NIDHI-PRAYAS: Fueling Hardware Innovations and Startup Prototypes

The NIDHI-PRAYAS (Promoting and Accelerating Young and Aspiring technology entrepreneurs) scheme is a flagship initiative by the Department of Science and Technology (DST). It focuses on bridging the gap between an innovative idea and a prototype, specifically for entrepreneurs in the hardware and manufacturing sectors. By providing early-stage funding, it allows innovators to test their concepts without the immediate pressure of seeking venture capital.

What is this scheme?

NIDHI-PRAYAS is a 'Proof of Concept' grant aimed at helping young innovators turn their technology-driven ideas into tangible prototypes. The program is implemented through various PRAYAS Centres (Incubators) across India, providing not just funding but also access to fabrication labs (PRAYAS Shala) and mentorship.

Who is eligible?

• An individual innovator or a start-up incorporated for less than 7 years.
• The applicant must be a citizen of India.
• Must have a creative, scalable, and technology-based business idea.
• Innovators must be at least 18 years of age.
• The innovator should be willing to work from a PRAYAS Centre (Incubator) for the duration of the project.
• Student applicants must have a letter of support from their academic institution.

How much money?

Grant-in-aid of up to ₹10 Lakhs per project for prototype development.

Documents needed

1. Duly filled PRAYAS application form.
2. Identity proof (Aadhaar Card / Voter ID / Passport).
3. Detailed Project Report (DPR) focusing on the prototype plan.
4. Budget breakdown for the requested grant.
5. Proof of incorporation (for startups).
6. Academic certificates or NOC from the institute (for students).
7. Declarations regarding any other government grants received.

How to apply (step by step)

1. Identify and contact the nearest DST-recognized PRAYAS Centre / Incubator.
2. Wait for the official call for applications issued by the specific PRAYAS Centre.
3. Submit the detailed proposal and business plan through the incubator's portal.
4. Undergo a screening process and initial pitch presentation.
5. Present the idea before a Project Management Committee (PMC).
6. Upon approval, sign the agreement and register with the host incubator.
7. Receive grant installments based on project milestones and progress reports.

Important dates

Conclusion

NIDHI-PRAYAS serves as a vital lifeline for hardware startups in India, where prototyping costs are often high. By removing the financial barrier to building a physical product, the scheme empowers Indian engineers and scientists to lead the 'Make in India' movement. For those with a blueprint and a vision, this grant provides the necessary foundation to transition from a dreamer to a founder.