{"id":42891,"date":"2022-05-03T11:53:54","date_gmt":"2022-05-03T06:23:54","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=42891"},"modified":"2022-05-03T11:53:56","modified_gmt":"2022-05-03T06:23:56","slug":"all-you-need-to-know-about-prism-scheme-in-india","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/all-you-need-to-know-about-prism-scheme-in-india\/","title":{"rendered":"All You Need To Know About PRISM Scheme in India"},"content":{"rendered":"\n<p>Today,\ntechnology plays an essential role in many industries and to keep up with the\nglobal tech race; the Indian Government has introduced the PRISM Scheme to\nencourage start-ups, innovators, and businesses. With this scheme, they can get\naccess to much-required funding. In the area of science, start-ups have been\ngaining huge traction lately. To promote science-related technology solutions,\nthe Government has come up with this scheme. Scroll down to check more\ninformation regarding the PRISM Scheme in India.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/all-you-need-to-know-about-prism-scheme-in-india\/#What_is_the_meaning_of_the_PRISM_Scheme\" >What is the\nmeaning of the PRISM Scheme?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/all-you-need-to-know-about-prism-scheme-in-india\/#Objective_of_the_PRISM_Scheme\" >Objective of\nthe PRISM Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/all-you-need-to-know-about-prism-scheme-in-india\/#Advantages_of_PRISM_Scheme_for_Start-ups_in_India\" >Advantages of\nPRISM Scheme for Start-ups in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/all-you-need-to-know-about-prism-scheme-in-india\/#Primary_Areas_of_Focus_Under_the_Scheme\" >Primary Areas\nof Focus Under the Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/all-you-need-to-know-about-prism-scheme-in-india\/#Who_can_apply_for_this_scheme\" >Who can apply\nfor this scheme?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/all-you-need-to-know-about-prism-scheme-in-india\/#Eligibility_Criteria_for_Start-ups_under_the_PRISM_Scheme_in_India\" >Eligibility Criteria for Start-ups under the PRISM Scheme in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/all-you-need-to-know-about-prism-scheme-in-india\/#PRISM_Workshops\" >PRISM\nWorkshops<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/all-you-need-to-know-about-prism-scheme-in-india\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_meaning_of_the_PRISM_Scheme\"><\/span>What is the\nmeaning of the PRISM Scheme?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\n<strong><em>TePP\nor Technopreneur Promotion Programme<\/em><\/strong> was introduced in the year 1998-99\nto promote technology development. More than 20 years later, PRISM Scheme has\nbeen restored, to be called the <strong><em>Promoting Innovations in Individuals,\nStart-ups and MSME (PRISM). <\/em><\/strong>It\u2019s an initiative of the Ministry of\nScience &amp; Technology from the Government of India to transform an\nindividual innovator into an effective technopreneur by promoting &amp;\nencouraging entrepreneurs.<\/p>\n\n\n\n<p>This\nscheme offers to fund for unleashing the creativity of innovators in the\ntechnology field. This scheme is not just for established professional\nentrepreneurs or tech experts but also comprises student innovators as a\ncategory. Hence, anyone having an implementable, commercially viable, unique\ninnovation is considered for the scheme.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Objective_of_the_PRISM_Scheme\"><\/span>Objective of\nthe PRISM Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>It is an initiative of the <strong><em>DSIR or the Department of Scientific &amp; Industrial Research<\/em><\/strong> to promote innovation;<\/li><li>Under the initiative, professionals, Indian students, and common citizens are provided strategic, financial assistance, and technical by the DSIR (Department of Scientific &amp; 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;<\/li><li>It is aimed at transforming individual innovators into effective technopreneurs by encouraging, funding, and supporting commercially viable innovations created for society;<\/li><li>The program is implemented across different sectors from healthcare, waste management, energy, green technology clean energy, and others. The <strong>Ministry of Science &amp; Technology<sup><a href=\"https:\/\/dst.gov.in\/\"><strong>[1]<\/strong><\/a><\/sup>\n<\/strong>has started an awareness event for the publicity of the DSIR-PRISM Scheme.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_PRISM_Scheme_for_Start-ups_in_India\"><\/span>Advantages of\nPRISM Scheme for Start-ups in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>Following\nare some advantages of the PRISM Scheme for Start-ups in India:<\/em><\/strong><\/p>\n\n\n\n<ol><li>This scheme also helps PRISM Scheme for Start-ups in India innovators to get their fundamentals of patenting in order;<\/li><li>The technical, financial &amp; evaluations viability studies assisted by the Government can help a tech start-up identify key areas that need improvement;<\/li><li>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 &amp; Technology. Additionally, this grant can be utilised for prototype development &amp; commercialization of the project;<\/li><li>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 &amp; industry. Hence, the PRISM Scheme is aimed at furthering this innovation spirit;<\/li><li>The experts also guide the start-ups in strategic &amp; technical assistance for the commercialization of the project, right from the stage of idea development.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Primary_Areas_of_Focus_Under_the_Scheme\"><\/span>Primary Areas\nof Focus Under the Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While\nthe scheme is for all technology start-ups and projects, there is a preference\nfor certain thrust areas. These are:<\/p>\n\n\n\n<ul><li>Clean Energy;<\/li><li>Waste to wealth;<\/li><li><strong><a class=\"text-primary\" href=\"https:\/\/corpbiz.io\/solid-waste-management-authorization\">Waste &amp; sewage management;<\/a><\/strong><\/li><li>Green technology;<\/li><li>Industrially utilisable smart materials;<\/li><li>Affordable Healthcare;<\/li><li>Any other technology in a knowledge-intensive area.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_can_apply_for_this_scheme\"><\/span>Who can apply\nfor this scheme?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Any\nIndian citizen having a creative or an innovative idea and want to translate\ntheir idea into a working model, prototype, or process; public-funded\norganisations, viz. independent Society or Organisation registered under the <strong><em>Societies\nRegistration Act, 1860\/Indian Trusts Act, 1882<\/em><\/strong> involved in the\npromotion of innovation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_for_Start-ups_under_the_PRISM_Scheme_in_India\"><\/span>Eligibility Criteria for Start-ups under the PRISM Scheme in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n  <table class=\"table table-bordered\"> <tbody><tr><td>\n  <strong>Programme<\/strong>\n  <\/td><td>\n  <strong>Eligibility<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>PRISM\n  Phase-1<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>Category-1:\n  Proof of Prototypes or Models or Concept<\/strong>\n  Maximum support may be up to\n  Rs. 2 lakhs or 90% of the total project cost, whichever is lower.\n  <\/td><td>\n  Any Indian citizen, including\n  student innovators, can avail of support to develop their unique idea into\n  demonstrable prototypes of models.\n  <\/td><\/tr><tr><td>\n  <strong>Category-2:\n  Fabrication of working processor model or testing &amp; trial or patenting or\n  technology transfer etc. (Innovation Incubation)<\/strong>\n  Maximum support may be\n  limited to Rs. 2o lakhs or 90% of the total project cost, whichever is lower.\n  <\/td><td>\n  Any Indian citizen has\n  innovative ideas.\n  <\/td><\/tr><tr><td>\n  <strong>PRISM\n  \u2013 Phase \u2013II (Enterprise Incubation)<\/strong>\n  <\/td><\/tr><tr><td>\n  Maximum support may be up to\n  Rs. 50 lakhs up to 50% of the total project cost. The support may be given\n  for increasing technology-based innovations, comprising Design Registration\n  or Trademark Registration or Patenting or technology transfer to developing a\n  marketable product or process for enterprise creation. \n  <\/td><td>\n  Effective PRISM innovators\n  who have successfully demonstrated proof of concept with the support of other\n  Government agencies or institutions.\n  <\/td><\/tr><tr><td>\n  <strong>PRISM\n  \u2013 R&amp;D Proposals <\/strong>\n  <\/td><\/tr><tr><td>\n  Maximum support up to Rs. 50\n  lakhs up to 50% of the total project cost for developing technology solutions\n  aimed at helping MSME clusters.\n  <\/td><td>\n  Any R&amp;D institute or\n  independent institutions or public-funded labs or academic institutes &amp;\n  so on.\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PRISM_Workshops\"><\/span>PRISM\nWorkshops<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IIT\nKharagpur TOCIC also partners with different R&amp;D and educational institutes\nto conduct PRISM workshops.<\/p>\n\n\n\n<p>The\npurpose of this workshop is to:<\/p>\n\n\n\n<ul><li>Promote innovation and\nentrepreneurship among your students;<\/li><li>Provide counselling to innovate\non their present projects and guide them in participating in the PRISM;<\/li><li>Share different PRISM funding\noptions and project criteria.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p> 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. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our Article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/government-schemes-launched-by-msme\/\">What are The Government Schemes Launched by MSME?\n<\/a><\/mark><\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":35,"featured_media":42898,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[153],"tags":[2313],"acf":{"service_id":"220"},"authorName":"Karan Singh","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/processed-1-150x150.jpeg","authorDescription":"A legal writing enthusiast, a wanderer, and a zealous reader. After gaining a lot of knowledge about the diverse legal topics and developing research skills, Karan joined the league of legal content writers to deliver quality-rich blogs.","postViews":7053,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/42891"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=42891"}],"version-history":[{"count":11,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/42891\/revisions"}],"predecessor-version":[{"id":42904,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/42891\/revisions\/42904"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/42898"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=42891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=42891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=42891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}