Web portal that connects entrepreneurs, investors and professional experts for West Bengal's MSMEs
The Micro, Small and Medium and Textiles (MSME&T) Department, Government of West Bengal envisions the State to be an opportunity for everyone, regardless of location and position, striving towards an eco-system that attracts people and investment to the State. In this vision the Department seek to partner with the business community, investors and intellectual capital to invest in a range of areas that will help the State manage future growth and change in the years ahead.
The Department launches the web portal with the objective of creating a platform for connecting Entrepreneurs, Investors and Professional Experts to promote and attract investment in Bengal MSMEs. The digital platform connects the Fund seeker willing to set up enterprises, Investors wishing to invest in the projects and Professionals with expertise for providing mentoring support to entrepreneurs.
On this platform, all prospective entrepreneurs seeking funds can post business proposals, while investors across the globe can post their investment interests including for those proposals. The entrepreneurs can also seek mentoring and handholding support from a pool of eminent professional experts through the portal.
The platform is also the digital gateway for all potential entrepreneurs to apply for equity capital from West Bengal MSME Equity Fund. The Banks can also identify the right business proposals for MSME lending. Online credit assessment software scores the proposals based on financial parameters and promoters' background.
THIS PLATFORM IS OPERATIONAL THROUGH FOUR MODULES
Module 1 - Funding & Investment
The Module connects Entrepreneurs and Investors by matching Investor's interest with project proposals.
Prospective entrepreneurs seeking fund register in the portal and post their business proposals under various categories, sectors, activities/ prod-ucts/ services, location/ districts, financials, etc. Investors from anywhere in the country or globally can log into the portal and post their investment interest in the various sectors. The investors are also able to search the entrepreneurs' proposals posted in the module, based on their interest by Industry, Location, Stage of Funding, Volume of Funding, Appraisal, Rating, etc. to identify suitable investment opportunities.
The financial proposals of entrepreneurs are evaluated on-line for their credit worthiness. Evaluation of credit profile of business proposals provide the preliminary check on the reliability of furnished information and give comfort to the Investors/ Banks to identify potential proposals for further appraisal. The portal's online communication facility (email, chat, video conferencing, etc) enables the investors to contact and interact with the entrepreneurs for further enquiry. The investors can also provide suggestions and feedback on the proposals/ entrepreneurs and rate the startup proposals based on their merit.
The Module has a dashboard that presents real time picture of number of entrepreneurs, investors, proposals under active consideration for funding, etc. amongst others. The digital map highlights the destinations of the State from where proposals are submitted and funding/ investment received.
Module 2 - Credit Assessment
In the Module the proposals submitted by the entrepreneurs are evaluated based on financial parameters and promoters background. An online system has been developed with support from the Knowledge Partner, IIIC Calcutta for credit assessment.
The Investors/ Banks can contact and interact with the entrepreneurs either through the communication channel of the portal or directly from the contact information database provided in the portal for joining hands. The profiles of eligible entrepreneurs are also forwarded to the Banks for MSME lending.
Module 3 - MSME Equity Fund digital gateway
The Module provides digital gateway for equity funding from West Bengal MSME Equity Venture Capital Fund. The Department has launched the MSME Equity Fund for providing equity capital to potential MSMEs in the State for start-up and growth/ expansion. Prospective enterprises can post their proposals for equity capital from the MSME Equity Fund. The Module undertakes preliminary screening and validates proposals that comply with the investment criteria of the Fund. Eligible proposals are forwarded to the Fund for appraisal and due diligence. The Fund Manager, responsible for managing and operating the Fund, is also able to log into the module, search and identify prospective proposals, which matches the portfolio criteria for equity funding to enterprises. The Fund Manager then contacts and interacts with the identified entrepreneurs either through the communication channel of the portal or directly from the contact information database provided in the portal.
The Module provides the digital gateway for application and transparent identification of eligible proposals for appraisal under West Bengal MSME Equity Fund without extraneous consideration.
Module 4 - Mentoring & Professional support
The Module offers platform for connecting an entrepreneurs and Professional Experts / Bankers/ Professional Institutions/ Consultants/ Industry Leaders for providing mentoring and professional support to guide the entrepreneur to next level of business and make the project investment ready or guide for expansion.
The Module provides facility for registration of eminent professionals in the portal to provide mentoring services on voluntary basis initially and later, on payment of fees based on mutual understanding. Entrepreneurs can contact the Mentors through the portal for availing mentoring, handholding and market access support, amongst others.
The Module has also the facility for registration of resource per-sons/ consultants nominated by Professional Institutions/ Firms for providing expert support like technical, financial, marketing, legal, audit and company secretarial services. Entrepreneurs can contact the resource persons/ consultants through the portal and avail their services on mutual understanding. The Module logically assigns Mentors and Professional Experts to Enterprises who avail equity funding from the MSME Equity Fund.
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