NIDHI-PRAYAS Program (India) for Innovators

Deadline: 8-Nov-20

NSTEDB/DST/GoI has launched National Initiative for Developing and Harnessing Innovation (NIDHI) – Promotion and Acceleration of Young and Aspiring innovators and start-ups (PRAYAS) program supporting innovators to develop their innovative idea into prototype.

This scheme is to attract a large number of youngsters to come forward to try out their ideas without actually worrying about the failure. NIDHI-PRAYAS is positioned as a pre-incubation initiative.

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 generate innovative solutions relevant to the local and global problems.
To attract a large number of youth who demonstrates problem solving zeal and abilities to work on their new technology/knowledge/innovation based startups.
To enhance the pipeline in terms of quality and quantity of innovative start ups to the incubators.
To build a vibrant innovation ecosystem, by establishing a network between innovators, academia, mentors and incubators.

Benefits

Rs.10 lakh (Max) as grant for converting his/ her innovative idea into prototype within 18 months.
Access to infrastructure and prototype building facility and mentorship.
Shared / Co-working spaces for developing idea into Prototype.

Eligibility Criteria

Any individual applying for PRAYAS 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 in the age group of minimum of 18 years, as on date of application.

Individual Innovator OR Team of Innovators: The innovator should have the knowhow of the PRAYAS project. For team of 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 / team and it would be further taken for commercialization.
In case of Founders, Co -founders of Start up applying for PRAYAS:
- At the time of application, the period of existence of a start up and its operations should not exceed 7 years from the Date of Incorporation;
- Wants to develop the prototype for a new product, for which they may have not received similar kind of support;
- Company should have annual turnover not exceeding Rs. 25 lakhs for any of the financial year since its inception;
- IP generated would vest with the start up.
Innovators in employment OR Students with any R& D organization / Academic Institution:
- It is mandatory that the innovators pursuing PRAYAS should have the Project know how and own the IP;
- The innovator has to seek the NOC from their organization / institution. The NOC should have the following.
- Permission to apply for PRAYAS and the innovator will be granted sufficient time to work on the PRAYAS project;
- IP generated would vest with the innovator / team and it would be further taken for commercialization.