Deadline: 21-Aug-20
DST-NIDHI-PRAYAS Program has been launched to provide support/funding from idea to prototype to help – young and aspiring innovators. Innovators should use the PRAYAS grant, primarily to convert their ideas into prototype. The IP generated if any, should vest with the Innovator / Start up.
Priority Areas
The priority areas for supporting innovations under NIDHI PRAYAS program are manufacturing, agriculture, healthcare, clean-tech, energy, water and Internet of Things (IOT) and other technology areas.
Projects related to Pure Software development, Ecommerce, Service, App based solutions, Beyond prototype level cannot be supported under NIDHI-PRAYAS.
Benefits
- A prototype grant upto INR 10 lakhs to build their ideas into prototype.
- Access to infrastructure, mentorship
- Co-working space as per availability.
Duration: 18 months
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
- The equity shareholding of the Indian applicant/s should be 51% or more in the startup.
- The recipient cannot be the promoter or significant (>10%) share holder / beneficiary of another company at the time of applying for and receiving the grant approval.
- IP generated would vest with the start up
- Innovators in employment OR Students with any R& D organisation / 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 organisation / 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
For more information, visit https://sineiitb.org/programmes