rural industrialization and improve economic opportunities in backward and remote areas.
• To support start-ups and innovators by providing incubation, mentoring, and technical assistance.

Also Read: DISHA Scheme

ASPIRE Scheme Features

The ASPIRE Scheme provides financial, technical, and mentoring support to entrepreneurs through incubation centres and cluster-based development. The key features of the scheme are:

• It promotes rural entrepreneurship and innovation through incubation support.
• It focuses on establishing Livelihood Business Incubators (LBIs) in rural and underserved areas.
• It encourages the development of agro-based and rural enterprises with high employment potential.
• It supports Technology Business Incubators (TBIs) to promote innovation and technology-driven start-ups.
• It provides financial assistance for setting up incubators through capital grants.
• It offers grant support up to ₹1 crore for Government and PSU incubators.
• It provides grant support up to ₹75 lakh for private or PPP incubators.
• It provides one-time financial support up to ₹1 crore for operational expenses of incubators.
• It offers seed capital and risk funding support for early-stage innovators and start-ups.
• It strengthens enterprise clusters to improve productivity and market access.
• It provides mentoring, hand-holding, and capacity-building support to entrepreneurs.
• It promotes skill development, up-skilling, and re-skilling in agro-rural technologies.

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ASPIRE Scheme Eligibility

The ASPIRE Scheme supports institutions, MSMEs, and individual entrepreneurs engaged in innovation, rural industries, and enterprise development.

• It is open to Government institutions, Public Sector Undertakings (PSUs), and private or PPP organizations for establishing incubators.
• It is available to MSMEs with valid Entrepreneurs Memorandum (EM) registration.
• It supports individual innovators and entrepreneurs through incubation and mentoring services.
• It gives priority to start-ups working in agro-based, rural, and technology-driven sectors.
• It requires institutions to have adequate infrastructure and technical capability for incubation activities.
• It provides support to entrepreneurs with scalable and innovative business ideas.