Reward: Funding support
Nidhi-Prayas: In the current climate of innovation in India, there is support for the R & D of ideas and the marketing of products, especially for those provided by STEPs and TBIs promoted by NESTEDB of DST. However, the main objective of STEPs and TBIs is to take advantage of innovations and technologies for business creation by using the expertise and infrastructure already available from the host institution, whether it is act as a university, technical or management institution, or a technology and research park.
There is a profound lack of support for early stage prototyping in the country, which has led many innovators to lose interest in their projects in the absence of support at this critical time. Even start-up financing mechanisms in STEPs and BITs, although funded internally or by the government, tend to be more focused on marketing and the market side of the joint venture, rather than the development of the remaining intellectual sides of startups and incubator clients.
It is absolutely necessary to close the gap early in the financing of ideas / proofs of concept. Promoting and Accelerating Young Entrepreneurs and Technology Entrepreneurs (PRAYAS) is one of nine programs specifically designed to help young innovators turn ideas into proofs of concepts. This support will allow innovators to try their ideas without fear of failure, allowing them to reach the stage where they will have a ready-to-use product and will be willing to move closer to incubators for commercialization. NIDHI-PRAYAS can therefore be considered as a pre-incubation initiative and a source of development for incubators.
Objective of TBI@VelTech:
Allow the translation of an innovative idea into a prototype.
Provide a platform for faster experimentation and change approaches in the idea of market path.
Generate innovative solutions adapted to local and global problems.
Attract large numbers of young people who are zealous and able to solve their problems
Work on their new startups based on technologies / knowledge / innovations.
Improve the pipeline in terms of quality and quantity of innovative start-ups in incubators.
Build a vibrant innovation ecosystem by building a network of innovators, universities, mentors and incubators.
Restrictions for PRAYAS
Students applying for long-term research projects such as doctoral research projects or similar projects will not be supported.
Professors or academics engaged in teaching with any university or R & D institute.
Projects related to software development and pure university research are not eligible.
For more details visit the contest link below:
Contest link: https://www.veltech.edu.in/nidhi-prayas/
Category of contest: Entrepreneurship contest
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