NIDHI PRAYAS

Implementing Body:

National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology (DST), Government of India

 

About NIDHI – PRAYAS:

NIDHI-PRAYAS program focuses on addressing the funding gap at a very early stage idea/ proof of concept stage in the startup life cycle. This program aims to attract a large number of youngsters to come forward to try out their ideas without actually worrying about the failure and reach a stage where they have a market-fit product and are willing to approach incubators for commercialization.

 

Objectives of NIDHI-PRAYAS:

• To enable the translation of an innovative idea to a prototype.
• To generate innovative solutions relevant to local and global problems.
• 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.

 

Program Benefits:

• Prototyping Grant Support – Prototyping Grant of up to INR 10 Lakhs.
• Prototyping Support & Incubation Space – Support for product development, prototyping and testing with partners and other stakeholders along with access to 20,000+ sq. ft. of incubation facility. 
• Mentoring & Guidance – Guidance from experienced entrepreneurs on the business model, strategy, sector, and market insights.

 

Eligibility Criteria:

• An individual innovator without having a Startup or founder of a Startup can apply.
• 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
  • The applicant should be minimum of 18 years of age, as on the date of application.
  • 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 commercialization.
• In case of an applicant being a co-founder of a Startup applying for PRAYAS:
  • Applicants have to be an Indian citizen with a government approved proof of nationality.
  • Applicants should be minimum of 18 years of age, as on the date of application.
  • Startup should be incorporated in India with a minimum 51% of its equity held by Indian citizens. The Startup should not be older than 7 years.
  • Startup wants to develop the prototype for a new product, for which they have not received support from any other funding agency.
  • Startup should not have annual turnover exceeding INR 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 ideas and innovations into a prototype. 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 science.
• The product prototype has to be a physical product.
• 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.
• Prototypes must be capable of being completed within 18 months.
• Innovators should have technical skills or background.
• Ideas or Innovations should have a roadmap towards commercialization.
• SECTOR FOCUS: 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 the strength or merit of the idea.
• Preference may be given to the innovators
  • Having bootstrapped or having co-investment commitments.
  • Having clear roadmap for commercialization or start up creation.
  • Women innovators
  • Young innovators
• The innovators in employment or pursuing students have to seek the NOC from their organization or institution. The NOC should include:
  • Permission to apply for PRAYAS and extending sufficient time to work on the PRAYAS project.
  • Permission that IP generated would vest with the innovator.

 

Notwithstanding the above, the followings will not be considered under NIDHI-PRAYAS:

• Projects related to Pure Software development, e-Commerce, Service solutions, App. based solutions.
• Funding research or student internship in Academic institutions or R&D organisations.

 

Guideline for Usage of funds: 

To be used for: 

• 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- 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 innovator.
• To pay usage charges to the Incubator from the PRAYAS grant. Grantees can use other funds to pay any such charges, if any.
• To pay rent of own accommodation, creation of infrastructure facilities like sheds etc.
• As a stop gap arrangement to support any other professional pursuits.

 

Terms and Conditions:

• PRAYAS support is in form of the grant which will be maximum up to Rs.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 commercialize.
• The project duration is 18 months. Prototype has to be completed within maximum 18 months from receiving the first tranche of the grant.
• For incomplete projects, PRAYASEE must return an unutilized amount of the grant.
• If an innovator has already started a venture, the innovator should assign the IP ownership right to the Startup.
• Innovators or Start-up teams cannot avail NIDHI PRAYAS Support for more than once nor from more than one centre. Innovators shall also not be supported in parallel under NIDHI-EIR and NIDHI-PRAYAS. Innovators will give a declaration at the time of making an application indicating that they have not received support under NIDHI-PRAYAS for the same idea or NIDHI-EIR.

 

FOR MORE DETAILS VISIT: NIDHI-PRAYAS