Applications open for NIDHI – PRAYAS Program in India

This program empowers young innovators to develop proof of concepts (PoCs) confidently, paving the way for commercialization and incubation.

Objectives

• NIDHI – PRAYAS aims to foster innovation and entrepreneurship through key supportive objectives:
  • Innovation Ecosystem: To build a vibrant innovation ecosystem, by establishing a network between innovators, academia, mentors, and incubators.
  • Startup Pipeline: To enhance the pipeline in terms of quality and quantity of innovative start-ups to the incubators.
  • Youth Engagement: To attract a large number of youth who demonstrates problem solving zeal and abilities.
  • Prototype Development: To enable the translation of an innovative idea to a prototype.
  • Accelerated Experimentation: To provide a platform for faster experimentation and modify approaches in the idea to market journey.
  • Innovative Solutions: To generate innovative solutions relevant to local and global problems.

Priority Areas and Preferences

• Priority technology areas include manufacturing, agriculture, healthcare, clean-tech, energy, water, and IoT.
• Preference may be given to innovators who have bootstrapped or secured co-investment commitments, those with a clear commercialization roadmap, women innovators, and young innovators.

Benefits

• The NIDHI-PRAYAS program provides valuable benefits to help aspiring entrepreneurs turn their innovative ideas into tangible products:
  • Tailored Mentorship: Receive guidance from industry experts to refine strategies and navigate challenges for success.
  • Financial Grant: Participants can receive up to ₹10 lakhs to build prototypes, providing essential funding for product development over a 12-month period.
  • Collaborative Workspaces: Access to collaborative coworking spaces, available as needed, fosters networking and creativity among entrepreneurs.
  • Prototyping Support: Dedicated assistance for product development and testing, with collaboration opportunities to refine prototypes before market launch.
  • Networking Opportunities: Build relationships with entrepreneurs, industry leaders, and investors to elevate your startup.
  • Market Insights: Access research to identify opportunities and tailor offerings to customer needs.

Eligibility Criteria

• Must be an Indian citizen with valid proof of nationality (e.g., passport, voter ID). Minimum age of 18 years as of the application date.
• Individual innovators working in a team must designate a lead innovator to apply, with funds transferred to their account.
• Co-founders of startups must also be Indian citizens and at least 18 years old.
• Startups must be incorporated in India with at least 51% equity held by Indian citizens and should not be more than 7 years old.
• Startups must seek to develop a prototype for a new product without prior funding support from other agencies.
• Annual turnover of the startup must not exceed ₹25 lakhs in any financial year since inception.
• Innovators should possess relevant technical skills or background. Ideas must have a clear roadmap toward commercialization.
• The PRAYAS grant is intended for proof-of-concept, with ineligible proposals for products that have crossed the prototype stage.
• Ideas and innovations must be based on technology and science, with prototypes being physical products.
• Prototypes must be capable of completion within 18 months.
• Applicants must have ownership or rights to use the IP related to their proposed products.

For more information, visit FiiRE.