Promoting Innovations in Individuals, Startups and MSMEs (PRISM)

The Promoting Innovations in Individuals, Startups and MSMEs (PRISM) scheme is a flagship initiative by the Department of Scientific and Industrial Research (DSIR) aimed at fostering a culture of innovation across India. The primary objective is to support individual innovators who have brilliant sparks of ideas but lack the financial backing or technical mentorship to transform these ideas into commercially viable products or prototypes. By providing a structured support system, PRISM helps bridge the gap between a conceptual invention and a market-ready innovation. The scheme is inclusive, targeting a wide range of creative minds including independent innovators, student entrepreneurs, and small-scale business owners who are working on technical solutions to real-world problems. Funding under PRISM is typically divided into different categories based on the stage of the innovation. Phase I focuses on proof-of-concept and prototype development, while Phase II supports high-value innovation and technology solutions that have already demonstrated potential. Beyond mere financial grants, the scheme provides innovators with access to public institutions, laboratories, and universities to conduct their research and development activities. This holistic approach ensures that the innovator is not just funded but also technically equipped to handle the complexities of product development. The scheme encourages projects in diverse sectors including green technology, affordable healthcare, clean energy, and waste management. By empowering ground-level inventors, PRISM acts as a catalyst for the 'Make in India' and 'Startup India' initiatives, helping to build a self-reliant technological ecosystem. The ultimate goal is to see these innovations successfully transition into successful enterprises that contribute to the nation's economic growth and social well-being.