NITI Aayog's AIM Launches Accelerator Programme for Ind-Aus Circular Economy Startups

In a collaborative effort between Atal Innovation Mission (AIM), an initiative by NITI Aayog, and CSIRO, Australia's national science agency, a virtual accelerator program named RISE (Rapid Innovation and Startup Expansion) has been unveiled. Startups and small and medium enterprises (SMEs) in India and Australia working on circular economy technologies and solutions will benefit from the program designed to open new doors to explore opportunities between the two countries.

Dr ChintanVaishnav, 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."

Overseas Expansion Opportunity

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.

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 INR 40,00,000 in non-equity grants.

“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. The RISE Accelerator will not only strengthen diplomatic ties but also paved the way for collaborative efforts across various domains,” Manpreet Vohra, High Commissioner of India to Australia said.

Tamara Ogilvie, CSIRO’s RISE Accelerator program director said the program focuses on startups and SMEs that have mature technologies and a desire to expand between India and Australia. “Over the nine-month RISE Accelerator program, 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,” Ogilvie said.

For Enhancing Credibility

One of the key areas of emphasis will be environmental and climate technologies. The initiative is designed to assist entrepreneurs in validating and customizing technology and research on a global scale. It aims to expedite the establishment of connections with appropriate partners, customers, and skilled individuals, while also enhancing credibility to thrive in global markets.

Heinz Schandl, Lead, CSIRO’s Circular Economy for Missions said that 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 maximise their value,” Dr Schandl said.