Deadline: 12-Dec-22
The NIDHI- PRAYAS Program is now open for applications to provide prototype funding to convert ideas into prototype for young and aspiring innovators.
Innovators should use the PRAYAS grant primarily convert their ideas into prototype of a product that has potential for commercialization.
The IP generated if any, should vest with the Innovator or the Start up.
Objectives
- To enable translation of an innovative idea to a prototype.
- To provide a platform for faster experimentation and modify approaches in the idea to market journey.
- To indigenously generate innovative solutions relevant to the local and global problems.
- To attract a large number of youths who demonstrates problem solving zeal and abilities to work on their new technology/knowledge/innovation-based startups.
Priority Areas
- Manufacturing
- Agriculture
- Healthcare
- Energy
- Water
- IOT
Funding Information
The maximum funding support to an innovator/startup will be upto 10 lakhs, however the final amount is subject to the approval of Monitoring committee of a PRAYAS centre.
Eligibility Criteria
- The applicant should be minimum of 18 years of age and he/she has to be an Indian Citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
- If the applicant works in a team with other innovators there has to be an agreement among the team about the lead innovator who would apply, and the funds will be transferred to the lead innovator’s account (after selection). IP generated would vest with the innovator or with the team as per the agreement and it would be further taken for commercialization.
- The applicant should be minimum of 18years of age and he/she has to be an Indian Citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
- The startup should be incorporated in India with a minimum 51% of its equity held by Indian citizens. The startup should not be more than 7 years of existence. The startup wants to develop the prototype for a new product, for which they have not received support from any other funding agency. The startup should not have annual turnover exceeding Rs. 25 lakhs for any of the financial years since its inception. IP generated would vest with the start up.
Terms and Conditions
- PRAYAS support is in form of the grant which will be maximum upto INR 10 lakhs.
- PRAYAS applications will be subject to Decision of the committee members of the PRAYAS CENTER where innovator has applied. The decision of approval or rejection or reduced amount by the committee shall remain final and binding on the innovator.
- The applicant will be fully committed to work towards the prototype development for which the support is being sought with an intention to commercialization.
- The project duration is 18 months. Prototype has to be completed within maximum 18 months from receiving the first tranche of the grant.
- For incomplete projects, PRAYASEE must return unutilized amount of the grant.
- If innovator has already started a venture, Innovators should assign the IP ownership right to the startups.
- Innovators or Start-up teams cannot avail NIDHI PRAYAS Support for more than once nor from more than one Centre.
- Innovators shall also not be supported in parallel under NIDHI-EIR and NIDHI-PRAYAS. Innovators will give declaration at the time of making application indicating that they have not received support under NIDHI-PRAYAS for the same idea or NIDHI-EIR.
For more information, visit SASTRA Technology Business Incubator (TBI).
For more information, visit http://www.prayas.sastratbi.in/