Explore the controversy surrounding the National Security Agency (NSA) and the PRISM surveillance program. Delve into electronic communications, data collection by internet companies, privacy concerns, and the whistleblower's role in unveiling government surveillance practices.
What Is the PRISM Scheme?
The PRISM (Promoting Innovations in Individuals, Startups And MSMEs) scheme is an initiative by the Ministry of Science and Technology, Government of India, to encourage and nurture entrepreneurs in the technology sector. The primary goal of PRISM is to transform individual innovators into successful technopreneurs by promoting and supporting their entrepreneurial ventures.
The scheme provides grants, technical guidance and mentoring to individual innovators by incubating their ideas for the creation of new products and services. The PRISM scheme is open to a wide range of innovators, including students. Anyone with an innovative idea that can be turned into a commercially viable product or service is eligible for consideration under this scheme.
PRISM operates in two phases:
Phase 1: This phase is designed for Indian students, Indian citizens, and innovators who have promising ideas that can be developed into successful startups.
Phase 2: This phase is for scaling up technology-based innovations, including patenting/design registration/trademark registry/technology transfer to develop a marketable product/process towards enterprise creation.
PRISM Scheme Purpose
The PRISM (Promoting Innovations in Individuals, Startups And MSMEs) scheme aims to support individual innovators to achieve the agenda of inclusive development. The scheme provides grants, technical guidance, and mentoring to individual innovators by incubating their ideas for the creation of new products and services. The primary goal of PRISM is to transform individual innovators into successful technopreneurs by promoting and supporting their entrepreneurial ventures.
PRISM Scheme Launched by
The PRISM scheme is an initiative by the Ministry of Science and Technology, Government of India, to encourage and nurture entrepreneurs in the technology sector.
Eligibility of Startups Under the PRISM Scheme
The PRISM scheme runs in two phases. The first phase is for Indian students, Indian citizens, and innovators.
- Phase 1: The first phase is generally for those innovators who have ideas that can translate into successful start-ups.
- Phase 2: The second phase of PRISM is for those innovators or innovations that have successfully demonstrated proof of concept with the support of either the government, any institution etc. Even those research and development proposals that are publicly funded or are engaged with autonomous institutions, laboratories, academic institutions are eligible.
The eligibility criteria for the PRISM scheme are as follows:
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- Applicant should be an Indian citizen residing in India
- The applicant(s) must hold a regular academic/research position in a recognized institution
- The proposals can be submitted by an individual or by a team of investigators.
- Proposals submitted by a team of investigators must identify a Principal Investigator, who will spearhead the research objectives and administer the grant.
It also provides support to organisations set up as autonomous organisations under a specific statute or as a society registered under the Society Registration Act, 1860 or Indian Trusts Act, 1882.
Benefits of the PRISM Scheme for Startups
The PRISM scheme offers several advantages to startups and innovators, including:
- Funding
- Guidance
- Technical assistance
- Strategic assistance
- Mentoring
- Patenting support
- Improved decision-making
- Efficient resource allocation
- Effective policy formulation
You are no longer concerned with thinking of a firm name. MCA company name Search can be used to generate a list of available businesses.
Nature of Funding Grant Available for Eligible Startups
PRISM Phase 1 Projects
For deciding the nature of funding available, the Phase 1 projects are further divided into two categories.
- Category 1 projects – startups that have a proof of concept, prototype, or models with project costing up to ₹5 lakhs, a maximum of ₹2 lakhs can be availed, subject to 90% of the total project cost.
- Category 2 projects – for projects that are slightly more advanced than category 1 and have a working model, process know-how, testing, and trials, patenting technologies, technology transfer with project costing between ₹5 lakhs to ₹35 lakhs, a maximum of ₹20 lakhs can be availed.
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PRISM Phase 2 Projects
For projects categorised in Phase 2 of the scheme, enterprise incubation costing anywhere between ₹35 lakhs and ₹1 crore, Financial assistance of up to ₹50 lakhs, subject to 50% of the total project cost, can be availed.
PRISM R&D Proposals
The maximum support for research and development institutions are limited to ₹50 lakhs or up to 50% of the total cost of Project development.
Areas of Focus Under the Scheme
While the scheme is open for all technology projects and startups, there is a preference for certain thrust areas. These are:
- 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 considered on a priority basis for grant of funds by the Ministry of Science & Technology. In case of abandonment of the project by beneficiaries, innovators have to return the funding disbursed, along with 12% interest, to the DSIR.
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