Union Minister of Micro Small and Medium Enterprises (MSME) Nitin Gadkari on Thursday launched "MSME ideas portal" (http://ideas.msme.gov.in/) through Video Conference from Nagpur.

The portal has the provision for uploading Ideas, Innovations and Researches in the sector. The portal also has unique features of not only crowd sourcing of Ideas, but also evaluation and rating the ideas by crowd sourcing.

"It can also facilitate inflow of venture capital, foreign collaboration etc", MSME ministry said in a statement.

Speaking about the importance of the portal, Gadkari said that "this portal will prove to be of great transformational significance to the MSMEs in particular and the economy in general. This is a very good beginning".

The Minister also suggested that category-wise classification and analysis of information and the achievements which may be published so that others learn/take lessons from successful experiences.

Gadkari advised that the portal should be handled by quality professionals to keep it updated on sustained basis. He stressed upon the need for conversion of knowledge into wealth.

"There is a need for greater work on Research, Technology, Innovation which can bring down cost and improve quality", Gadkari added.

"This portal will help the MSMEs in a big way through information sharing. This will help in the research activities like those in rural tribal knowledge, skills will get a chance for spreading their knowledge. Similarly it can assist the farmers in planning, production, storage and marketing of their produce", said Pratap Chandra Sarangi, MoS for MSME.

Sarangi said that users who have idea, innovation or research with him/her can share it on this platform which will be reviewed by the concerned officer and publish them for public view.

"Registered users can rate these ideas (Crowd sourcing) and venture capitalist can connect with user having idea, innovation and research", Sarangi added.

"The portal will benefit the potential entrepreneurs as one stop compendium of Ideas, innovation and research ready for commercialization. The Rating of Ideas can be seen publicly which will help in decision making. Venture capitalists can interact with Person and MSME having Idea or innovation. Similarly, options are available for adding Banks, Government Labs, Incubators, Accelerators, Foreign collaboration in future," statement added.

Secretary MSME Dr. Arun Kumar Panda and DC, MSME Shri Ram Mohan Mishra and others senior officers were also present through video conferencing.