NIDHI PRAYAS

About NIDHI – PRAYAS:

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NIDHI-PRAYAS program focuses on addressing the funding gap at a very early stage idea/ proof of concept stage in the startup life cycle. This program aims to attract a large number of youngsters to come forward to try out their ideas without actually worrying about the failure and reach a stage where they have a market-fit product and are willing to approach incubators for commercialization.

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Implementing Body:

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National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology (DST), Government of India.

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Eligibility Criteria:

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• The applicant has to be an Indian Citizen with a government approved proof of nationality

• The applicant should be minimum of 18 years of age, as on the date of application.

• In case of an applicant being an individual innovator without having a Startup applying for PRAYAS:

  • 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.

• In case of an applicant being a co-founder of a Startup applying for PRAYAS:

  • A startup should be incorporated in India with a minimum 51% of its equity held by Indian citizens. The Startup should not be older than 7 years.

  • The startup wants to develop the prototype for a new product, for which they have not received support from any other funding agency.

  • A startup should not have annual turnover exceeding INR 25 lakhs for any of the financial years since its inception.

  • IP generated would vest with the start up.

• PRAYAS grant is 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.

• The ideas and innovations should be based on technology and science.

• The product prototype has to be a physical product.

• 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.

• Prototypes must be capable of being completed within 18 months.

• Innovators should have technical skills or background.

• Ideas or Innovations should have a roadmap towards commercialization.

• The priority technology areas are manufacturing, agriculture, healthcare, clean-tech, energy, water and Internet of Things (IoT). Other technology areas may also be considered on the strength or merit of the idea.

• Preference may be given to the innovators

  • Having bootstrapped or having co-investment commitments.

  • Having clear roadmap for commercialization or start up creation.

  • Women innovators

  • Young innovators

• The innovators in employment or pursuing students have to seek the NOC from their organisation or institution. The NOC should include:

  • Permission to apply for PRAYAS and extending sufficient time to work on the PRAYAS project.

  • Permission that IP generated would vest with the innovator.

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Guideline for Usage of funds: 

To be used for: 

• Outsourcing Charges for R&D/Design Engineering/Consultancy/Testing/Expert cost

• Raw material/ Consumables/Spares

• Fabrication /Synthesis charges of working model or process

• Business Travel and Event participation Fees (Ceiling 10% of approved project cost)

• Patent filing Cost – (PCT- Ceiling 10% of approved project cost)

• Contingency – (Ceiling 10% of approved project cost)

It will NOT be used:

• To pay the grantee or their relatives.

• To repay pre-existing loans or commitments of the innovator.

• To pay usage charges to the Incubator from the PRAYAS grant. Grantees can use other funds to pay any such charges, if any.

• To pay rent of own accommodation, creation of infrastructure facilities like sheds etc.

• As a stop gap arrangement to support any other professional pursuits.