The main objective of the CIE IIIT Hyderabad NIDHI PRAYAS Centre (PC) is to support the innovators by providing prototyping grant and provide with the PC Fab Lab facility for the development of PoC / ready product thus bringing the gap between idea and prototyping funding.
The eligibility criteria for the grantees are as follows:
Any individual applying for PRAYAS has to be an Indian Citizen with a government-approved proof of nationality such as a valid passport, voter’s id, etc. The applicant should be in the age group of a minimum of 18 years, as on the date of application.
1) Individual Innovator OR Team of Innovators: –
The innovator should have the know-how of the PRAYAS project. For a team of innovators, there has to be –
a) an agreement among the team about the lead innovator who would apply and the funds will be transferred to the lead innovator’s account (after selection)
b) IP generated would vest with the innovator/team and it would be further taken for commercialization
2) In the case of Founders, Co-founders of Startups applying for PRAYAS:-
a) At the time of application, the period of existence of a start-up and its operations should not exceed 7 years from the Date of Incorporation.
b) Wants to develop the prototype for a new product, for which they may have not received a similar kind of support.
c) The company should have an annual turnover not exceeding Rs. 25 lakhs for any of the financial years since its inception
d) IP generated would vest with the start-up
3.) Innovators in employment OR Students with any R& D organisation / Academic Institution:-
a) It is mandatory that the innovators pursuing PRAYAS should have the Project know-how and own the IP.
b) The innovator has to seek the NOC from their organisation/institution. The NOC should have the following
i) Permission to apply for PRAYAS and the innovator will be granted sufficient time to work on the PRAYAS project.
ii) IP generated would vest with the innovator/team and it would be further taken for commercialization