Innovation promotion is a sub – component of the VKPs Business plan financing component. It is meant to contribute towards design, promotion and implementation of transformational and innovative ideas that use technology, innovation and partnerships to tackle development challenges in the State.
VKP looks at innovation as an Idea for Change. The ‘Change’ could be aimed at better business practices, enhancing efficiency, improving processes, new product development, improved crop cycle, reduction in GHGs, drudgery reduction, etc. These ideas and solutions have the potential to create new jobs, new markets and lead to local economic and social development.
The project sees innovation as
- The process of translating new ideas, approaches, processes, practices, methods, technologies or techniques into tangible societal impacts.
- Unique approaches/processes/practices, having the following features,
- Applicability (its relevance to the context of rural livelihoods)
- Replicability (can be demonstrated in other places)
- Scalability (can be expanded in terms of geography and human coverage)
- Sustainability (in absence of external support can it be sustained)
- Impact and outcomes (long-term results in terms of social, economic & environmental benefits)
This sub-component supports technically and financially for the implementation of Pilot projects in the Agriculture, Food enterprises, Green Industries and Creative thematic areas to the individual enterprises, Group enterprises and Producer collectives supported by VKP.