KIIT-Technology Business Incubator: NIDHI PRAYAS Grants (India)

Deadline: 20-Nov-20

National Initiative for Developing and Harnessing Innovations (NIDHI) is an umbrella programme conceived and developed by the Innovation and Entrepreneurship division, Department of Science & Technology, Government of India, for nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups.

Objectives

• To enable the translation of an innovative idea to a prototype.
• To generate innovative solutions relevant to local and global problems.
• To work on their new technology/knowledge/innovation-based startups.
• To build a vibrant innovation ecosystem, by establishing a network between innovators, academia, mentors and incubators.
• To provide a platform for faster experimentation and modify approaches in the idea to market journey.
• To attract a large number of youth who demonstrates problem solving zeal and abilities.
• To enhance the pipeline in terms of quality and quantity of innovative startups to the incubators.

Funding Information

• Prototyping grant upto 10 lakhs.

Benefits

• The project term for the PRAYASEE will be for up to 18 months, at the end of 18 months the progress review shall be done by local PRAYAS monitoring committee at KIITTBI and based on the decision of the PRAYAS monitoring committee the project term of PRAYASEE may be extended by 6 months.
• But at KIIT-TBI, the preferred duration period shall be 12 months.
• Dedicated furnished and well equipped Fabrication Lab facility.
• Technical guidance, business mentorship and IP facilitation support.
• Open access facility 24 X 7.
• After the prototyping stage, the grantees will be eligible for further funding/incubation support at KIITTBI for successful commercialisation.
• Prototyping grant up to 10 lakhs.
• Access to KIITTBI startup ecosystem and participation in various start-up/entrepreneurship based events.
• All the office facilities like co-working space, internet, meeting rooms, cafeteria.

• 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 a 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-founder 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 a minimum of 18 years of age, as on the date of application.
  • The startup should be incorporated in India with a minimum of 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 an 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 know-how or IP if it is owned by a third party.
• A 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.

For more information, visit https://www.kiitincubator.in/