NIDHI-PRAYAS: Grant Program for Budding Entrepreneurs with Brilliant Product Ideas (India)

The program works in line with the national priorities and goals and its focus is to build an innovation driven entrepreneurial ecosystem with an objective of socioeconomic development through wealth and job creation. NIDHI-PRAYAS extends an invitation to receive prototype funding, spanning from the inception of an idea to its realization. This NIDHI scheme assists start-ups in bridging the early-stage gap by supporting them in transforming their ideas into product prototypes with promising commercial potential.

Objectives

• To enable the translation of an innovative idea to a prototype.
• To aid innovators in converting their idea into a prototype.
• To offer a framework for expedited experimentation and adaptation of approaches throughout the journey from ideation to market.
• To indigenously generate innovative solutions relevant to the local and global problems.
• To elevate the pipeline, both in terms of quality and quantity of innovative start-ups reaching the incubators.
• To foster a dynamic innovation ecosystem, create connections among innovators, academia, mentors, and incubators.
• To captivate a significant cohort of young individuals showcasing a passion for problem-solving and adeptness in launching their own startups driven by new technology, knowledge, and innovation.

Funding Information

• A prototype grant up to Rs. 10,00,000/- to build their ideas into prototypes.

Additional Benefits

• Mentorship, Networking, participation in various Startup/entrepreneurship-based events.
• Co-working spaces for developing ideas into Prototypes.
• Access to various labs such as Prayas lab, IoT lab, ARVR lab, digital lab, robotics lab, electronics lab, mechanics lab and libraries will also be provided.
• Support to Talent Acquisition.

Eligibility Criteria

• An individual innovator without having a startup or founder of a startup can apply for Prayas grant.
• 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.
• 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
• 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 18 months.
• Innovators should have technical skills or background.
• Idea or Innovations should have a roadmap towards commercialization

Ineligibility Criteria

• Prototypes associated with pure software development, e-commerce, service solutions, and app-based solutions.
• Students who are applicants engaged in long-term research endeavors such as doctoral research projects or similar undertakings.
• Supporting research or student internships in academic institutions or R&D organizations through funding.

For more information, visit SP-TBI.