The Government of India has setup the Atal Innovation Mission (AIM) at NITI Aayog. The overarching purpose of this Mission is to promote a culture of innovation and entrepreneurship in India. The scheme is being implemented by NITI Aayog.
Objectives of the Scheme
The objective of the scheme is to promote and establish world class incubation centres in specific subjects/sectors such as manufacturing, transport, energy, health, education, agriculture, water and sanitation etc. in India. These incubation centres would support and encourage innovative technology based start - ups that have an application and/or impact in the core sectors of the economy. The incubation centres would provide the start - ups with necessary guidance , tech support, infrastructure, access to investors, networking, and facilitating a host of other resources that may be required for the start - up to survive and scale.
Expected Functions of the AICs
- Assist the incubatees in creating a sustainable, scalable & profitable business model
- Provide physical infrastructure and value - added support services
- Create a strong network of mentors who would provide sector specific knowledge & real world practical guidance
- Conduct events and inspirational programs
- Provide trainings and mentorship to entrepreneurs
- Forge partnerships and networks with academia, industry, funding sources, existing incubators and others for the start - ups to leverage.
- Enable access to prototyping facilities, test beds, markets, and pilot implementation for the product /services.
- Build a strong team with adequate knowledge and experience in guiding start-ups, building business plans, facilitating investments, building networks etc.
Features of the Scheme
- The applicant pool for the scheme include a wide category of entities, such as higher educational institutions, R&D institutes, corporate sector, alternative investment funds registered with SEBI, business accelerators, group of individuals, and individuals. The applicant would have to provide at least 10,000 sq. ft. of ready-to-use, built-up space, for the exclusive use of the AIC.
- AICs can be established by one or more collaborating entities.
- AICs are encouraged to focus on a limited number of areas, which align with their core strengths . The AIC should have up to a maximum of three primary sectors of focus. To access an illustrative list of sectors, click here.
- Successful AIC applicants will be required to incorporate a Special Purpose Vehicle (SPV), either a Section 8 company or a private limited company registered under the Companies Act, 2013.
AIM will provide a grant-in-aid of upto Rs. 10 crore for a maximum period of 5 years to cover the capital and operational expenditures to establish the AIC.
To know more about the scheme and the Call for proposals, click here.
Source : NITI Aayog