The scheme provides grants, technical guidance and mentoring to individual innovators by incubating their idea towards the creation of new enterprises in phases. It also provides grant-in-aid support to technology solution providers developing technology solutions aimed at helping MSME cluster.
Eligibility: The scheme runs in two phases. For PRISM I, any Indian citizen including student innovators can apply. For PRISM II, PRISM innovators or innovators who have successfully demonstrated proof of concept with the support of government institution/agency, PRISM-R&D proposals and public funded – R&D institutes/ autonomous institutions/ laboratories/ academic institutes etc. are eligible.
Funding Grant: PRISM Phase-I Category-I: For proof of concept/prototype/models, with project cost upto INR 5 Lakhs, a maximum of INR 2 Lakhs or 90% of the total project cost (whichever is less) is provided.
PRISM Phase-I, Category-II: For fabrication of working model/ process know-how/testing & trail/ patenting/ technology transfer, etc. with a project costing between INR 5 Lakhs to INR 35 Lakhs, a maximum of INR 20 Lakhs or 90% of the total project cost (whichever is less) is given.
Prism-Phase-II: Enterprise incubation, with a project costing between INR 35 Lakhs and INR 100 Lakhs, up to INR 50 Lakh limited to 50% of the total project cost is provided. For PRISM-R&D Proposals, up to INR 50 Lakhs limited to 50% of the total project cost is given.