Release of Grant to Innovators under NIDHI

Dr.Naveen Vasishta, Director and Scientist of National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology, Government of India handed over the sanction letters and the first installment of grants to the innovator beneficiaries under Nidhi Prayas and Nidhi EIR schemes in the presence of L.Gopala Krishnan, Managing Trustee PSG & Sons’ Charities and Dr.R.Rudramoorthy, Principal.
Distributed by PSG Science and Technology Park, under National Initiative for Developing and Harnessing Innovations (NIDHI) which is an umbrella programme conceived and developed by NSTEDB, Department of Science & Technology, Government of India, for nurturing knowledge – based and technology – driven ideas and innovations into successful startups these grants would help innovators in Science and Technology.
PSG – STEP received 84 innovative ideas from innovators in different streams like Electrical, Electronic, Bio-Medical, Biotechnology, Textile, and Mechanical seeking financial support under NIDHI – PRAYAS, following which the proposals are evaluated by the experts and 18 proposals were shortlisted for presentation before the Project Management Committee.
While the Project Management Committee of NIDHI – PRAYAS had selected 11 projects and an amount of Rs.80.00 lakhs were sanctioned to the innovators, the committee also selected 6 young prospects who are interested in starting a new venture for the fellowship support under NIDHI-EIR scheme.
NIDHI – Promoting and Accelerating Young and Aspiring Innovators and Startups (NIDHI-PRAYAS) program focuses on addressing the idea to prototype funding gap. This program would attract a large number of youngsters to come forward to try out their ideas without actually worrying about the failure.
The scheme launched as a pre-incubation initiative, specifically supports young innovators turn their ideas into proof-of-concepts. This support shall allow the innovators to try their ideas without fear of failure, allowing them to reach a stage where the innovators/entrepreneurs have a ready product and are willing to approach incubators for commercialization.
The scheme focuses on extending financial support of Rs.10 Lakhs per innovator as grant.
NIDHI – Entrepreneurs-in-Residence (EIR) Programme is one of the programs introduced under NIDHI to inspire the best talents to be entrepreneurs, to minimize the risk involved in pursuing start- ups, and to partially set off their opportunity costs of high paying jobs.
The NIDHI-EIR programme provides tremendous opportunities for innovative entrepreneurs to expand their networks and get critical feedback on their ventures in order to promote their entrepreneurial career goals and aspirations.
NIDHI – EIR Programme will support idea stage, product – focused young entrepreneurs with a fellowship support of maximum Rs.30,000/- per month for a period of 12 Months.