Tides Business Incubator | About Us
Technology Incubation and Entrepreneurship Development Society (TIEDS) has been established to promote innovation and entrepreneurship in the region, To accomplish its goal, TIEDS runs and manages a Business Incubator called Technology Innovation & Development of Entrepreneurship Support (TIDES) Business Incubator hosted at Indian Institute of Technology, Roorkee, TIDES facilitates incubation of new enterprises with innovative technologies by admitting them at its Incubation Centre and provides physical, technical, financial and networking supports and services.
Angel Investing, Angel Investors, Bootstrapping, Business Ideas, Co-Founders, Copyright Infringement, Copyright Law, Crowdfunding, Equity Compensation, Growth Hacking, Hiring, How Does Company X Make Money, Ideas, Innovation, Intellectual Property, Intellectual Property Law, Internet Startups, Inventions, Lean Startups, Mergers and Acquisitions (M&A), Open Innovation, Patents, Pre-Launch Startups, RecruitingSeed Funding, Seed Money, Social Innovation, Startup Advice and Strategy, Startup Acquisitions,Startup Business Models, Startup Compensation, Startup Founders, Startup Ideas, Startup Incubators, Startup Law, Startup Names, Startup Product Marketing, Startup Recruiting, Startup Traction, Technology Startups, Trademark Law, Trademarks, Valuations, Venture Capital, Venture Capital Firms, Venture Capital Investing, Young Entrepreneurs
 

NIDHI PRAYAS

NIDHI PRAYAS

q

  • National Initiative for Developing and Harnessing Innovations (NIDHI) is an umbrella programme conceived and developed by Department of Science & Technology, Government of India, for nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups.
  • NIDHI- PRAYAS Program is focused to provide support/funding from idea to prototype to help – young and aspiring innovators. Innovators should use the PRAYAS grant, primarily to convert their ideas into prototype. The IP generated if any, should vest with the Innovator / Start up. This program attracts youngsters to come forward to try out their ideas without actually worrying about the failure.
  • NIDHI-PRAYAS stand for National Initiative for Developing and Harnessing Innovation - PRomoting and Accelerating Young and ASpiring Innovators & startups. The program caters to idea-stage entrepreneurs with a physical product offering and who require support for prototyping.
  • TIDES IIT Roorkee facilitates prototype funding to an innovator for a maximum amount of Rs. 10 lakhs via this program.

 

OBJECTIVES

  • To enable translation of an innovative idea to a prototype.
  • To provide a platform for faster experimentation and modify approaches in the idea to market journey.
  • To generate innovative solutions relevant to the local and global problems.
  • To attract a large number of youth who demonstrates problem solving zeal and abilities to work on their new technology/knowledge/innovation based startups.

 

BENEFITS

  • A prototype grant upto INR 10 lakhs to build their ideas into prototype.
  • Access to infrastructure, mentorship.
  • Co-working space as per availability.

 

SECTOR FOCUS

  • Sector Agnostic

 

PRIORITY AREAS

The priority areas for supporting innovations under NIDHI PRAYAS program are manufacturing, agriculture, healthcare, clean-tech, energy, water, Artificial intelligence (AI), Machine Learning and Internet of Things (IOT) and other technology areas.

Projects related to Pure Software development, Ecommerce, Service , App based solutions, Beyond prototype level cannot be supported under NIDHI-PRAYAS.

NIDHI-PRAYAS cannot, however, be used for supporting:

  • Innovators / Start up who do not / will not own the Project know how/ IP
  • Funding research / student internship in Academic institution or R& D organisation
  • Innovators / Team/ Start up who is already supported once under NIDHI PRAYAS
  • Innovators who do not have the necessary NOC on IP, granting sufficient time to work on PRAYAS project from their respective organisation / institution
  • Innovator supported under NIDHI-EIR in parallel with NIDHI-PRAYAS
  • Innovators who do not have a roadmap / will towards commercialization.

Preference may be given to the innovators:

  • Who have bootstrapped or have got co-investment commitment.
  • Who have clear road map for commercialization or start up creation.
  • Women innovators
  • Young innovators

 

ELIGIBILITY

The eligibility criteria for the applicants for PRAYAS program 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 minimum of 18 years, as on date of application.

1. Individual Innovator OR Team of Innovators:

The innovator should have the knowhow of the PRAYAS project. For team of innovators there has to be –

  • 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)
  • IP generated would vest with the innovator / team and it would be further taken for commercialization.

2. In case of Founders, Co -founders of Start up applying for PRAYAS:

  • 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.
  • Wants to develop the prototype for a new product, for which they may have not received similar kind of support.
  • Company should have annual turnover not exceeding Rs. 25 lakhs for any of the financial year since its inception.
  • The equity shareholding of the Indian applicant/s should be 51% or more in the startup.
  • The recipient cannot be the promoter or significant (>10%) share holder / beneficiary of another company at the time of applying for and receiving the grant approval.
  • IP generated would vest with the start up.

3. Innovators in employment OR Students with any R& D organisation / Academic Institution:

  • It is mandatory that the innovators pursuing PRAYAS should have the Project know how and own the IP.
  • 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.

Other Terms and Condition

  • The applicant will be fully committed to work towards the prototype development for which the support is being sought and should not treat this as a stop gap arrangement to support any other pursuits.
  • Applicant and their team member should not have availed of any NIDHI-PRAYAS grant in the past or similar support previously for the same innovative concept as proposed in this form. NIDHIPRAYAS can be used only once.
  • Applicant if selected for NIDHI-PRAYAS, then they (applicant and their team members) can avail support for their project from only one PRAYAS Centre (PC). If the applicant is found seeking NIDHI-PRAYAS support for the same idea from two different PCs, then the PC reserves right to discontinue the PRAYAS support and appropriate action will be taken on the applicant.
  • Applicant & their Team members cannot avail the funding support simultaneously from both the schemes i.e NIDHI-PRAYAS and NIDHI - EIR, from the same or different TBIs.

DISCLAIMER

  • The applications received under the program, are subject to due diligence of screening process. Only shortlisted participants will be notified/ informed about the final presentation to the monitoring committee.
  • Screening will be subject to the parameters other than the eligibility, such as Innovation, Potential for commercialization and venture creation, Team capability and Commitment etc.
  • The decision of the screening committee for approval and funding support will be final, firm and binding.
  • The final decision of screening committee will be communicated only to the approved applicants via email.
  • The approved applicants will have to agree for Pre incubation/ Incubation with TIDES TBI as per its incubation policy/terms.
  • Screening of applications may take 6-8 weeks, from the date of closure of online applications. Only selected candidates will be notified. No communication from TIDES within the timeframe may be deemed as non-selection of your application for the program.
  • TIDES will not provide any suggestion/explanation with regards to the application that are not selected.

 

MAXIMUM DURATION

  • 18 months

For enquiries please email: tides-nidhiprayas@iitr.ac.in

 

 

Timeline

  • Application start: 06-Aug-2020.
  • Last date of Application: 31-Aug-2020.
  • Announcement of shortlisted candidates: 16-Oct-2020
  • Start-up Idea Presentation: 23-Oct-2020
  • Announcement of Selected Start-up Ideas: 30-Oct-2020
Note: Dates are tentative

Evaluation Parameters

Innovation

How unique is the innovation as a solution?

Time Frame

Can the innovation be implemented in the given time?

Proof of Concept

The paper idea to be prototyped on a small scale

Market Fit

Is the Founders’ / management’s attitude and intent in the right place?

Market Potential & Scalability

Are the operations scalable and sustainable in the longer term?

Subscribe to Our Newsletter