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.
The NIDHI-Promotion and Acceleration of Young and Aspiring technology entrepreneurs (NIDHI-PRAYAS) program, one of the programs introduced under NIDHI, focuses on addressing the idea to prototype funding gap. This is a program designed to attract a large number of youngsters to come forward to try out their ideas and try to see if they will work in real life business situations. If selected, such selected applicants are referred to as PRAYASEE’s.
OBJECTIVES OF NIDHI-PRAYAS PROGRAM
- 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 start ups.
- 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.
For detailed eligibility & conditions: Click here.
NIDHI – PRAYAS Program as the scheme suggests is to help – young and aspiring innovators. The focus is to provide support/funding from idea to prototype. This grant, therefore, will primarily be utilized by the innovators to convert their ideas into prototype. It cannot, however, be used for supporting:
- Any institute/organization (not being a Startup company) to develop an IP into prototype.
- Any innovators working/pertaining to an institute/organization for converting their IP into prototype.
- Any idea which is part of academic research work carried out at the institute/personal level.
- Any idea that is developed into prototype where the IP could vest with any institute/organization.
Guidelines for PRAYAS support
- NIDHI PRAYAS program will provide funding support for converting innovative ideas into prototypes.
- The eligibility criteria for the grantees are as follows:
- A) Individual innovator: He/she is required to be Indian Citizen at least 18 years of age on 1st of August, 2016. An Indian citizen is defined as one who is in possession of a government approved proof of nationality such as a valid passport, voter’s id etc.
- B). Existing incubatee of a PRAYAS centre:
- The company is less than 2 years and wants to develop the prototype for a new product, for which they may have not received similar kind of support.
- Company should have no significant revenue at the time of application.
- C) Team of individual innovator: If the team wants to pursue the project, then there has to be an agreement among the team about the lead applicant and the lead applicant have to apply for NIDHI-PRAYAS. The financial support (after the selection process) will be given to the lead applicant on behalf of the team.
- 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 project should involve physical product development. The projects relating to software development and those involving pure academic research are not eligible.
- 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.
- The maximum support can be provided per innovator/incubatee is up to Rs. 10 lakhs.
- If the innovator is pursuing to build a prototype from their institute/organization IP, then in that case innovator will take no objection certificate from the appropriate authority of their institute/organisation for use/IP transfer / ownership in favour of the innovator/Startup.
- If the applicant is studying /working in an institute/organization, they should get a no objection certificate from that respective institute/organization for applying to 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.
- 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.
- 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.
Not eligible for PRAYAS
- Student applicants pursuing long term research projects like doctoral research projects or similar projects will not be supported.
- Professors or Academicians engaged in teaching with any academic or R&D institute.
BENEFITS TO NIDHI-PRAYAS RECIPIENTS (PRAYASEE)
- A prototype grant up to Rs. 10, 00,000/- to build their ideas into prototype.
- Mentorship, Networking, participation in various Startup / entrepreneurship based events.
- Co-working spaces for developing idea into Prototype.
- Access to labs and libraries will also be provided.
TERMS OF ASSOCIATION & DESIRED OUTCOMES
- The total amount disbursed will be up to a maximum of Rs 10 lakhs.
- 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 VentureStudio and based on the decision of the PRAYAS monitoring committee the project term of PRAYASEE may be extended by 6 months.
GUIDELINES FOR USE OF FUNDS BY THE PRAYASEE
- Outsourcing Charges for R&D / Design Engineering / Consultancy / Testing / Expert cost.
- Raw material / Consumables / Spares.
- Fabrication / Synthesis charges of working model or process.
- Business Travel and Event Participation Fees (Ceiling 10% of approved project cost).
- Patent filing Cost – (PCT- Celling 10% of approved project cost).
- Contingency – (Ceiling 10% of approved project cost).
IT WILL NOT BE USED
- To pay the grantee / relatives.
- To pay usage charges to the TBI.
- To repay loans / commitments made earlier.
- To pay rent of own accommodation, creation of infrastructure facility like shed etc should not form the component of support / funds.
The support/funds should be mainly for prototype development work/proof of concept.
VentureStudio, invites applications for prototype level projects under the NIDHI-PRAYAS scheme of the Department of Science and Technology, Government of India. This grant will primarily be utilised by aspiring innovators to convert their ideas into prototype. The period of prototyping support can be up to 18 months.
Last date of application is Monday, January 15, 2018.