Technology Business Incubator of NAARM, Hyderabad, Telangana 500030.
NIDHI- PRAYAS Program aims at providing prototype funding to convert idea into prototype toyoung and aspiring innovators. Innovators should use the PRAYAS grant primarily convert theirideas into prototype of a product that has potential for commercialization. The IP generated ifany, should vest with the Innovator or the Start up. The maximum funding support to an innovator/startup will be up to 10 lakhs, however the final amount is subject to the approval of Monitoring committee of a PRAYA Scentre.
An individual innovator without having a startup or founder of a startup can apply for Prayasgrant.
In case of an applicant being an individual innovator without having a startup applying for PRAYAS:
In case of an applicant being a co-founder of a Startup applying for PRAYAS:
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-
The innovators in employment or pursuing students have to seek the NOT from their organization or institution. The NOC should include:
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.
Outsourcing Charges for R & D or Design Engg.or Consultancy or Testing or Expert cost
Raw material or Consumables or Spares
Fabrication or 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:
PRAYAS support is in form of the grant which will be maximum upto Rs.10 lakhs.
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.
The applicant will 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.
For incomplete projects, PRAYASEE must return unutilized amount of the grant.
If innovator has already started a venture, Innovators should assign the IP ownership right to the startups.
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 NIDHI-PRAYAS for the same idea or NIDHI-EIR.