TYoung and aspiring inventors can receive prototype funding through the Nidhi-Prayas Program. Through the Prayas award, inventors can develop their concepts into a workable product prototype. Intellectual property created should be owned by the creator or startup. A Prayas center's monitoring committee must approve the final funding support amount, which is up to 10 lakhs for innovators and startups. The selecting process will be nourished by Bhau Institute.

Objective

Nidhi Prayas Yojna promises to speed the idea-to-market journey by enabling fast prototyping of innovative concepts. The platform seeks to help start-ups based on new technologies, expertise, and innovation and offer distinctive answers to regional and global issues. Establishing a network among entrepreneurs, institutions, mentors, and incubators is something that the PRAYAS looks forward to.

Eligibility criteria

-An individual inventor with or without a start-up can apply for a Prayas grant. An individual inventor without a start-up must be an Indian citizen with a valid passport or voter’s ID.

-A co-founder of a start-up seeking for PRAYAS must be an Indian citizen and own at least 51% of the equity. The startup should not be older than 7 years.

-The start-up should not have annual turnover exceeding Rs. 25 lakhs for any of the financial years since its inception.

-Prototype must be capable of being completed within 18 months.

-Prayas grant is Proof-of-concept grant for converting ideas and innovations into a prototype. Proposals for the products having crossed the prototype level are not eligible for support under Nidhi-Prayas.