The Indian government, through the Ministry of Science & Technology’s Department of Scientific and Industrial Research, has taken significant strides towards fostering innovation and entrepreneurship in the country. One flagship initiative, PRISM (Promoting Innovations in Individuals, Startups, and MSMEs), aims to provide a nurturing environment for aspiring innovators and technology solution providers. The scheme offers grants, technical guidance, and mentoring to individuals and startups, supporting them in transforming their ideas into successful ventures. Additionally, technology solution providers are encouraged to develop innovative solutions that can aid the growth of MSME clusters.
Eligibility Criteria
PRISM operates in two phases, catering to different stages of innovation. For PRISM I, the scheme is open to any Indian citizen, including student innovators, allowing aspiring minds to turn their ideas into reality. Moving on to PRISM II, eligibility extends to PRISM innovators who have demonstrated proof of concept with government institution/agency support, PRISM-R&D proposals, and innovators associated with public-funded R&D institutes, autonomous institutions, laboratories, and academic institutes.
Support for Innovators
PRISM offers financial assistance to innovators and technology solution providers at various stages of their entrepreneurial journey. Let’s delve into the support provided under each category:
- PRISM Phase-I Category-I: Proof of Concept/Prototype/Models
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- Project Cost up to INR 5 Lakhs
- Support: Maximum of INR 2 Lakhs or 90% of the total project cost (whichever is less)
- PRISM Phase-I Category-II: Fabrication of Working Model/Process Knowhow/Testing & Trail/Patenting/Technology Transfer, etc.
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- Project Cost between INR 5 Lakhs to INR 35 Lakhs
- Support: Maximum of INR 20 Lakhs or 90% of the total project cost (whichever is less)
- PRISM Phase-II: Enterprise Incubation
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- Project Cost between INR 35 Lakhs and INR 100 Lakhs
- Support: Up to INR 50 Lakh, limited to 50% of the total project cost
- PRISM-R&D Proposals
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- Project Cost up to INR 100 Lakhs
- Support: Up to INR 50 Lakhs, limited to 50% of the total project cost
The funding and support provided by PRISM empower innovators to pursue their ideas without financial constraints and nurture their innovations into successful ventures.
Driving Growth in the Science and Technology Sector
PRISM is crucial in propelling India’s innovation ecosystem by focusing on the science and technology sector. The initiative encourages the creation of cutting-edge technologies and solutions, thereby boosting the growth of Micro, Small, and Medium Enterprises (MSMEs) and enhancing their competitiveness in the global market.
Mentorship and Technical Guidance
Besides financial assistance, PRISM provides invaluable mentorship and technical guidance to the beneficiaries. Experienced mentors and subject matter experts lend their expertise to help innovators navigate the complexities of business development and technology commercialization. This mentorship fosters a learning, adaptability, and innovation culture, making the entrepreneurial journey more rewarding for participants.
Fueling Economic Growth and Job Creation
PRISM’s support for startups and MSMEs contributes significantly to India’s economic growth and employment generation. By nurturing new enterprises and innovative solutions, the initiative creates a conducive environment for job creation, skill development, and economic prosperity.
Promoting Innovations in Individuals, Startups, and MSMEs (PRISM) emerges as a shining beacon in India’s quest for fostering innovation and entrepreneurial excellence. Through its financial assistance, technical guidance, and mentorship, PRISM empowers individuals and startups to turn their ideas into reality and drive positive change in the country’s socio-economic landscape. With continued support from the government, PRISM can catalyze a wave of innovative solutions, positioning India as a global hub for technology-driven advancements and entrepreneurial brilliance.
