500 crore NIDHI for start-ups

500 crore NIDHI for start-ups

Posted by P. Charitha on October 17th 2016

To further boost P. M. Narendra Modi’s Start-up India’s initiative, the Department of Science & Technology ( DST ) has committed to a Rs. 500 crore fund to implement new programs. 
This fund is to be harnessed through NIDHI -National Initiative for Development and Harnessing Innovations which is pioneered by the Department of Science and Technology (DST) mainly for nurturing ideas and innovations (knowledge-based and technology-driven) into successful start-ups. NIDHI focuses on building a seamless and innovation driven entrepreneurial ecosystem especially by channelising youth towards it and thereby bringing in the positive impact on the socio-economic development of the country.
 
NIDHI, by design connects and strengthens all the links of the innovation chain from scouting to sustaining to securing to scaling to showcasing, because a chain is only as strong as its weakest link.
Stakeholders include various departments and ministries of the central government, state governments, academic and R & D institutions, mentors, financial institutions, angel investors, venture capitalists, industry champions and private sectors.

How does NIDHI support a budding start-up?
There are eight components of NIDHI that support each stage of a budding start-up from ideation to reaching the market.The first component- Promoting and Accelerating Young and Aspiring Innovators & Start-ups (PRAYAS), was launched on September 2, 2016, which aims to support innovators to build prototypes of their ideas by providing a grant up to Rs 10 lakh and an access to Fabrication Laboratory (Fab Lab).The final component is the Seed Support System, which provides up to Rs 1 crore  per start-up and is implemented through Technology Business Incubators.
 
Union Minister for Science and Technology and Earth Sciences Dr Harsh Vardhan,  said that more than 2000 successful  start-ups in the areas of affordable  health care, diagnostics, applications of unmanned aerial vehicles, renewable energy, service oriented online platforms, payment gateways, etc., have emerged out of these incubators. Till date, the Department of Science and Technology (DST) has established more than 100 Technology Business Incubators in academic and Research and Development (R&D) institutions including IITs, IIMS, NITs, among others.DST Press Release

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