A NIDHI-PRomotion and Acceleration of Young and Aspiring technology entrepreneur (NIDHI-PRAYAS) - Support from Idea to Prototype, is the scheme under NIDHI, aimed at addressing the gap in the very early stage of an idea/proof of concept funding. The NIDHI-PRAYAS program focuses on addressing the idea to prototype funding gaps.
Deshpande Startups is one of the approved NIDHI-PRAYAS centers by DST, Govt of India. The innovators selected under this scheme by Deshpande Startups, i.e, the Prayasee will primarily utilise the funds to convert their ideas into prototype.
Objectives of NIDHI-PRAYAS:
- 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
The PRAYAS program is focused to provide funding support to individual innovators. Innovators should use the PRAYAS grant, primarily to convert their ideas into prototype. The IP generated if any, should vest with the innovator/startup.
Are you eligible?? (Eligibility criteria)
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 startup applying for PRAYAS:
- At the time of application, the period of existence of a startup 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 startup
3. Innovators in employment or students with any R&D organisation/academic institution:
- a. It is mandatory that the innovators pursuing PRAYAS should have the project know how and own the IP
- b. The innovator has to seek the NOC from their organisation/institution. The NOC should have the following
(1) Permission to apply for PRAYAS and the innovator will be granted sufficient time to work on the PRAYAS project
(2) IP generated would vest with the innovator/team and it would be further taken for commercialization
It cannot, however, be used for supporting:
- Innovators/startup who do not/will not own the project know how/IP
- Funding research/student internship in academic institution or R&D organisation
- Innovators/team/startup 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/institution
- Innovator supported under NIDHI-EIR in parallel with NIDHI-PRAYAS
- Innovators who do not have a roadmap/will towards commercialization
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