Startup accelerator programme: Atal Innovation Mission (AIM), a NITI Aayog’s initiative to promote innovation and entrepreneurship in collaboration with CSIRO, Australia’s national science agency has launched a new nine-month virtual accelerator programme RISE (Rapid Innovation and Startup Expansion). The accelerator, in its first round, will focus on supporting startups and SMEs working on technologies and solutions for the waste and circular economy and enabling new opportunities for entrepreneurs between the two countries.
The accelerator is a “multi-year bilateral program, uniquely crafted between India and Australia, dedicated to addressing the shared challenges of both economies. Focused on the overarching theme of environment and climate technology, RISE provides a platform for startups to innovate solutions that transcend global challenges,” said Dr Chintan Vaishnav, Mission Director – Atal Innovation Mission – NITI Aayog.
According to the details available on the accelerator’s website, the programme has invited applications till January 7, 2024, from SMEs and startups with an innovative business model, technology, and/or resource ingenuity to support India’s and Australia’s transition to a circular economy and those considering overseas expansion between India and Australia.
Among the focus areas would be environment and climate technologies. The programme will help entrepreneurs validate and adapt technology and research overseas, fast-track connections to the right partners, customers and talent, and build credibility to succeed in international markets.
Heinz Schandl, Lead, CSIRO’s Circular Economy for Missions (CE4M) said, “We need to design materials and products with a zero-waste mindset. A circular economy means products are designed in such a way that they can be used again, or even multiple times, to maximize their value. We hope this program will help to accelerate technologies and solutions to grow economies, create jobs and reduce waste.”
SMEs and startups applying from India should be GST-registered, incorporated for less than seven years, TRL (Technology Readiness Level) 7, DPIIT-registration in case of startup and MSME Ministry-registration in case of SME, and not more than Rs 100 crore in revenue in any of the last three financial years.
SMEs and startups will not be charged for participation and would have the opportunity to travel between two countries. Applicants would also be eligible for up to Rs 40 lakh non-equity grant. The future rounds of the accelerator will focus on climate smart agriculture, clean energy and climate smart mobility.