Eligibility:
NIDHI- PRAYAS Program aims at providing prototype funding to convert idea into prototype to young and aspiring innovators. Innovators should use the PRAYAS grant primarily convert their ideas into prototype of a product that has potential for commercialisation. The IP generated if any, should vest with the Innovator or the Start up. The maximum funding support to an innovator/startup will be upto 10 lakhs, however the final amount is subject to the approval of Monitoring committee of a PRAYAS centre.

1. Eligibility criteria

● An individual innovator without having a startup or founder of a startup can apply for Prayas grant.

● In case of an applicant being an individual innovator without having a startup applying for PRAYAS:
o The applicant has to be an Indian Citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
o The applicant should be minimum of 18 years of age, as on the date of application.
o 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:
o The applicant has to be an Indian citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
o The applicant should be minimum of 18 years of age, as on the date of application.
o 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.
o The startup wants to develop the prototype for a new product, for which they have not received support from any other funding agency.
o The startup should not have annual turnover exceeding Rs. 25 lakhs for any of the financial years since its inception.
o IP generated would vest with the start up.

● 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.
● 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 strength or merit of the idea.
● Preference may be given to the innovators
o having bootstrapped or have co-investment commitments.
o having clear roadmap for commercialization or start up creation
o Women innovators
o Young innovators.

Additional terms for innovators in employment OR Students with any R&D organisation OR Academic Institution :-
The innovators in employment or pursuing students have to seek the NOC from their organisation or institution. The NOC should include:
o Permission to apply for PRAYAS and extending sufficient time to work on the PRAYAS project.
o Permission that IP generated would vest with the innovator.

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.

2. Guideline for Usage of funds

a. Outsourcing Charges for R & D or Design Engg.or Consultancy or Testing or Expert cost
b. Raw material or Consumables or Spares
c. Fabrication or Synthesis charges of working model or process
d. Business Travel and Event participation Fees (Ceiling 10% of approved project cost)
e. Patent filing Cost – (PCT- Ceiling 10% of approved project cost)
f. Contingency - (Ceiling 10% of approved project cost)
It will not be used:
1. To pay the grantee or their relatives.
2. To repay pre-existing loans or commitments of the innovator.
3. To pay usage charges to the Incubator from the PRAYAS grant. Grantee can use other funds to pay any such charges, if any.
4. To pay rent of own accommodation, creation of infrastructure facility like shed etc.
5. As a stop gap arrangement to support any other professional pursuits.

3. Terms and Conditions
1. PRAYAS support is in form of the grant which will be maximum upto Rs.10 lakhs.
2. PRAYAS applications will be subject to Decision of the committee members of the PC where innovator has applied. The decision of approval or rejection or reduced amount by the committee shall remain final and binding on the innovator.
3. The applicant will be fully committed to work towards the prototype development for which the support is being sought with an intention to commercialization.
4. The project duration is 18 months. Prototype has to be completed within maximum 18 months from receiving the first tranche of the grant.
5. For incomplete projects, PRAYASEE must return unutilized amount of the grant.
6. If innovator has already started a venture, Innovators should assign the IP ownership right to the startups.
7. Innovators or Start-up teams cannot avail NIDHI PRAYAS Support for more than once nor from more than one Centre. Innovators shall also not be supported in parallel under NIDHI-EIR and NIDHI-PRAYAS. Innovators will give declaration at the time of making application indicating that they have not received support under NIDHIPRAYAS for the same idea or NIDHI-EIR.

 

The last date to apply for this programme :  15th July 2023

Selection Date:  Will let you know

Venue: FTBI, NIT Rourkela

Time: Will let you know

​​​Click here to apply: ​

 

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The decision for awarding of grants by FTBI NIT Rourkela is full and final.

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