Indian Govt under the Dept of Science and Technology has brought up one more innovation program to support young entrepreneurs. NIDHI-PRAYAS, an initiative to kindle innovation and provide ecosystem to convert idea to product among budding entrepreneurs. The uniqueness of the scheme is to support young innovators to bring up ideas to proof of concept. The program is aimed as a pre-incubation pilot program for the budding entrepreneurs. The program provide financial and networking support to validate the concept and bring a minimum viable product as proof of concept.
PSG-STEPS , one of the pioneer incubation center in Coimbatore has been the early adopter of the program. Dr. Suresh , who heads the PSG-STEPS has rolled it out to good number of pre-Incubatees.
Based on the interactions with the PSG-STEPS team and some of the recipient of the program, the implementation of the project looks very promising.
The PSG-STEPS acts like a mentor and connect the young entrepreneurs with existing incubates to learn from each other. The startup journey generally involves high amount of teething and concept failures. The objective of pairing the pre incubatee with existing players will help in minimizing the teething problem for the project kickoff and ensure quick turnaround time in delivering the proof of concept.
An Innovative product requires collaboration and not all skill set will be available with the young entrepreneurs, having mentor opportunities minimizes these risks. The networking capabilities involve the acceptance of concept and leveraging existing solutions that can be used to supplement the concept provided by the budding entrepreneurs.
Dr. Suresh , who has been a mentor to good number of startups, customized the program to ensure young entrepreneur do not feel alone on the journey. The cost of early failure is cheap compared to vesting in it fully. Ensuring product acceptance and compliance is key for new product to be successful and we want to ensure young entrepreneurs tackle the marketing aspect and capture the real need of the society before jumping into development.
It is very interesting to see the support from Incubation center to support the young entrepreneurs. The govt program are reaching the young minds to cater the new customer base. We wish them well and will showcase use case of some of the recipients.