There is a profound lack of support for early stage prototyping in the country, causing many innovators to lose
interest in their ventures in the absence of support at that critical juncture. Even the seed funding mechanisms
present in STEPs and TBIs, while in-house or government-supported, tend to focus more towards commercialization and
the market side of venture, rather than on technology development, idea formation, proof of concept, prototyping,
IPR and the remaining intellectual sides of the startups and clients of the incubators.
There is a definite need to address the gap in the very early stage idea/ proof of concept funding. Promoting and Accelerating Young and ASpiring technology entrepreneurs (PRAYAS) is one of the 9 programs, specifically to support young innovators turn their ideas into proof-of-concepts. 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. Hence NIDHI-PRAYAS can be considered a pre-incubation initiative and a source of pipeline for incubators.
- Innovative technology product in the areas of manufacturing, agriculture, healthcare, clean-tech, energy, water and Internet of Things (IOT) and other technology areas.
- The project should involve physical product development. The projects relating to software development and those involving pure academic research are not eligible.
- Clearly established Business viability.
- Scalable Business Model.
- Have a clear goal of converting the product into a business venture.
- Milestone based grant upto 10Lakhs INR for developing prototypes
- Individual innovator: He/She is required to be Indian Citizen at least 18 years of age on 1st of August, 2016.
- Existing incubatee of a PRAYAS centre