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prayas Centre @ VIT Technology Business Incubator
National Initiative for Developing and Harnessing Innovations (NIDHI) is an umbrella programme conceived and developed by the Department of Science & Technology (DST), Government of India, for nurturing ideas and innovations (knowledge-based and technology-driven) into successful start-ups.
Under this initiative, DST has launched NIDHI – Promoting and Accelerating Young and Aspiring innovators & start-ups (NIDHI-prayas) program. The program caters to idea-stage entrepreneurs with a physical product offering, who require support for prototyping. Under this scheme, the innovators will be facilitated with access to physical infrastructure, technical guidance, fabrication labs, networking, business mentorship etc.
VIT Technology Business Incubator is a prayas Centre under the scheme managed by the Society for Innovation and Entrepreneurship (SINE) IIT Bombay, which will act as a Program Management Unit (PMU) of the prayas program.
The lack of support for early stage prototyping in the country has been the cause for many innovators to lose interest in their ventures and there is a definite need to address the gap in the very early stage of idea formation, associated technology development, proof of concept, prototyping, IPR etc.
With NIDHI prayas, young entrepreneurs will have support to develop their technology prototype/product and will be able to approach incubators for scale up and commercialization support. Hence all selected NIDHI-prayas applicants to the VITTBI prayas Centre will be considered for support under the Pre-incubation / Business Incubation support at VITTBI based on the maturity of the idea and execution capability of the applicant.
NIDHI prayas program will provide funding support for converting innovative ideas into prototypes.
To support in the idea to Market (i2M) journey by providing platforms for prototyping and experimentation that can help make modifications and course corrections in the approaches.
To encourage and generate innovative solutions that can address national and global challenges faced by the society.
To attract new and more number of technology/knowledge/innovation based product start-ups.
To create a feeder of technology start-ups to the incubation program.
Establishing a network between innovators, academia, mentors and incubators, NIDHI prayas is expected to create an entrepreneurial ecosystem.
Access to infrastructure, prototype development facility and strategic mentorship.
Shared common facilities & Co-working space
The period of existence of the Startup and its operations should not exceed 7 years from the Date of Incorporation. The Startup should be involved in the development of a prototype for a new product, for which they should not have received similar kind of support. The annual turnover should not have exceeded Rs. 25 lakhs for any of the financial year since its inception.
Who have bootstrapped or have got co-investment commitment.
Who have clear road map for commercialization or start up creation.
NIDHI-prayas grant cannot, however, be used for supporting:
- Any institute/organization (not being a start-up organization) to develop and IP into Prototype.
- Any innovator working/pertaining to an institute/organization for converting their IP into prototype.
- Any idea which is part of academic research work carried out at the institute/personal level.
- Any idea that is developed into prototype where the IP could vest with any institute/organization.