IIT Mandi Catalyst invites applications for NIDHI-PRAYAS, a pre-seed fund initiative that helps young innovators develop their ideas into proof-of-concept. This support will enable innovators to test their ideas without fear of failure, allowing them to progress to the point where they have a finished product and are ready to approach commercialization.
Nidhi Prayas
Sponsored by NSTEDB, DST, this scheme has a provision of a grant of upto INR 10 Lakhs for the purpose of prototype development. The scheme is available to the hardware startups who are physical incubatees at Catalyst.
Objectives of Nidhi Prayas:
- To enable the translation of an innovative idea to a prototype.
- To support faster experimentation and the idea to market journey.
- To generate innovative solutions relevant to local and global problems.
- To attract a large number of youth who demonstrates problem-solving zeal and abilities.
- To work on their new technology/knowledge/innovation-based startups.
- To build a vibrant innovation ecosystem, by establishing a network between innovators, academia, mentors, and incubators.
Why should startups apply?
- To translate an innovative idea to a prototype.
- To get a platform for faster experimentation and modification in approach.
- To generate innovative solutions relevant to local and global problems.
- Access to infrastructure and prototype building facility and mentorship.
- The prayasee can get a prototype grant limited to a maximum of Rs 10.00 lakhs for making the prototype of the innovative idea.
Background on Nidhi-Prayas Scheme
National Initiative for Developing and Harnessing Innovations (NIDHI) is an umbrella program conceived and developed by the Innovation and Entrepreneurship division, Department of Science & Technology, Government of India, for nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups.
The NIDHI-Promotion and Acceleration of Young and Aspiring technology entrepreneurs (NIDHI-PRAYAS) program, is one of the programs introduced under NIDHI, focuses on addressing the idea to prototype funding gap. This is a program designed to attract a large number of youngsters to come forward to try out their ideas and try to see if they will work in real-life business situations. If selected, such selected applicants are referred to as PRAYASEE’s.
Eligibility Criteria:
Any individual applying for PRAYAS has to be an Indian Citizen with a government approved proof of nationality such as a valid passport, voter’s id etc. The applicant should be in the age group of minimum of 18 years, as on date of application.
Selected startups will have the unique opportunity to secure financial support through the NIDHI-PRAYAS grant (up to 10 lakh) and gain access to the Prayashala Lab for developing prototypes.
Don’t miss out! The deadline to apply is February 12, 2024.