G. Agni Devan, a handloom weaver from Mettupalayam, was working for the last two years on tools that could bring down the time taken and the manual work in weaving.
He even has a small model of the equipment he is developing. However, when he want to try these out, there were challenges.
He approached PSG STEP (Science and Technology Entrepreneurial Park) for support and his project for ₹ 2.4 lakh was approved under the NIDHI PRAYAS scheme.
He received part of the amount as grant on Thursday. Though he has studied only till Class IV, he is a skilled worker, has knowledge of the looms and of what he is trying to develop, says K. Suresh Kumar, general manager of PSG STEP. As many as 11 beneficiaries of NIDHI PRAYAS and six beneficiaries of NIDHI EIR schemes received the sanction letters and part of the financial support here on Thursday. As many as 22 applications were received for NIDHI EIR and 88 for NIDHI PRAYAS.
The projects that are given priority under NIDHI PRAYAS are usually those that will benefit the local community and the industries in that region, said Naveen Vasishta, Director/Scientist E of National Science and Technology Entrepreneurship Development Board, Department of Science and Technology.
About 10 Technology Business Incubators in the country, including PSG STEP, are implementing the NIDHI PRAYAS and NIDHI EIR projects. “We expect 20 % to 30 % of the projects to become commercially successful,” he said.
The aim is to encourage innovation among youngsters. There is no educational qualification for the beneficiaries to be selected for financial support. Projects in areas of agriculture, ICT, energy, water and biomedical are given thrust. Similar projects in different incubators might get funding as it would only improve the technology available to the common man, he said.
Mr. Suresh Kumar said most of the PRAYAS projects selected are in the idea stage. The beneficiaries would have 18 months to develop the ideas into functional prototypes and the grant amount would be disbursed in phases. Under the NIDHI EIR, those selected get ₹30,000 a month for a year and they can develop their ideas even as they continue to work or study.
Nearly 70,000 sq.ft of area has been created by the PSG Institutions for the incubation facilities, added R. Rudramoorthy, principal of PSG College of Technology.
