Vel Tech Nidhi PRAYAS Centre

Vel Tech Nidhi PRAYAS2018-09-28T09:20:41+00:00

Transform your business idea into a successful startup through Nidhi PRAYAS

Objectives

 
  • To enable translation of an innovative idea to a prototype.
  • To provide a platform for faster experimentation and modify approaches in the idea to market journey.
  • To generate innovative solutions relevant to the 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 enhance the pipeline in terms of quality and quantity of innovative startups to the incubators.
  • To build a vibrant innovation ecosystem, by establishing a network between innovators, academia, mentors and incubators.

Eligibility criteria

  • Individual innovator: He/She is required to be Indian Citizen at least 18 years of age as on date of application. An Indian citizen is defined as one who is in possession of a government approved proof of nationality such as a valid passport, voter’s id etc.

  • Existing incubatee of a PRAYAS centre:-
    a) The company is less than 2 years and wants to develop the prototype for a new product, for which they may have not received similar kind of support.
    b) Company should have no significant revenue at the time of application.
  • Team of individual innovator: If the team wants to pursue the project, then there has to be an agreement among the team about the lead applicant and the lead applicant have to apply for NIDHI-PRAYAS. The financial support (after the selection process) will be given to the lead applicant on behalf of the team.
  • The priority areas for supporting innovations under NIDHI PRAYAS program are manufacturing, agriculture, healthcare, clean-tech, energy, water and Internet of Things (IOT) and other technology areas.

  • Preference may be given to those innovators

    1. Who have bootstrapped or have got co-investment commitment.
    2. Who have clear road map for commercialization or start up creation.
    3. Women innovators
    4. Young innovators
  • The maximum support can be provided per innovator/incubatee is upto Rs. 10 lakhs.

  • If the innovator is pursuing to build a prototype from their institute/organization IP, then in that case innovator will take NOC from the appropriate authority of their institute/organisation for use/IP transfer / ownership in favour of the innovator/startup.
  • If the applicant is studying /working in an institute/organization, they should get a no objection certificate from that respective institute/organization for applying to NIDHI PRAYAS.
  • The NIDHI-PRAYAS grantee should be registered for the pre-incubation or incubation program at the TBI for the entire duration of the program, after going through the TBI’s selection process.

  • NIDHI-PRAYAS grantee should be fully committed to work towards the prototype development for which the support is being sought and should not treat this as a stop gap arrangement to support any other pursuits.
  • The innovator can avail the NIDHI-PRAYAS support only once and they should not have sought the similar support previously, from other Government of India organisation/Institution for the same innovative concept as proposed in the application form.

Restrictions for PRAYAS

  • Student applicants pursuing long term research projects like doctoral research projects or similar projects will not be supported
  • Professors or Academicians engaged in teaching with any academic or R&D institute.
  • The projects relating to software development and those involving pure academic research are not eligible.

Contact Us

Prof. Dr. P.Sarasu,
Director Industry Relations & Director R & D
Vel Tech Rangarajan Dr.Sagunthala R&D Institute of Science and Technology.
Contact Number: 99400 24007
Email Id: nidhiprayas@veltech.edu.in