Nidhi Prayas Yojna

What is the Nidhi Prayas Yojna?

NIDHI PRAYAS (National Initiative for Developing and Harnessing Innovations - PRomoting and Accelerating Young and ASpiring innovators & startups) is a scheme initiated by the Department of Science and Technology (DST), Government of India. It aims to support young innovators and startups by providing them with financial assistance to convert their ideas into prototypes.

Key Features of NIDHI PRAYAS Yojna

1. Prototype Development:   Provides financial support to transform innovative ideas into working prototypes.


2. Grant Amount:   Offers a grant of up to ₹10 lakhs to aspiring innovators and startups.


3. Eligibility:   Focuses on individuals in the early stages of their entrepreneurial journey, particularly students and unemployed youth.


4. Support Structure:   Implemented through PRAYAS centres (PCs) established at Technology Business Incubators (TBIs) across India.

Objectives of NIDHI PRAYAS Yojna

1. Encourage Innovation:   Promote a culture of innovation and entrepreneurship among young individuals.


2. Reduce Risk:   Mitigate the risk involved in transforming an idea into a prototype.


3. Create a Pipeline:   Build a pipeline of innovative startups ready for subsequent stages of funding and incubation.

Eligibility Criteria

1. Age Limit:   Innovators should be less than 35 years old.


2. Indian Citizenship:   The applicant must be an Indian citizen.


3. Stage of Innovation:   The idea should be at a pre-incubation stage and not already developed into a product.


4. Individual or Team:   Open to both individuals and teams working on innovative projects.

Required Documents for Application

1. Application Form:   Detailed application form outlining the innovation, potential impact, and development plan.


2. Proof of Identity:   Aadhar card, passport, or any other government-issued ID.


3. Educational Qualifications:   Certificates and mark sheets as proof of educational background.


4. Innovation Details:   Comprehensive description of the innovative idea, including the problem it addresses, proposed solution, and market potential.


5. Project Plan:  Detailed project plan with timelines, milestones, and budget estimates..

Benefits of NIDHI PRAYAS Yojna

1. Financial Assistance:   Provides substantial financial support to develop prototypes without equity dilution.


2. Access to Incubation Facilities:   Enables access to the facilities and mentorship provided by the TBIs.


3. Validation and Support:   Offers validation of the idea through expert feedback and support.


4. Networking Opportunities:   Provides opportunities to network with other innovators, mentors, and potential investors.

Conclusion

NIDHI PRAYAS Yojna is a significant initiative by the Government of India to foster innovation and entrepreneurship among young individuals. By providing financial assistance and incubation support, the scheme aims to transform ideas into prototypes and eventually into market-ready products, thus contributing to the growth of the startup ecosystem in India.For more detailed assistance with the NIDHI PRAYAS Yojna application process, feel free to contact us at ATHWISE Services Private Limited. Our expert consultancy team can guide you through the documentation and application process efficiently.

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