NIDHI PRAYAS

NIDHI PRAYAS

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 startups to the incubators.
  • To build a vibrant innovation ecosystem, by establishing a network between innovators, academia, mentors and incubators.

NIDHI- PRAYAS Program as the scheme suggest is to help – young and aspiring innovators. The focus is to provide support/funding from idea to prototype.

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.

The maximum support can be provided per innovator/incubatee is upto Rs. 10 lakhs.

Eligibility for Innovators for PRAYAS support

It cannot, however, be used for supporting: –

  • Innovators / Start up who do not / will not own the Project know how/ IP
  • Funding research / student internship in Academic institution or R& D organisation
  • Innovators /Team/ Start up who is already supported once under NIDHI PRAYAS
  • Innovators who do not have the necessary NOC on IP, granting sufficient time to work on PRAYAS project from their respective organisation
  • Innovator supported under NIDHI-EIR in parallel with NIDHI-PRAYAS
  • Innovators who do not have a roadmap / will towards commercialization

The eligibility criteria for the applicants are as follows

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.
1. 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
2. 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
3. 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
4. Preference may be given to those innovators
  • Who have bootstrapped or have got co-investment commitment.
  • Who have clear road map for commercialization or start up creation.
  • Women innovators
  • Young innovators
5. NIDHI-PRAYAS

The NIDHI-PRAYAS grantee should be registered for the pre-incubation or incubation program at the TBI for the entire duration of the program, after going through the TBI’s selection process.

6. NIDHI-PRAYAS

NIDHI-PRAYAS grantee should be fully committed to work towards the prototype development for which the support is being sought and should not treat this as a stop gap arrangement to support any other pursuits.

7. NIDHI-PRAYAS

The innovator can avail the NIDHI-PRAYAS support only once and they should not have sought the similar support previously, from other Government of India organisation/Institution for the same innovative concept as proposed in the application form.