Odisha Youth Innovation Fund has been proposed in the "Odisha State Youth Policy (OSYP) 2013" for promoting innovative entrepreneurship among the youth / Startups of the State. Odisha Youth Innovation Fund (OYIF) is created to support innovations including grassroot innovations which are essentially technological solutions and developing successful business models by youths of different sections of the society who are involved in the issues concerning their life and which are need based, simple, cost effective and sustainable. Odisha is endowed with vast agro, forest, mineral & other natural resources, which can be effectively utilized for value addition & ultimately benefitting the State through economic growth & employment generation. State Government arms namely Directorate of Industries and Odisha Khadi & Village Industries Board in association with other State & Central Government agencies may be instrumental in promoting enterprises based on innovative ideas including innovations in rural artisan sector.
To motivate, facilitate & attract innovative ideas and promote innovative products & services so as to inculcate spirit of innovation among the youth/Startups for the cause of socio-economic growth of Odisha.
The size of the fund shall be 200 lakhs funded by the State Govt. and the Corporate houses including the cost of management of funds, publicity and documentation of the program.
Innovations in any area which aims at increasing productivity & profitability, market share, creation of more employment opportunities and better environment will be eligible for support from the fund with focus areas i.e.:
- Education & Life Skills,
- Skill Development, Entrepreneurship and Employment,
- Health & Wellbeing,
- Sports & Physical Education,
- Active Citizenship & Community Engagement,
- Environment, Sustainable use & Conservation,
- Heritage, Culture & Diversity,
- Gender Justice & Equality,
- Globalization & Technology