Startup Schemes
PRomotion and Acceleration of Young and Aspiring technology entrepreneurS
The scope of PRAYAS is to support Ideas to Prototype (by attracting a number of youths who demonstrate problem-solving zeal and abilities to work on new innovative ideas). It addresses gaps in the early-stage idea/proof of concept. PRAYAS aims to translate ideas into prototypes and provide a platform to test bed and for faster experimentation and modification approaches from Ideas to Prototype
Objective
- This 2-year program encourages product development from TRL 1-3 to TRL 4-6. Patents to protect the IP of the product will be the primary focus in this phase of the development of an entrepreneur.
Please note that IITM Pravartak will accept proposals pertaining to Sensors, Networking, Actuators, and Control Systems for funding consideration.
- Completion of EIR (or)
- Number of impacts creating Patents/publications/papers.
- One established professor as a mentor from any UGC/Central Institute or companies having R&D.
- Preference would be given to ideas for creating innovative solutions in sectors such as Sensors, Networking, Actuators and Control Systems.
- Financial support up to Rs. 50.00 Lakhs.
- Access to the IITM Pravartak Lab facilities.
- Technical Mentorship and business mentorship, if required.
Patents & Licensing
- All Patents and Technology Ideas will be jointly owned by IITM Pravartak and others as inventors.
- IITM Pravartak will bear the filing costs.
- IITM Pravartak, will subsequently license the IP/technology to startups whenever they are formed with a royalty clause. An exclusive License option will be made available to the startup subject to meeting the Terms and Conditions as decided at the time of filing of patents.
- Filed Patent/licensable technologies.
- Proof of concept.
- Publications.
- Jobs created.
- Number of UG, PG, and PhD candidates deployed.
Selection Process
The candidate is expected to prepare a proposal in the specified format with the objective, milestones, and expenditure details and submit it to IITM Pravartak during the call for proposals. Once the proposal is evaluated and shortlisted by the Technical Review Committee, the candidate will be invited to present it to the Technical Evaluation Committee (TEC). The TEC will determine if the idea is innovative and has marketing potential. If found to be eligible, the proposal will be accepted by IITM Pravartak.
Review Process
The approved projects will be reviewed on a quarterly basis by the technical review committee appointed by IITM Pravartak. The continued funding of projects will depend on the project’s progress and achievement of milestones.