NITI Aayog’s Atal Innovation Mission, an initiative run by Indian government to support innovation, has decided to support six institutions that promote startups in India.
With this funding scheme, the aim is to upgrade established incubation centres to world-class standards reported Inc42. The selected incubators will receive $1.4 Mn each over a span of two years.
Speaking on this development, Suresh Bhagavatula, chairperson, entrepreneurial ecosystem development, NSRCEL said, “In addition to helping startups, we will use these funds to help (small and medium enterprises) and family businesses scale up operations. We also plan to train entrepreneurs by using a blended learning approach, which uses both online and offline classroom training. Since IIM-B already has over 20 online courses, it would be easy for NSRCEL to reach out to a large number of ventures.”
Reportedly, NITI Aayog received 232 applications last year for assessment under this scheme. A total of 17 shortlisted centres were interviewed and reviewed.
The selected institutions include:
- NS Raghavan Centre for Entrepreneurial Learning at the Indian Institute of Management, Bangalore (IIM-B). Since 2012, NSRCEL has had 67 incubatees, 19 student-run ventures and 65 startups as part of its Launchpad initiative, creating close to 5,000 jobs, according to the IIM-B.
- The bioincubator at the Centre for Cellular And Molecular Platforms (C-CAMP). The bio-incubator at C-CAMP is the only life science healthcare incubator selected by NITI Aayog for funding. Since 2012, it has supported close to 70 startups, with 15 resident startups on its campus.
- Tiruchirappalli Regional Engineering College Science and Technology Entrepreneurs Park (TREC STEP), provides comprehensive, end-to-end support for startup promotion and growth, with five dedicated, venture incubation packages such as strategic support, infrastructure, funding, IPR strategy facilitation and internationalisation, and ICT support.
- Delhi-based 91Springboard Group is working with over 300 companies and over 1,000 coworkers. Its members get access to a coworking space with 24×7 office-infrastructure support, key service providers, knowledge sharing & collaboration, networking. The facilities include Internet, conference rooms, photocopy/print/scan, network with startup community, free or discounted access to events, access to a mentor network etc.
- Amrita Technology Business Incubator in Kollam, has incubated 45 startups, and mentored 181 startup ideas.
- Access Livelihoods Consulting India Ltd in Hyderabad are currently partnering with over 60,000 farmers, weavers and tribal farmers in building 37 producer companies in four states of India.