National Initiative for Developing and Harnessing Innovations (NIDHI) is an umbrella program conceived and developed by the Department of Science & Technology (DST), Government of India, for nurturing ideas and innovations (knowledge-based and technology-driven) into successful start-ups.
Under DST-NIDHI initiatives PRAYAS Program ( Promoting and Accelerating Young and ASpiring technology entrepreneurs) is specifically to support young innovators turn their ideas into PoC. This support shall allow the innovators to try their ideas without fear of failure, hence allowing them to reach a stage where they have a ready product and are willing to approach incubators for commercialization. NIDHI-PRAYAS a pre-incubation initiative that would be implemented through a Program Management Unit (PMU) and the incubators selected for implementing the PRAYAS progam will be the PRAYAS Centres (PCs). The program will also help incubators source the potential incubatee companies.
The objective of PRAYAS Centre at AIC Jyothy Institute of Technology Foundation by providing prototyping grant upto Rs. 10 Lakhs and help with world class Lab facilities at AIC Jyothy for the development of Proof of Concept/Minimum Viable Product or a Ready Product. The focus is on addressing the idea to prototype funding gaps:
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.
.If the team wants to pursue the project, then there has to be an agreement among the team about the lead applicant and the lead applicant have to apply for NIDHI-PRAYAS.
.The financial support (after the selection process) will be given to the Startup.
Preference may be given to those innovators:
.Who have bootstrapped or have got co-investment commitment.
.Who have clear road map for commercialization or start up creation.
Not eligible for PRAYAS:
.Student applicants pursuing long term research projects like doctoral research projects or similar projects will not be supported
.The projects relating to software development and those involving pure academic research are not eligible.
Click here to know more about Eligibility Criteria
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