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Nidhi Prayas

Transforming Idea to a Product

The Program

National Initiative for Developing and Harnessing Innovations (NIDHI) is an umbrella program conceived and developed by the DST-NSTEDB, for nurturing ideas and innovations (knowledge-based and technology-driven) into successful start-ups. NIDHI aims to nurture start-ups through scouting, supporting and scaling of innovations. It is developed keeping in line the new national aspirations and on the basis of DST’s experience of three decades, in promoting innovative start-ups.

DST-NIDHI’s PRomoting and Accelerating Young and ASpiring technology entrepreneurs (PRAYAS) is specifically to support young innovators turn their ideas into PoC. This support shall allow the innovators to try their ideas without fear of failure, hence allowing them to reach a stage where they have a ready product and are willing to approach incubators for commercialization.

Objective of NIDHI PRAYAS Program

  • Enabling translation of an innovative idea to a prototype.
  • Providing a platform for faster experimentation and modify approaches in the idea to market journey.
  • To indigenously generate innovative solutions relevant to the local and global problems.
  • Attracting 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.

Building a vibrant innovation ecosystem, by establishing a network between innovators, academia, mentors, and incubators.

Eligibility Criteria

Applicants can be individual innovators or early-stage startups

For individual innovator without having a start-up

  • The applicant has to be an Indian Citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
  • Minimum 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

In case applicant being a co-founder of a Start-up

  • The applicant has to be an Indian citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
  • Minimum 18 years of age, as on the date of application.
  • The startup should be incorporated in India with a minimum 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 annual turnover exceeding Rs. 25 lakhs for any of the financial years since its inception.
  • IP generated would vest with the start up

Not eligible to Apply:

  • Proposals for the products having crossed the prototype level are not eligible for support 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

Important points to be noted

  • 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.
  •  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.
  • 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

The priority technology areas

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

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

Terms & Conditions:

  • Support which will be maximum upto Rs.10 lakhs in form of the grant
  • The applicant must be fully committed to work towards the prototype development for which the support is being sought with an intention to commercialization.
  • The project duration is 18 months. Prototype has to be completed within maximum 18 months from receiving the first tranche of the grant.
  • Innovators or Start-up teams cannot avail NIDHI PRAYAS Support for more than once or from more than one Centre.
  • For incomplete projects, PRAYASEE must return unutilized amount of the grant
  • The NIDHI-PRAYAS grantee should be registered for the pre-incubation or incubation program at the HTIC MTI for the entire duration of the program, after going through the Incubator’s selection process.

Why IITM HTIC MedTech Incubator

  • Access to IITM infrastructure like HTIC (R&D centre), incubator and lab facilities of other departments at IITM
  • Strong auxiliary support system – IP and Tech Transfer, Legal and compliance support
  • Collaborations with Hospitals, Universities, and with MedTech industry players
  • Mentoring by faculty members and alumni
For the Application please click the link – https://forms.gle/upgvkUWVmqPHsJ1Y8

Application Deadline – June 30th, 2023 at 5pm

Please write to nidhiprayas@htic.iitm.ac.in for any queries