DST Launches $15M Startup Program NIDHI
Incubators in for a surprise!
Through the Department of Science and Technology (DST), Initiative-NIDHI aims to provide financial support to 20 student startups each year.
The National Initiative for Developing and Harnessing Innovations requires that the startups essentially have to be student startups and that too of IEDC/NewGen IEDC. Startups selection would be through a national level competition. NIDHI will reward $15K (INR 10 lakh) to each of the selected startups.
Important aspects of the program include:
- NIDHI-GCC – Grand Challenges and Competitions for scouting innovations;
- NIDHI-PRomotion and Acceleration of Young and Aspiring technology entrepreneurs (NIDHI-PRAYAS) – Support from Idea to Prototype;
- NIDHI-Entrepreneur In Residence (NIDHI-EIR) – Support system to reduce risk;
- Startup-NIDHI through Innovation and Entrepreneurship Development Centres (IEDCs) in academic institutions; encouraging Students to promote start-ups;
- Startup Centre in collaboration with MHRD; Inculcating a spirit of entrepreneurship in National Institutions of Higher Learning;
- NIDHI-Technology Business Incubator (TBI) – Converting Innovations to start-ups;
- NIDHI-Accelerator – Fast tracking a start-up through focused intervention;
- NIDHI-Seed Support System (NIDHI-SSS)- Providing early stage investment;
- NIDHI Centres of Excellence (NIDHI-CoE) – A world-class facility to help startups go global.
Soon DST plans to revise the investment limit. Till date, DST has supported over 100 technology-focussed incubators. It plans to support another 15-20 incubators this year. Usually, the incubators are granted up to INR 15 Cr to set up an incubator. The funding grant depends on upon various factors, varying from the city, type of startups the incubator is catering to and more.
After the launch of the recent television series “The Vault” which focuses on providing a platform for startups to pitch their ideas and receive investments up to 1cr, it seems like the startup world is truly thriving.
Don’t you think Indian startups are the next big thing? Please share your thoughts in the comments section below.
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