Innovation in technology is essential for progress. Our government has implemented the PRISM scheme to support new ventures, SMEs, and innovators in order to compete in the global tech race. With this plan, they can gain access to much-required funding.
Scientific startup companies have seen significant growth recently. The PRISM program was developed by the government to encourage the adoption of scientifically sound technological strategies. PRISM is an acronym that stands for Promoting Innovation in Individuals, Startups, and MSMEs.
What Exactly Is the PRISM Scheme?
Technology advancement was prioritised with the launch of the “Technopreneur Promotion Programme” (TePP) in 1998–1999. After more than two decades, this programme has been revised and is now known as the Program for the Promotion of Innovations by Small and Medium-Sized Enterprises (PRISM). The goal of this programme is to help an individual innovator become a prosperous technopreneur by supporting and encouraging entrepreneurship on the part of the Government of India’s Ministry of Science and Technology.
It’s a way to get money to help tech innovators be as creative as they can be. Student innovators are recognised as a distinct group in the PRISM scheme, along with more traditional business owners and tech experts. Therefore, the scheme is open to anyone who has a workable, commercially viable, and new idea.
Who Can Apply in PRISM Scheme?
In the PRISM scheme, there are two stages. Phase one targets people from India, including academics, citizens, and creative thinkers.
The first stage is typically reserved for entrepreneurs whose ground-breaking ideas have the potential to become profitable businesses.
The second phase of PRISM is for innovations or innovators who have shown proof of concept with funding from the government or an established institution. Proposals for research and development are also welcome, as are collaborations with independent organisations like labs and universities.
It also helps groups that are established as separate entities under a different law, such as societies registered under the Society Registration Act, of 1860 or the Indian Trusts Act, of 1882.
Advantages of the PRISM Scheme for New Businesses
- The scheme’s greatest benefit is that it is distinct from alternative startup loan assistance programmes. The Ministry of Science and Technology provides the funding for this project. This funding could also be used to create a working prototype and begin marketing the finished product.
- The government’s assistance with evaluations and technical, and financial viability studies can point out where a tech startup needs to make improvements.
The PRISM programme hopes to aid inventors in mastering the basics of the patenting process.
- Beginning with the conceptualization of an idea, these professionals aid startups with both the technical and strategic development necessary for the commercialization of the project.
As a result of the proliferation of government programmes like Startup India, Make in India (https://www.pmindia.gov.in/en/major initiatives/make-in-India/), and Digital India, technological innovation has gained new prominence. Therefore, the PRISM plan is intended to encourage even more creative thinking.
Focus Areas of the Scheme
Although the programme is available to any new technology venture, priority will be given to specific foci. Here are some of them:
- Green technology
- Clean energy
- Industrially utilisable smart materials
- Waste to wealth
- Affordable healthcare
- Water and sewage management
- Any other technology in a knowledge-intensive area
A startup idea, prototype, or concept in these areas is more likely to be prioritised for funding by the Ministry of Science and Technology. In the event that beneficiaries abandon the project, innovators must return the funding, plus 12% interest, to the DSIR. Therefore, get in touch with our team of experts for more detailed information and apply today. And our team will do everything to assist you in every step of the process.