NIDHI PRAYAS
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, since March 2020. 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
General Guidelines:
The PRAYAS program is focused to provide funding support to innovators.
- Innovators should use the PRAYAS grant, primarily to convert their ideas into prototype
- The project should involve hardware prototype development to a well-defined problem
- The idea proposed should be innovative /novel
- Technology ideas and proposals that can result in a viable start-up shall be preferred
- Preference will be given to those innovators who have raised a portion of the project cost themselves or have secured co-investment commitment & who have a clear road map for commercialization or start up creation
- Among the eligible Applicants Preference will be given to Women Innovators & Young Innovators
- Maximum duration for project completion would be 18 Months
- Screening will be subject to the parameters other than the eligibility, such as Innovation, Potential for commercialization and Start-up creation, Team capability and commitment etc
- Screening of applications will usually take 4-6 weeks, from the date of closure of online applications
- The decision of the screening committee for approval and funding support will be final, firm and binding
Eligibility criteria:
Any innovator 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.
The Innovator can be:
- Individual person or Team of innovators: IP generated would vest with the innovator/team and it would be further taken for commercialization
- Founders/ co-founders of start-up
(a) At the time of application, the period of existence of a start-up and its operations should not exceed 7 years from the date of incorporation
(b) Company should not have annual turnover exceeding Rs. 25 lakhs for any of the financial year
(c) IP generated would vest with the start-up - Employee or students with any R&D organization /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 organization/institution. The NOC should have the following:
(i) Permission to apply for PRAYAS and the innovator will be granted sufficient time to work on the PRAYAS project
(ii) IP generated would vest with the innovator/team and it would be further taken for commercialization
NIDHI PRAYAS Grants can however be not used for/by:
- Innovators/start-up who do not/will not own the project know-how/IP
- Funding research student/internship in academic institution or R&D organization
- Innovators/team/start-up 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 organization/institution/College
- Innovator supported under NIDHI-EIR in parallel with NIDHI-PRAYAS
- Innovators who do not have a roadmap/will towards commercialization
- Ideas purely relating to Software/App development