About NIDHI PRAYAS Scheme
NIDHI PRAYAS Program aims at providing prototype funding to convert idea into prototype to young and aspiring innovators. Innovators should use the PRAYAS grant primarily convert their ideas into prototype of a product that has potential for commercialization.
The IP generated if any, should vest with the Innovator or the Start up. The maximum funding support to an innovator/startup will be up to 10 lakhs, however the final amount is subject to the approval of Monitoring committee of a PRAYAS Centre.
National Initiative for Developing and Harnessing Innovations (NIDHI) is an umbrella program conceived and developed by the Department of Science & Technology (DST), Government of India, for nurturing ideas and innovations (knowledge-based and technology-driven) into successful start-ups.
Under this initiative, DST has launched NIDHI- Promoting and Accelerating Young and Aspiring innovators & startups (NIDHI-PRAYAS) program.
The program caters to idea-stage entrepreneurs with a physical product offering, who require support for prototyping. It would also facilitate the innovators with the Physical infrastructure, Technical Guidance, Business Mentorship etc.
Avail Grant – in – aid upto Rs. 10 lakhs for prototype development under NIDHI PRAYAS program.
OBJECTIVE OF NIDHI PRAYAS PROGRAM
- To enable translation of an innovative idea to a prototype
- To support faster experimentation and 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 build a vibrant innovation ecosystem, by establishing a network between innovators, academia, mentors and incubators.
- A pre-incubation program or pipeline activity leading to startup incubation. Ideal end point is venture creation and development.
For more details you can visit official website- Click Here
Who is Eligible for NIDHI PRAYAS Program?
An individual innovator without having a startup or founder of a startup can apply for Prayas
- 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 minimum of 18 years of age, as on the date of
- 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
- 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 minimum of 18 years of age, as on the date of
- The startup should be incorporated in India with a minimum 51% of its equity held by Indian 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
- The startup should not have annual turnover exceeding 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 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
- The product prototype has to be a physical product.
- Applicants can be individual innovators or early stage
- Applicants will have ownership of the Project knowhow or IP of the proposed products or right to use knowhow or IP if it is owned by a third party.
- 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
- 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
- Preference may be given to the innovators-
- having bootstrapped or have co-investment
- having clear roadmap for commercialization or start up creation
- Women innovators
- Young innovators
Eligibility for Projects under NIDHI PRAYAS Program.
Priority areas and themes of projects
- Internet-of-things (IOT)
- Other technology areas where Venture Center has interest and strength
- The projects relating to pure software / APP development and those involving pure academic research are not eligible
- At Venture Center, preference will be given for the following focus areas (this has been based on Venture Center’s strengths in mentoring and the quality of support available in the ecosystem for converting the idea into a business):
- Health, solutions for the disabled/elderly etc
- Energy, environment, resource optimization etc
- Engineering products, appliances, electronics etc (Hardware)
- Agriculture, animal husbandry, rural industries (but knowledge -intensive products)
- Consumer products
- Others as decided by the NIDHI-PRAYAS-MC committee
Nature of projects under Nidhi Prayas
- The project needs to define a technology solution to a well-defined problem
- The idea proposed should be innovative/ novel.
- Project should relate to converting an idea into a prototype
- Technology ideas and proposals that can result in a viable startup shall be preferred
- Not eligible:
- Pure software development
- Research / student internship in academic institution or R&D organization
How to apply for NIDHI Prayas Non- refundable Grant up to 10 Lakh for its Startup?
The following documents are enclosed for considerationi. Registration certificate of Incubator as a Not-for-Profit entity
(Society/Trust/Section 8/25 company)
ii. MoA or MoU (whichever applicable) with Host Institution
iii. Letter of recognition/support by govt authority. (If there are multiple
recognition letters from different govt. body (please merge all in one pdf and
iv. PAN Card of incubator
v. Annual accounts (Balance Sheet and P&L) for last 2 years
vi. CV/Bio-data of PC Head/Manager
vii. Document on incubator preparedness for hosting PC.
viii. List of potential innovators
ix. Layout plan for 3000sqft for PC
x. Detailed equipment list, including costs, to be procured for the Fabrication
xi. Reasons/Justification for the need of prototyping lab facility
xii. Covering letter to DST, on Incubator letterhead.
xiii. Covering letter to PMU, on Incubator letterhead.
xiv. Endorsement letter to DST from Host Institution on HI letterhead.
For applying Prayas Grant upto 10 Lakh
Visit Approved PRAYAS centres https://nidhi-prayas.org/prayascenters.html
1. Guideline for Usage of NIDHI Prayas funds
- Outsourcing Charges for R & D or Design Engg. or Consultancy or Testing or Expert cost
- Raw material or Consumables or Spares
- Fabrication or Synthesis charges of working model or process
- Business Travel and Event participation Fees (Ceiling 10% of approved project cost)
- Patent filing Cost – (PCT- Ceiling 10% of approved project cost)
- Contingency – (Ceiling 10% of approved project cost) It will not be used:
- To pay the grantee or their relatives.
- To repay pre-existing loans or commitments of the
- To pay usage charges to the Incubator from the PRAYAS Grantee can use other funds to pay any such charges, if any.
- To pay rent of own accommodation, creation of infrastructure facility like shed
- As a stop gap arrangement to support any other professional
2. Terms and Conditions of Nidhi Prayas
- PRAYAS support is in form of the grant which will be maximum upto 10 lakhs.
- PRAYAS applications will be subject to Decision of the committee members of the PC where innovator has applied. The decision of approval or rejection or reduced amount by the committee shall remain final and binding on the innovator.
- The applicant will be fully committed to work towards the prototype development for which the support is being sought with an intention to
- The project duration is 18 months. Prototype has to be completed within maximum 18 months from receiving the first tranche of the
- For incomplete projects, PRAYASEE must return unutilized amount of the