NITI Aayog’s AIM launch startup accelerator program
AIM, NITI Aayog has launched a new accelerator called Rapid Innovation and Startup Expansion (RISE) to support Australian and Indian circular economy startups.
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RISE (Rapid Innovation and Startup Expansion), a new nine-month virtual accelerator program has been launched by Atal Innovation Mission (AIM), NITI Aayog in collaboration with CSIRO, the national science agency of Australia.
The new accelerator program RISE is designed to open new doors to explore opportunities between the two countries. The startups and small to mid-sized enterprises(SMEs) of India and Australia working on circular economy technologies and solutions, will benefit from the program.
Dr Chintan Vaishnav, Mission Director, Atal Innovation Mission-NITI Aayog said, “RISE Accelerator stands as a pioneering 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.”
The program will assist entrepreneurs in validating and adapting the technology and research overseas; fast-track connections to the right partners, customers and talent; and build credibility to achieve success in global markets. Climate technologies and the environment would be among the key focus areas.
The SMEs and startups applying from India should be:
- Incorporated for less than seven years,
- TRL (Technology Readiness Level) 7,
- DPIIT registration in case of startup MSME Ministry registration in case of SME, and
- Not more than Rs 100 crore in revenue in any of the last three financial years.
There is no charge for startups to participate in the program, which will be delivered virtually, with a number of opportunities to travel between Australia and India. Participating startups may also be eligible for up to Rs 40,00,000 in non-equity grants.
Applications for the RISE Accelerator program are open now and shall close on Saturday, 7th January 2024.