Today, technology plays an essential role in many industries and to keep up with the global tech race; the Indian Government has introduced the PRISM Scheme to encourage start-ups, innovators, and businesses. With this scheme, they can get access to much-required funding. In the area of science, start-ups have been gaining huge traction lately. To promote science-related technology solutions, the Government has come up with this scheme. Scroll down to check more information regarding the PRISM Scheme in India.
What is the meaning of the PRISM Scheme?
The TePP or Technopreneur Promotion Programme was introduced in the year 1998-99 to promote technology development. More than 20 years later, PRISM Scheme has been restored, to be called the Promoting Innovations in Individuals, Start-ups and MSME (PRISM). It’s an initiative of the Ministry of Science & Technology from the Government of India to transform an individual innovator into an effective technopreneur by promoting & encouraging entrepreneurs.
This scheme offers to fund for unleashing the creativity of innovators in the technology field. This scheme is not just for established professional entrepreneurs or tech experts but also comprises student innovators as a category. Hence, anyone having an implementable, commercially viable, unique innovation is considered for the scheme.
Objective of the PRISM Scheme
- It is an initiative of the DSIR or the Department of Scientific & Industrial Research to promote innovation;
- Under the initiative, professionals, Indian students, and common citizens are provided strategic, financial assistance, and technical by the DSIR (Department of Scientific & Industrial Research) to boost conceptual prototype development and pilot scaling (an initial study on a small scale) and patenting. In this, the grant is provided in two phases;
- It is aimed at transforming individual innovators into effective technopreneurs by encouraging, funding, and supporting commercially viable innovations created for society;
- The program is implemented across different sectors from healthcare, waste management, energy, green technology clean energy, and others. The Ministry of Science & Technology has started an awareness event for the publicity of the DSIR-PRISM Scheme.
Advantages of PRISM Scheme for Start-ups in India
Following are some advantages of the PRISM Scheme for Start-ups in India:
- This scheme also helps PRISM Scheme for Start-ups in India innovators to get their fundamentals of patenting in order;
- The technical, financial & evaluations viability studies assisted by the Government can help a tech start-up identify key areas that need improvement;
- It is unlike most other loan assistance or backing programs available for start-ups. The grant-in-aid is provided by the Ministry of Science & Technology. Additionally, this grant can be utilised for prototype development & commercialization of the project;
- With the rise of several initiatives like Make in India, Digital India, and Start-up India, there has been a renewed importance of innovation in the technology space, especially because it supports almost every other business & industry. Hence, the PRISM Scheme is aimed at furthering this innovation spirit;
- The experts also guide the start-ups in strategic & technical assistance for the commercialization of the project, right from the stage of idea development.
Primary Areas of Focus Under the Scheme
While the scheme is for all technology start-ups and projects, there is a preference for certain thrust areas. These are:
- Clean Energy;
- Waste to wealth;
- Waste & sewage management;
- Green technology;
- Industrially utilisable smart materials;
- Affordable Healthcare;
- Any other technology in a knowledge-intensive area.
Who can apply for this scheme?
Any Indian citizen having a creative or an innovative idea and want to translate their idea into a working model, prototype, or process; public-funded organisations, viz. independent Society or Organisation registered under the Societies Registration Act, 1860/Indian Trusts Act, 1882 involved in the promotion of innovation.
Eligibility Criteria for Start-ups under the PRISM Scheme in India
|Category-1: Proof of Prototypes or Models or Concept Maximum support may be up to Rs. 2 lakhs or 90% of the total project cost, whichever is lower.||Any Indian citizen, including student innovators, can avail of support to develop their unique idea into demonstrable prototypes of models.|
|Category-2: Fabrication of working processor model or testing & trial or patenting or technology transfer etc. (Innovation Incubation) Maximum support may be limited to Rs. 2o lakhs or 90% of the total project cost, whichever is lower.||Any Indian citizen has innovative ideas.|
|PRISM – Phase –II (Enterprise Incubation)|
|Maximum support may be up to Rs. 50 lakhs up to 50% of the total project cost. The support may be given for increasing technology-based innovations, comprising Design Registration or Trademark Registration or Patenting or technology transfer to developing a marketable product or process for enterprise creation.||Effective PRISM innovators who have successfully demonstrated proof of concept with the support of other Government agencies or institutions.|
|PRISM – R&D Proposals|
|Maximum support up to Rs. 50 lakhs up to 50% of the total project cost for developing technology solutions aimed at helping MSME clusters.||Any R&D institute or independent institutions or public-funded labs or academic institutes & so on.|
IIT Kharagpur TOCIC also partners with different R&D and educational institutes to conduct PRISM workshops.
The purpose of this workshop is to:
- Promote innovation and entrepreneurship among your students;
- Provide counselling to innovate on their present projects and guide them in participating in the PRISM;
- Share different PRISM funding options and project criteria.
Basically, PRISM Scheme aims to support individual innovators to achieve the agenda of inclusive development. It would also provide support to organisations set up as Autonomous organisations under a specific statute.
Read our Article:What are The Government Schemes Launched by MSME?