INNOVATION & START-UP POLICY
NIDHI PRAYASV
NIDHI PRAYASV is a collaborative incubation program jointly organized by Department of Science & Technology (DST), GoI and Technology Business Incubation Unit of Adhiyamaan College of Engineering to support nurturing ideas & innovation (Knowledge based and technology driven) into successful start-ups
Eligibility
Third & Final Year students are also eligible as pre-incubates to seek grants towards transforming their ideas into products, through their project works.
Focus Area:
Product development in the areas of
- Global Positioning System
- Internet of things & ICT based systems
- Cyber security system
As applied to Manufacturing, Health Care, Agriculture, Clean-Tech, Energy, Water & Transportation sectors, Infrastructure development & all habitat Sustenance Practices
Benefits:
- Upfront financial support up to 10 Lakhs per Innovative Idea
- Usage of FAB Lab
- Infrastructure & Technical Support
- Mentoring and Coaching
- Facilitating IP & Patents for Product Development
- Business Network
- Manufacturing & Customer Connect
- Demo day
- Leveraging from Start-Up to Scale-Ups
Benefits:
- Advertisements, inviting ‘applications for innovation grants’ are made in National & Regional dailies, behind e-Publications and in Social Media
- Handouts / Brochures / Information leaflets are sent by Speed Post & E-mail.
- Application Format, Scheme of Evaluation is uploaded in web portal. (www.detiaceprayas.org.in)
- Applications received by last date, are screened to ascertain
- The adherence of the Information provided by aspirants to the format.
- Innovative ideas inherent in the proposal
- Marketability potentials of the intended products
- Selection of successful beneficiaries is made on the basis of their presentation highlighting the Innovativeness, Marketing potential of the intended program.
- Release of grants to the successful beneficiaries is made in installments - I Installment of 60%, II Installment of 30% after review of progress and III Installment of 10% acknowledging the receipt of developed products. However, Video coverage of the process involved in product development is evidenced before the release of II installment of Sanctioned grants.
Selection Criteria:
First, the identified beneficiaries (communities) are assisted production details, operation sites, communications, networking and office areas such as sharing of facilities, systems training and consulting, policy, finance, legal and marketing support, to reduce the entrepreneurial start-ups risk and start-up costs, and improve enterprise's survival and success rate.
Secondly, identified beneficiaries for entrepreneurs to provide a good environment and to help entrepreneurs, bring innovative products to the market, to provide integrated services to help emerging small businesses growing and expanding rapid scale for the community to foster a successful business.
Thirdly, identified beneficiaries are facilitated with the start-ups of nearby business incubators, to get the exchange of knowledge on ‘scaling up details of developed products’
Past Experience in Nurturing Innovations, Entrepreneurship, Start-up(s) - Last 3-years
| Nurturing Innovations | 36 |
|---|---|
| Start- Up(s) | 31 |
| Entrepreneurship awareness & promotion events | 30 |
| S&T Promotion Events | 15 |
| Product Developed | 36 |
| Patent Claimed | 15 |
Around 3 Crores is funded for Innovators towards Product Development, since three years