The NIDHI-PRAYAS program focuses on addressing the idea to prototype funding gap. PRAYAS grant is a Proof-of-concept grant for converting ideas and innovations into a prototype. This program attracts a large number of youngsters to come forward to try out their ideas without actually worrying about failure. The selected innovators get access to the infrastructure, prototype grant (up to INR 10.00 Lakhs), and mentorship.
1. An individual innovator without having a startup or founder of a startup can apply for Prayas grant.
2. 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 government-approved proof of nationality such as a valid passport, voter’s id, etc.
– The applicant should be a 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.
3. In case of an applicant being a co-founder of a Startup applying for PRAYAS:
– The applicant has to be an Indian citizen with government-approved proof of nationality such as a valid passport, voter’s id etc.
– The applicant should be a minimum of 18 years of age, as on the date of application.
– The startup should be incorporated in India with a minimum of 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 an annual turnover exceeding Rs. 25 lakhs for any of the financial years since its inception.
– IP generated would vest with the start-up.
4. PRAYAS grant is a Proof-of-concept grant for converting ideas and innovations into a prototype. Proposals for the products having crossed the prototype level are not eligible for support under NIDHI-PRAYAS.
5. The ideas and innovations should be based on technology and science.
6. The product prototype has to be a physical product.
7. Applicants can be individual innovators or early-stage startups.
8. Applicants will have ownership of the Project knowhow or IP of the proposed products or right to use know-how or IP if it is owned by a third party.
9. Prototype must be capable of being completed within 18 months.
10. Innovators should have technical skills or background.
11. Idea or Innovations should have a roadmap towards commercialization.
12. The priority technology areas are manufacturing, agriculture, healthcare, clean-tech, energy, water, and Internet of Things (IoT). Other technology areas.
Awards:-
1) Access to the world-class labs (across all streams) at Banasthali
2) Access to the huge industry network for collaboration & prototype testing
3) Access to Business Acceleration training & workshops
4) Access to tech support services like ZOHO, AWS, Razorpay
5) Co-Working Space
6) Deep dive sessions to work on business strategies
Deadline:- 12-12-2021
