Indian Economy News

AIM-NITI Aayog launched a new accelerator to help Indian and Australian circular economy startups rise

An accelerator program aimed at creating new avenues for exploring potential between India and Australia will be beneficial to startups and small to mid-sized companies (SMEs) in both countries who are working on technology and solutions related to the circular economy.

To assist Australian and Indian circular economy entrepreneurs, AIM, NITI Aayog launched a new accelerator called Rapid Innovation and Startup Expansion (RISE).

The national science agency of Australia, CSIRO, and the Government of India's flagship programme, Atal Innovation Mission (AIM), which aims to foster an innovative and entrepreneurial culture, have collaborated to deliver the India Australia RISE Accelerator.

The RISE Accelerator programme, according to Ms. Tamara Ogilvie, Director of CSIRO, focuses on startups and SMEs with established technologies and a desire to expand between Australia and India. "We'll help startups navigate early steps in a new region, fast-track connections to the right partners, customers, and talent, and build credibility to succeed in international markets," Ms. Tamara Ogilvie added.

"In the dynamic landscape of international relations, the strategic partnership between India and Australia stands as a testament to our shared values, economic interests, and geopolitical objectives that bind the two nations together," stated Mr. Manpreet Vohra, India's high commissioner to Australia. In addition to fostering closer diplomatic relations, the RISE Accelerator will open the door for cooperative initiatives in a number of fields.

Mr. Pramit Dash, AIM’s RISE Accelerator lead stated, "This is a great chance for startups from Australia and India to collaborate with businesses and researchers in their target market." He further remarked that participants will develop meaningful bilateral industry and research collaborations in addition to developing cultural literacy.

The program's first phase is in line with CSIRO's Circular Economy for Missions project, which aims to develop waste innovation as the foundation for a sustainable future.

Startups can take advantage of several possibilities to travel between Australia and India as part of this virtual programme, which is offered at no cost. Additionally, participating businesses could be qualified for non-equity incentives of up to Rs. 40,00,000 (US$ 47,986).

The RISE Accelerator programme will accept applications until January 7, 2024.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.