CPS-PRAYAS

Promoting and Accelerating Young and ASpiring innovators and startups (PRAYAS)

The program focuses on the Idea-to-prototyping journey of young startups/innovators. The individuals’ innovators or startups in the idea-prototype stage can benefit from this scheme with a maximum grant of INR 6 Lakhs and access to the IIT Mandi campus. The duration of the engagement can range from 6-18 months.

PRAYAS program focuses on the Idea-to-prototyping journey of young startups/innovators. The program aims to attract a large number of young innovators and entrepreneurs to come forward to try out their ideas. Eventually, such an approach would bring in many potential ideas into the incubation programs, thereby increasing the flow of quality incubators to the incubator.

Objective of PRAYAS Program

To enable the translation of an innovative idea to a hardware or software prototype.

To provide a platform for faster experimentation and modify approaches in the idea to prototype journeys.

To attract a large number of youth who demonstrate problem-solving zeal and abilities.

To work on new technology/knowledge/ innovation-based ideas.

Who should apply

  • The individuals’ innovators or startups are in the idea-prototype stage.
  • The Individual having innovative ideas and a strong desire to become an entrepreneur.
  • Students in full-time programs in educational institutes can apply with a NOC from their institution. The permission should state that:
    • The applicant has been permitted to apply for this program.
    • The institution will extend sufficient time to the applicant to work on the project.
    • The IP generated would vest with the innovator.

Benefits

  • The startup or innovator under this scheme can be provided with a maximum grant of INR 6 Lakhs. The duration of the engagement can range from 6 months to maximum 18 months. 
  • Access to IIT Mandi’s innovation and entrepreneurship ecosystem, intellectual and physical resources.
  • Guidance on product development, commercialization, business concepts and market strategy.
  • Access to workspace, based on availability and as per the norm of the incubator.

Guidelines for use of Funds by the Innovator/startups

Can be used for

  • Outsourcing Charges for R&D/ Design Engg/ Consultancy/ Testing/ Expert cost
  • Raw material/ Consumables/ Spares  
  • Fabrication / Synthesis charges of a working model or process
  • Hiring Manpower (Full-Time/Part-Time/Interns)
  • Business Travel and Event participation Fees
  • Patent filing Cost 
  • Other expenses approved by the Prayas Management Committee
  • Contingency (10% of approved project cost)

Cannot be used for

  • To pay the grantee/relatives.
  • To pay expenses incurred before or after the support program tenure.
  • To repay loans/ commitments made earlier.
  • To pay rent of own accommodation, create infrastructure facilities like a shed, etc. from support/funds.

Expected Outcome of innovator project supported

  • Should have a working prototype after receiving the support. 
  • Progress towards filing intellectual property rights.  
  • Raise funding/Investment for product development and commercialization.
  • Receive an expression of interest from prospective customers and partners.

Click here to apply: Apply Now