Eligibility for Projects
Priority areas and themes of projects
- Internet-of-things (IOT)
- Other technology areas where Venture Center has interest and strength
- The projects relating to pure software / APP development and those involving pure academic research are not eligible
- At Venture Center, preference will be given for the following focus areas (this has been based on Venture Center’s strengths in mentoring and the quality of support available in the ecosystem for converting the idea into a business):
- Health, solutions for the disabled/elderly etc
- Energy, environment, resource optimization etc
- Engineering products, appliances, electronics etc (Hardware)
- Agriculture, animal husbandry, rural industries (but knowledge -intensive products)
- Consumer products
- Others as decided by the NIDHI-PRAYAS-MC committee
Nature of projects
- The project needs to define a technology solution to a well-defined problem
- The idea proposed should be innovative/ novel.
- Project should relate to converting an idea into a prototype
- Technology ideas and proposals that can result in a viable startup shall be preferred
- Not eligible:
- Pure software development
- Research / student internship in academic institution or R&D organization
Eligibility for Project Leader and Applicant
- Every project proposal will need to identify a Project Leader and an Applicant/ Grantee.
- The Project Leader will be a single individual who will take responsibility for executing the project.
- The Project leader / Startup should own the Project know how / IP
- Innovators who do not have a roadmap / will towards commercialization will not be supported.
- The Applicant or Grantee can be either of the following:
- Case 1: Applicant is a single individual
- Case 2: Applicant is a nascent startup company
Requirements for the Project Leader (PL):
- PL has to be an individual (single person).
- PL is required to be at least 18 years of age as on the date of call for applications.
- PL is required to be Indian Citizen. 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.
- PL has to pursue the PRAYAS project or startup full time with no other concurrent commitments during the project duration.
- PL cannot be pursuing a long-term academic/research project (like doctoral students) with significant obligations during the project duration.
- PL cannot be an employee of an ineligible company with concurrent commitments during the project duration.
- Additional criteria of Venture Center
- Applicants must have completed basic undergraduate training in natural sciences/engineering/ medicine. Essential qualification is PhD/ MTech/ BTech/ BPharm /MD/ MBBS/ BDS/ MSc / MPhil/ M Des/ MPH /MBA / MSW and equivalents, with under‐ graduate training in Science, Medicine, Engineering. Applicants with a BSc degree with at least 1 year of full-time work or research experience shall also be eligible
- Preferences will be given for the following:
- Women innovators
- Innovators under the age of 35 (preference for youth)
- Technology commercialization plan that can result in manufacturing jobs
- Professionals with relevant work/ industry experience
- Applicants with a history/ track record of invention/tinkering solutions etc or volunteering with organizations to address/solve problems.
- PL shall be evaluated also for:
- The potential the applicant has for confidently and clearly and convincingly pitching ideas to potential funders and investors.
Requirements of an Applicant/ Grantee:
Case 1: Applicant is a single individual
- Applicant will also be the PL
- Applicant has to qualify under criteria for PL.
- In case the applicant is associated with any organization / institution, the applicant has to seek the NOC (No Objection Certificate) from their organization / institution with permission to apply for Prayas grant program and to work full time on the Prayas project and the IP generated would vest with the applicant which would be further taken for commercialization.
- The applicant can be a representative of a team of individuals. In this case, there should be an agreement between all members of the team allowing the applicant to apply and execute the project, and clearly outlining the IP terms for Project IP (including ownership, commercialization rights, cost and reward sharing).
Case 2: Applicant is a nascent startup company
- The applicant can be a startup company (should not exceed 7 years from Date of Incorporation at the time of announcing of a call for applications; PLC or LLP only).
- At least 51% of the company should be owned by Indian nationals (directly or indirectly).
- Wants to develop the prototype for a new product, for which they may have not received similar kind of support.
- Company should have no significant revenue at the time of application.
- Company should have annual turnover not exceeding Rs. 25 lakhs for any of the financial year since its inception.
- IP generated would vest with the start up
Additional Criteria as per Scheme Document
- The Prayas grantee should be an incubatee of Venture Center for the entire duration of the Project. Venture Center should have executed appropriate agreement with the grantee.
- The Grantee has to ensure that he/she/they have all required IP rights (if applicable) (including any license or assignment) to take the technology ahead. The Grantee may also be required to ensure that they will have Freedom to Operate. This requirement may be a Condition Precedent to release of the Grant. Grant funds cannot be used to seek/procure a technology license/assignment.
- The PL and Applicants will receive the PRAYAS Prototyping Grant only once. Previous grantees are not eligible.
- The PL and Applicants should not have received another grant from the Government of India for the same objective and scope of the project.