Home Call for Applications NIDHI- PRAYAS Program Now Open for Applications in India

NIDHI- PRAYAS Program Now Open for Applications in India

by opportunitydiary

Application Deadline:  06/15/2022
About Opportunity

The IIITD Innovation & Incubation Center has launched the NIDHI- PRAYAS Program that aims at providing prototype funding to convert idea into prototype to young and aspiring innovators.

Eligibility Requirements

  • An individual innovator without having a startup or founder of a startup can apply for Prayas grant.
  • 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 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:
    • 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 application.
    • 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.
  • 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.
  • Applicants can be individual innovators or early stage startups.
  • 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 12 months. One further extension of 6 months may be granted based on the discretion of PC.
  • Innovators should have technical skills or background.
  • Idea or Innovations should have a roadmap towards commercialization.
  • Preference may be given to the innovators-
    • having bootstrapped or have co-investment commitments.
    • having clear roadmap for commercialization or start up creation
    • Women innovators
    • Young innovators

Benefits

  • Prototyping Grant of up to INR 10 Lakhs.
  • Mentoring from Business & Technology Experts.
  • Access to Design Innovation Center for Prototyping & Design.
  • Infrastructure Support.
  • Incubation Support.
  • Facilities of the Host Institute.

Application Procedure

  • 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

Official Website: NIDHI- PRAYAS Program Now Open for Applications in India

Related Articles

Leave a Comment