Funding available for Startups, MSMEs and Individual Innovators – India

The program enables them to graduate to a level where they will be able to raise investments from angel/Venture Capitalist or they will reach a position to seek loans from commercial banks/financial institutions. The funding is positioned to act as a bridge between development and commercialization of innovative technologies/products/services in a relatively hassle free manner.

Objectives

The objectives of S&T-PRISM under S&T programme are as under:

• To promote the ecosystem for research, design, development, proof of concept testing, IPR creation, pilot project and manufacturing i.e., complete value chain in mining, mineral processing, metallurgy and recycling sector.
• Bridge the gap between R&D and commercialization.
• To create synergies among the Academia, Research Institutes, Startups and Industry for capacity building and development of a balanced mining ecosystem by organizing workshops/seminar/webinar, etc. for sharing their views, plan, expectations and concerns in a free and constructive manner

Focus Areas of the S&T-PRISM

• The S&T-PRISM will be focused mainly in the following areas:
  • Prospecting/exploration for strategic rare and rare earth minerals.
  • Development of new technology for mineral exploration and mining on land and deep sea to locate and exploit new mineral resources.
  • Research in mining methods. This includes rock mechanics, mine designing, mining equipment, energy conservation, environmental protection and mine safety.
  • Improve efficiency in process, operations, recovery of by-products and reduction in specification and consumption norms.
  • Research in metallurgy and mineral beneficiation techniques to utilize lower grade and finer size ores.
  • Extraction of value added products from mine waste, plant tailings etc.
  • Development of new alloys and metal related products, etc.
  • Evolve low capital and energy saving processing systems.
  • Production of materials of high purity.
  • Decarbonisation and development of green technology in mineral based industries.
  • R&D to establish circular economy and use of recycled materials in mineral based industry.
  • Focus on extraction of strategic, critical and REE at elemental level.
• The main idea of the S&T-PRISM is translation of research into technology (product/process/services) but not to carry out open ended fundamental research. Investigations must lead to innovation or new product/process ready for demonstration or pilot scale deployment (not only publication/patent).

Components

The key components of Science and Technology Programme of Ministry of Mines are:

• Research and Development (R&D) component: Under this component, funds are released to Academic institutions, universities, national institutes and R&D institutions recognized with the Department of Scientific and Industrial Research, Government of India for undertaking research and development projects
• Information Education and Communication (IEC) component: Under this component, funds are released to Industry Associations, recognised Universities, recognized Academic and Research Bodies having at least three years’ experience in the mining and mineral sector by organizing or being associated with promotional events
• Promotion of Research and Innovation in Startups and MSMEs in Mining, Mineral Processing, Metallurgy and Recycling Sector (S&T-PRISM): Under this component, funds are released to Startups to ensure timely availability of the seed support to the deserving startups.

Budgetary Outlay

The requirement of funds under S&T-PRISM COMPONENT will be met from the budgetary support under the Science and Technology Programme of Ministry of Mines. The S&TPRISM has following two sub components:

• Startups Funding – For this the applicant showing capability, intent, and promise to be able to produce functional prototypes or to productize existing technologies will be awarded grants of up to Rs. 2 crore strictly based on a milestone basis.
• Setting up Incubation Centres and strengthening them with grant up to Rs. 10 crore which will be disbursed based on the milestone of the centre.

Eligible Beneficiaries

• Startups, as defined and recognized by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India, working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
• Any Indian company incorporated under the Companies Act 1956/2013, primarily a Micro, Small and Medium Enterprises (MSME) as defined in the MSME Act, 2006 having over 51% stakes by the Indian Citizen/NRI/OCI and Head Quarter in India.
• Individual Innovators will also be encouraged to apply (research & academic institutions can use this category to apply). However, release of the fund shall be subjected to compliance of eligibility conditions for either Startup or MSME before agreement signing.
• More than one organization can jointly submit the application in partnership with consortium, registered societies & Academia.
• Collaboration with Academia/R&D Organization will be encouraged.
• Every proposal must clearly identify a Project Lead (PL) who will take responsibility for the technical and managerial aspects of the project execution. If an application is selected for funding support, then its Project Leader will be required to sign the project Agreement on behalf of the applicant(s).

For more information, visit JNARDDC.