Bhubaneswar, Aug. 11: When Saswat Swain developed a low-cost laptop two years ago, he had no clue from where to source funds to take his project to the big stage. With the state government coming up with the Odisha Youth Innovation Fund scheme, the likes of Swain can hope for change.

The scheme, which was launched by chief minister Naveen Patnaik under the aegis of the micro small and medium enterprises department here today, will provide cash incentives ranging between Rs 50,000 and Rs 3 lakh to youths coming up with innovative ideas and products.

The scheme aims at identifying grassroots level innovations by youths in the state and facilitate them to set up enterprises for the promotion of their ideas or products.

Secretary, micro small and medium enterprises department, Panchanan Dash said that an initial budget of Rs 2 crores had been sanctioned for the scheme.

"We plan to increase the budget as the demand goes up," he said.

But someone like Swain, who has faced the trouble of securing funding for his innovation, has a word of caution for the state government.

He said: "The scheme will give a great boost to people like us who do no know where to go and where to source funds for our ideas. The state government must, however, ensure that youths are sensitised about the scheme."

The scheme will be implemented through the Odisha Small Industries Corporation.

Prior to the launch of the scheme, the only option for an innovator was to display his or her product at different exhibitions and science fairs organised by educational institutions in the state.

Giving details about the procedure involved in getting benefit under the scheme, Dash said one would be required to fill up a form explaining their ideas, innovations and applications in the prescribed format and submit it to the Odisha Small Industries Corporation.

"The form is being made available at all regional and district industries corporations. We will monitor the scheme through regular video-conferencing with the district industries corporations," he said.

Once a proposal is submitted, an eight-member committee will screen them. The selected applicants will be funded under three broad categories of the scheme.

While candidates with new ideas will be awarded Rs 50,000, those selected for demonstrative product, prototypes, patents, incubated products or services will get a support of Rs 1 lakh. For any enterprise set up on eligible innovative idea, product or services will be eligible for Rs 3 lakh under the scheme.

Speaking on the occasion, Naveen said the scheme would benefit the micro small and medium enterprises sector and promote non-traditional enterprises by utilising local resources and raw materials.

A booklet on youth innovation was also released during the occasion.