Deadline: 12-Jun-23
To address the gap in the very early stage idea/ proof of concept funding, under the National Initiative for Developing and Harnessing the Innovations (NIDHI) the National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology (DST), Government of India launched the NIDHI-PRAYAS program.
The NIDHI – Promoting and Accelerating Young and Aspiring technology entrepreneurs (NIDHI-PRAYAS), the scheme launched is a pre-incubation initiative, specifically supports young innovators turn their ideas into proofs-of-concept. This support shall allow the innovators to try their ideas without fear of failure, allowing them to reach a stage where the innovators/entrepreneurs have a ready product and are willing to approach incubators for commercialization.
Objectives of NIDHI-PRAYAS
- 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 generate innovative solutions relevant to the local and global problems.
- Opportunities for the youths who eagerly engage problem solving zeal and abilities to work on their new technology/knowledge/innovation based startups
- Innovative ecosystem
- A Multifarious Network between Innovators, Academia, Mentors and Investors.
Quantum of Assistance
- The maximum grant support extent to Innovator/Incubatee is Rs.10.00 lakhs.
Eligibility Criteria
- An individual innovator without having a startup or founder of a startup can apply for Prayas grant.
- In case of an applicant being an individual innovator without having a startup applying for PRAYAS:
- The applicant has to be an Indian Citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
- The applicant should be minimum of 18 years of age, as on the date of application.
- 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.
- In case of an applicant being a co-founders of a Startup applying for PRAYAS:
- The applicant has to be an Indian citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
- The applicant should be minimum of 18 years of age, as on the date of application.
- 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.
- PRAYAS grant is Proof-of-concept grant for converting idea and innovations into a prototype. Proposals for the products having crossed the prototype level are not eligible for support under NIDHI-PRAYAS.
- The ideas and innovations should be based on technology and science.
- The product prototype has to be a physical product.
- Applicants can be individual innovators or early stage startups.
- Applicants will have ownership of the Project knowhow or IP of the proposed products or right to use knowhow or IP if it is owned by a third party.
- Prototype must be capable of being completed within 18 months.
- Innovators should have technical skills or background.
- Idea or Innovations should have a roadmap towards commercialization.
- The priority technology areas are manufacturing, agriculture, healthcare, clean-tech, energy, water and Internet of Things (IoT). Other technology areas may also be considered on strength or merit of the idea.
- Preference may be given to the innovators-
- having bootstrapped or have co-investment commitments.
- having clear roadmap for commercialization or start up creation
- Women innovators
- Young innovators
- Additional terms for innovators in employment OR Students with any R&D organisation OR Academic Institution
- The innovators in employment or pursuing students have to seek the NOC from their organisation or institution. The NOC should include:
- Permission to apply for PRAYAS and extending sufficient time to work on the PRAYAS project.
- Permission that IP generated would vest with the innovator.
- The innovators in employment or pursuing students have to seek the NOC from their organisation or institution. The NOC should include:
- Notwithstanding the above, the followings will not be considered under NIDHI-PRAYAS
- Projects related to Pure Software development, e-Commerce, Service solutions, App based solutions.
- Funding research or student internship in Academic institutions or R& D organisations.
For more information, visit FiiRE.