PRISM Scheme:- Technology is a vital component of many industries nowadays, and the Indian government has launched the PRISM Scheme to support start-ups, inventors, and entrepreneurs to keep up with the global tech race. They can acquire much-needed funds through this plan. Science-related start-ups have recently experienced tremendous growth. The Government created this program to encourage science-based technological solutions. Read below to get detailed information related to Promoting Innovations in Individuals, Start-ups, and MSME like objectives, benefits, Principal Focus Areas under the Scheme, Phases of the PRISM Scheme, Registration process, Login process, and much more
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PRISM Scheme 2024
To encourage the advancement of technology, the Technopreneur Promotion Program (TePP) was introduced in 1998–1999. This program has been updated and is now known as the Promoting Innovations in Individuals, Start-ups, and MSME (PRISM) program. By supporting and encouraging entrepreneurs, the Ministry of Science and Technology of the Government of India is working to develop a single innovator into a prosperous technopreneur. It gives financing for fostering individual inventors’ ingenuity in the field of technology. The PRISM plan includes student innovators as a category in addition to established professional entrepreneurs or IT specialists. Anyone who has a novel innovation that is implementable, commercially viable, and innovative is, therefore, eligible for the program.
Startup India Seed Fund Scheme
PRISM Scheme Details in Highlights
| Scheme Name | PRISM Scheme |
| Introduced by | Government of India |
| Objectives | To support start-ups, inventors, and entrepreneurs |
| Official Website | Startup India Portal |
PRISM Scheme Objectives
To encourage innovation, the Department of Scientific & Industrial Research (DSIR) has launched this project. Under the initiative, the Department of Scientific & Industrial Research (DSIR) offers professionals, Indian students, and regular citizens technical, financial, and strategic support to accelerate the creation of conceptual prototypes, pilot scaling (an initial study on a small scale), and patenting. The award is given in two stages in this case. The program is put into practice in a variety of industries, including waste management, energy, green technology, clean energy, and others. By encouraging, sponsoring, and supporting discoveries made for financially feasible society, it aims to turn individual inventors into successful technopreneurs
Benefits of the PRISM Scheme
Some of the key benefits of the PRISM Scheme are as follows:
- This program aids inventors in establishing a solid foundation for patenting under the PRISM Scheme for Start-ups in India.
- It differs from the majority of other loan support or assistance programs offered for startups. The Ministry of Science & Technology is responsible for providing the grant-in-aid. Additionally, this money might be used to construct a prototype and market the project.
- A tech start-up can discover critical areas that require improvement with the aid of the technical, financial, and viability studies provided by the government.
- A renewed emphasis on technological innovation has emerged with the emergence of many initiatives like Make in India, Digital India, and Start-up India, particularly because it underpins nearly all other businesses and industries. The PRISM Scheme, therefore, seeks to foster this innovative mentality
Principal Focus Areas under PRISM Scheme
There is a priority for certain focus areas even though the program is open to all technology start-ups and enterprises as follows:
- Green technology;
- Clean Energy;
- Affordable Healthcare;
- Waste to wealth;
- Waste & sewage management;
- Industrially usable smart materials;
- Any other technology in a knowledge-intensive area
Phases of the PRISM Scheme
There are two phases to the PRISM program. Indian students, citizens, and innovators are the target audience for the first phase.
- Phase 1: The first phase is often reserved for innovators with concepts that have the potential to become profitable start-ups.
- Phase 2: Those inventors or ideas that have successfully established proof of concept with the backing of the government, any institution, etc. are eligible for the second phase of PRISM. Even suggestions for research and development that get public funding or include independent institutions, laboratories, or academic institutions are acceptable.
- R&D proposals for PRISM: Up to 50 lakhs, or 50% of the overall project development cost, may be provided as the maximum support for research and development organizations.
PRISM Scheme Eligibility Criteria
The eligibility criteria for the PRISM Scheme are given in the table below
| Program | Eligibility | |
| PRISM Phase-1 | ||
| Category-1: | Proof of Models, Prototypes, or Concepts Maximum support is limited to Rs. 2 lakhs, or 90% of the project’s total cost, whichever is less. | Any Indian citizen, including student innovators, is eligible to get assistance in developing their original ideas into workable models and prototypes. |
| Category-2: | manufacture of a functional processor model, testing and trial, patenting, technological transfer, etc (Innovation Incubation) The maximum amount of support could be capped at Rs. 20 lakhs or 90% of the project’s overall cost, whichever is lower. | Anyone from India who has creative ideas. |
| PRISM – Phase –II (Enterprise Incubation) | ||
| The maximum amount of support is limited to Rs. 50 lakhs, or 50% of the project’s overall cost. Support may be provided for accelerating technology-based innovations, including patenting, trademark registration, design registration, or technology transfer to create a marketable product or method. | Effective PRISM innovators who have amassed the backing of other governmental organizations or entities and have proven proof of concept. | |
| PRISM – R&D Proposals | ||
| For creating technological solutions aimed at assisting MSME clusters, the maximum support is up to Rs. 50 lakhs, or 50% of the overall project cost. | Any research and development center, independent organization, publicly financed lab, academic institution, etc. |
Workshops for PRISM Scheme
To organize PRISM workshops, IIT Kharagpur TOCIC also collaborates with several R&D and academic institutions. This workshop’s objectives are to:
- Advise on how to improve on their current projects and direct them in taking part in PRISM
- Encourage your kids to be entrepreneurial and innovative
- Discuss various PRISM funding options and project requirements.
Steps to Register on Startup India Portal
To Register on Startup India Portal, applicants need to follow the below-given steps:
- First of all, go to the official website of Startup India Portal i.e., https://www.startupindia.gov.in/
- The homepage of the website will open on the screen
- Click on the Register button
- The registration form will open on the screen
- Now, fill in the form with all the required details like
- Name, email id, mobile number, password, etc
- After that, click on the Register button to complete the registration process
Steps to Login on Startup India Portal
To login into Startup India Portal, applicants need to follow the below-given steps:
- First of all, go to the official website of Startup India Portal i.e., https://www.startupindia.gov.in/
- The homepage of the website will open on the screen
- Click on the Login button
- The login page will open on the screen
- Now, enter your email id/CIN and the password
- After that tick the box saying I am not a robot
- Finally, click on the Login button to get logged in to your registered account
Contact Details
For any other query related to the PRISM Scheme, feel free to contact us at the below-given details
Helpline Number: 011-2651 8019, 2659 0387
Email id: skdpande@nic.in