In its first round of funding for Atal Innovation Mission (AIM), Niti Aayog will provide financial assistance to ten institutions for installing incubation centers. AIM intends to support the establishment of new incubation centres called Atal Incubation Centres (AICs) that would nurture innovative start-up businesses in their pursuit to become scalable and sustainable enterprises, said a statement from Niti Aayog.
The AICs are aimed to create world class incubation facilities across various parts of India with suitable physical infrastructure in terms of capital equipment and operating facilities, coupled with the availability of sectoral experts for mentoring the start-ups, business planning support, access to seed capital, industry partners, trainings and other relevant components required for encouraging innovative start-ups.
Moreover, according to Nit Aayog, AICs would be established in subject specific areas such as manufacturing, transport, energy, health, education, agriculture, water and sanitation etc.
Prominent ones among the applicants are CSIR Centre for Cellular and Molecular Biology in Telangana, NIFT TEA Knitwear Fashion Institute in Tamil Nadu and Shiv Nadar University in Uttar Pradesh, reported PTI.
Shiv Nadar University will receive financial support for setting up a startup hub on ‘Health and Pharmaceuticals, New Materials and Education’, according to a release issued by the varsity.
Entities such as such as higher educational institutions, R&D institutes, corporate sector, alternative investment funds registered with SEBI, business accelerators, group of individuals, and individuals are eligible to apply.
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.
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.