Transform your business idea into a successful startup through Nidhi PRAYAS
Objectives
- To enable translation of an innovative idea to a prototype.
- To provide a platform for faster experimentation and modify approaches in 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 enhance the pipeline in terms of quality and quantity of innovative startups to the incubators.
- To build a vibrant innovation ecosystem, by establishing a network between innovators, academia, mentors and incubators.
NIDHI- PRAYAS Program as the scheme suggest is to help – young and aspiring innovators. The focus is to provide support/funding from idea to prototype.
The priority areas for supporting innovations under NIDHI PRAYAS program are manufacturing, agriculture, healthcare, clean-tech, energy, water and Internet of Things (IOT) and other technology areas.
The maximum support can be provided per innovator/incubatee is upto Rs. 10 lakhs.
Eligibility for Innovators for PRAYAS support
The PRAYAS program is focused to provide funding support to individual innovators. Innovators should use the PRAYAS grant, primarily to convert their ideas into prototype. The IP generated if any, should vest with the Innovator / Start up.
It cannot, however, be used for supporting: –
- Innovators / Start up who do not / will not own the Project know how/ IP
- Funding research / student internship in Academic institution or R& D organisation
- Innovators /Team/ Start up who is already supported once under NIDHI PRAYAS
- Innovators who do not have the necessary NOC on IP, granting sufficient time to work on PRAYAS project from their respective organisation / institution
- Innovator supported under NIDHI-EIR in parallel with NIDHI-PRAYAS
- Innovators who do not have a roadmap / will towards commercialization
The eligibility criteria for the applicants are as follows
Any individual applying for PRAYAS 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 in the age group of minimum of 18 years, as on date of application.
1. Individual Innovator OR Team of Innovators: –
The innovator should have the knowhow of the PRAYAS project. For team of 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 / team and it would be further taken for commercialization
2. In case of Founders, Co -founders of Start up applying for PRAYAS:-
- The startup should be incorporated in India with a minimum 51% of its equity held by Indian citizens.
- At the time of application, the period of existence of a start up and its operations should not exceed 7 years from the Date of Incorporation,
- Wants to develop the prototype for a new product, for which they may have not received similar kind of support.
- Company should have annual turnover not exceeding Rs. 25 lakhs for any of the financial year since its inception
- IP generated would vest with the start up
3. Innovators in employment OR Students with any R& D organisation / Academic Institution:-
- It is mandatory that the innovators pursuing PRAYAS should have the Project know how and own the IP.
- The innovator has to seek the NOC from their organisation / institution. The NOC should have the following
- Permission to apply for PRAYAS and the innovator will be granted sufficient time to work on the PRAYAS project,
- IP generated would vest with the innovator / team and it would be further taken for commercialization
4. 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.
- Women innovators
- Young innovators
5. The NIDHI-PRAYAS grantee should be registered for the pre-incubation or incubation program at the TBI for the entire duration of the program, after going through the TBI’s selection process.
6. NIDHI-PRAYAS grantee should be fully committed to work towards the prototype development for which the support is being sought and should not treat this as a stop gap arrangement to support any other pursuits.
7. The innovator can avail the NIDHI-PRAYAS support only once and they should not have sought the similar support previously, from other Government of India organisation/Institution for the same innovative concept as proposed in the application form.
Notwithstanding the above, the followings will not be considered under NIDHI-PRAYAS:
- Projects related to Pure Software development, e-Commerce, Service solutions, App based solutions.
- Funding research or student internship in Academic institutions or R& D organisations.
For the innovators in employment the following instances would not be eligible to be supported under PRAYAS:
- If the innovator is employed with any other incubator OR PRAYAS centre/ is actively involved and holding position in the Innovation centre of any organization dealing with startups.
- Mentors actively involved with the PRAYAS centre
- Any faculty in charge / Prof in charge serving their tenure with the incubator/ PRAYAS centre
- The PRAYAS centre PMC member while they are a part of the committee.
Contact Us
Chief Executive Officer,
Vel Tech Technology Incubator.
Contact Number: +91 96000 40254
Manager – Nidhi Prayas,
Vel Tech Technology Incubator.
Contact Number: +91 96000 40252
Email Id: nidhiprayas@veltech.edu.in