NIDHI-PRAYAS

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NIDHI-PRAYAS

About the Program

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 upto 10 lakhs, however the final amount is subject to the approval of Monitoring committee of a PRAYAS centre.

NIDHI-PRAYAS

Program

The Programme aims:
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 indigenously generate innovative solutions relevant to the local and global problems.
To attract a large number of youths who demonstrates problem solving zeal and abilities to work on their new technology/knowledge/innovation-based startups.
NIDHI-PRAYAS

Priority Areas

MANUFACTURING
AGRICULTURE
HEALTHCARE
ENERGY
WATER
IOT
NIDHI-PRAYAS

Check your Eligibility

Individual Innovator Without Having A Startup
The applicant should be minimum of 18years of age and he/she has to be an Indian Citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
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.
Co-founder Of A Startup
The applicant should be minimum of 18years of age and he/she has to be an Indian Citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
The startup should be incorporated in India with a minimum 51% of its equity held by Indian citizens. 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 agency.
The startup should not have annual turnover exceeding Rs. 25 lakhs for any of the financial years since its inception.
IP generated would vest with the start up.
Points To Note
PRAYAS grant is Proof-of-concept grant for converting idea 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 and must be capable of being completed within 18 months.
Innovators should have technical skills or background.
Idea or Innovations should have a roadmap towards commercialization.
The innovators in employment or pursuing students have to seek the NOC from their organisation or institution.
The NOC should include:
  1. Permission to apply for PRAYAS and extending sufficient time to work on the PRAYAS project.
  2. Permission that IP generated would vest with the innovator.

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

  1. Projects related to Pure Software development, e-Commerce, Service solutions, App based solutions
  2. Funding research or student internship in Academic institutions or R&D organizations
NIDHI-PRAYAS

Our Do’s and Dont’s

  • 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)
  • 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. Grantee can use other funds to pay any such charges, if any
  • To pay rent of own accommodation, creation of infrastructure facility like shed etc
  • As a stop gap arrangement to support any other professional pursuits
NIDHI-PRAYAS

Our Terms and Conditions

  1.  PRAYAS support is in form of the grant which will be maximum upto INR 10 lakhs.
  2.  PRAYAS applications will be subject to Decision of the committee members of the PRAYAS CENTER where innovator has applied. The decision of approval or rejection or reduced amount by the committee shall remain final and binding on the innovator.
  3.  The applicant will be fully committed to work towards the prototype development for which the support is being sought with an intention to commercialization.
  4.  The project duration is 18 months. Prototype has to be completed within maximum 18 months from receiving the first tranche of the grant.
  5.  For incomplete projects, PRAYASEE must return unutilized amount of the grant.
  6.  If innovator has already started a venture, Innovators should assign the IP ownership right to the startups.
  7.  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 declaration at the time of making application indicating that they have not received support under NIDHI-PRAYAS for the same idea or NIDHI-EIR.
Would you like to apply for NIDHI-PRAYAS
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