NIDHI - PRAYAS 2024 Program
NIDHI – PRAYAS, initiated by the Department of Science & Technology (DST), supports idea-stage entrepreneurs with physical products in need of prototyping. This program empowers young innovators to develop proof of concepts (PoCs) confidently, paving the way for commercialization and incubation.
The benefits
The NIDHI-PRAYAS program provides valuable benefits to help aspiring entrepreneurs turn their innovative ideas into tangible products.
Tailored Mentorship
Receive guidance from industry experts to refine strategies and navigate challenges for success.
Financial Grant
Participants can receive up to ₹10 lakhs to build prototypes, providing essential funding for product development over a 12-month period.
Collaborative Workspaces
Access to collaborative coworking spaces, available as needed, fosters networking and creativity among entrepreneurs.
Prototyping Support
Dedicated assistance for product development and testing, with collaboration opportunities to refine prototypes before market launch.
Networking Opportunities
Build relationships with entrepreneurs, industry leaders, and investors to elevate your startup.
Market Insights
Access research to identify opportunities and tailor offerings to customer needs.
Program objectives
NIDHI-PRAYAS aims to foster innovation and entrepreneurship through key supportive objectives.
Innovation Ecosystem
To build a vibrant innovation ecosystem, by establishing a network between innovators, academia, mentors, and incubators.
Startup Pipeline
To enhance the pipeline in terms of quality and quantity of innovative start-ups to the incubators.
Youth Engagement
To attract a large number of youth who demonstrates problem solving zeal and abilities
Prototype Development
To enable the translation of an innovative idea to a prototype.
Accelerated Experimentation
To provide a platform for faster experimentation and modify approaches in the idea to market journey.
Innovative Solutions
To generate innovative solutions relevant to local and global problems.
Our Startups
FiiRE™ Goa proudly supports a diverse portfolio of innovative startups in sectors like TourismTech® and sustainable technology. They benefit from tailored incubation, mentorship, and agnostic funding like grants and equity support, driving innovation to impact Goa’s economy.
180+
Startups Supported
52
Startups Funded
Do you meet our selection criteria?
General Requirements
Must be an Indian citizen with valid proof of nationality (e.g., passport, voter ID). Minimum age of 18 years as of the application date.
Individual Innovators
Individual innovators working in a team must designate a lead innovator to apply, with funds transferred to their account.
Co-founders of Startups
Co-founders of startups must also be Indian citizens and at least 18 years old.
Startups must be incorporated in India with at least 51% equity held by Indian citizens and should not be more than 7 years old.
Startups must seek to develop a prototype for a new product without prior funding support from other agencies.
Annual turnover of the startup must not exceed ₹25 lakhs in any financial year since inception.
Skills and Commercialization
Innovators should possess relevant technical skills or background. Ideas must have a clear roadmap toward commercialization.
Grant Purpose and Project Requirements
The PRAYAS grant is intended for proof-of-concept, with ineligible proposals for products that have crossed the prototype stage.
Ideas and innovations must be based on technology and science, with prototypes being physical products.
Prototypes must be capable of completion within 18 months.
Applicants must have ownership or rights to use the IP related to their proposed products.
Priority Areas and Preferences
Priority technology areas include manufacturing, agriculture, healthcare, clean-tech, energy, water, and IoT.
Preference may be given to innovators who have bootstrapped or secured co-investment commitments, those with a clear commercialization roadmap, women innovators, and young innovators.
FAQs
How does NIDHI - PRAYAS 2024 differentiate between various innovative ideas for funding?
The Nidhi Prayas Program evaluates ideas based on their innovation, feasibility, potential market impact, and alignment with the program’s objectives. A committee assesses the submissions to ensure they meet the funding criteria.
Can entrepreneurs from any sector apply for the NIDHI - PRAYAS 2024 Program?
Yes, the program is open to entrepreneurs from various sectors, particularly those focused on technology-driven innovations. However, priority may be given to sectors that align with national development goals.
What happens after the proof of concept is developed?
After developing a proof of concept, entrepreneurs may be eligible for further support, including access to mentorship, additional funding opportunities, and guidance for commercialization, depending on the program’s offerings.
NIDHI - PRAYAS 2024 Program
NIDHI – PRAYAS, initiated by the Department of Science & Technology (DST), supports idea-stage entrepreneurs with physical products in need of prototyping. This program empowers young innovators to develop proof of concepts (PoCs) confidently, paving the way for commercialization and incubation.
The benefits
The NIDHI-PRAYAS program provides valuable benefits to help aspiring entrepreneurs turn their innovative ideas into tangible products.
Tailored Mentorship
Receive guidance from industry experts to refine strategies and navigate challenges for success.
Financial Grant
Participants can receive up to ₹10 lakhs to build prototypes, providing essential funding for product development over a 12-month period.
Collaborative Workspaces
Access to collaborative co-working spaces, available as needed, fosters networking and creativity among entrepreneurs.
Prototyping Support
Dedicated assistance for product development and testing, with collaboration opportunities to refine prototypes before market launch.
Networking Opportunities
Build relationships with entrepreneurs, industry leaders, and investors to elevate your startup.
Market Insights
Access research to identify opportunities and tailor offerings to customer needs.
Program objectives
NIDHI-PRAYAS aims to foster innovation and entrepreneurship through key supportive objectives.
Innovation Ecosystem
To build a vibrant innovation ecosystem, by establishing a network between innovators, academia, mentors, and incubators.
Startup Pipeline
To enhance the pipeline in terms of quality and quantity of innovative start-ups to the incubators.
Youth Engagement
To attract a large number of youth who demonstrates problem solving zeal and abilities
Prototype Development
To enable the translation of an innovative idea to a prototype.
Accelerated Experimentation
To provide a platform for faster experimentation and modify approaches in the idea to market journey.
Innovative Solutions
To generate innovative solutions relevant to local and global problems.
Our Startups
FiiRE™ Goa proudly supports a diverse portfolio of innovative startups in sectors like TourismTech® and sustainable technology. They benefit from tailored incubation, mentorship, and agnostic funding like grants and equity support, driving innovation to impact Goa’s economy.
180+
Startups Supported
52
Startups Funded
Do you meet our selection criteria?
General Requirements
Must be an Indian citizen with valid proof of nationality (e.g., passport, voter ID). Minimum age of 18 years as of the application date.
Individual Innovators
Individual innovators working in a team must designate a lead innovator to apply, with funds transferred to their account.
Co-founders of Startups
Co-founders of startups must also be Indian citizens and at least 18 years old.
Startups must be incorporated in India with at least 51% equity held by Indian citizens and should not be more than 7 years old.
Startups must seek to develop a prototype for a new product without prior funding support from other agencies.
Annual turnover of the startup must not exceed ₹25 lakhs in any financial year since inception.
Skills and Commercialization
Innovators should possess relevant technical skills or background. Ideas must have a clear roadmap toward commercialization.
Grant Purpose and Project Requirements
The PRAYAS grant is intended for proof-of-concept, with ineligible proposals for products that have crossed the prototype stage.
Ideas and innovations must be based on technology and science, with prototypes being physical products.
Prototypes must be capable of completion within 18 months.
Applicants must have ownership or rights to use the IP related to their proposed products.
Priority Areas and Preferences
Priority technology areas include manufacturing, agriculture, healthcare, clean-tech, energy, water, and IoT.
Preference may be given to innovators who have bootstrapped or secured co-investment commitments, those with a clear commercialization roadmap, women innovators, and young innovators.
FAQs
How does NIDHI - PRAYAS 2024 differentiate between various innovative ideas for funding?
The Nidhi Prayas Program evaluates ideas based on their innovation, feasibility, potential market impact, and alignment with the program’s objectives. A committee assesses the submissions to ensure they meet the funding criteria.
Can entrepreneurs from any sector apply for the NIDHI - PRAYAS 2024 Program?
Yes, the program is open to entrepreneurs from various sectors, particularly those focused on technology-driven innovations. However, priority may be given to sectors that align with national development goals.
What happens after the proof of concept is developed?
After developing a proof of concept, entrepreneurs may be eligible for further support, including access to mentorship, additional funding opportunities, and guidance for commercialization, depending on the program’s offerings.
