A new accelerator program, named Rapid Innovation and Startup Expansion (RISE), was unveiled by NITI Aayog on November 21, 2033. This is in collaboration with CSIRO and the Atal Innovation Mission.
Details about the accelerator program
As per the press release, this initiative is for startups and SMEs in India and Australia that focus on circular economy technologies.
The High Commissioner of India to Australia, Mr. Manpreet Vohra, highlighted the significance of the India Australia RISE Accelerator in supporting circular economy startups from both nations. He said,
“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.”
Speaking on the matter, Dr Chintan Vaishnav, Mission Director of 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.”
Tamara Ogilvie, the program director for CSIRO’s RISE Accelerator, also highlighted the program’s emphasis on startups and SMEs possessing mature technologies and a keen interest in expansion across India and Australia. Tamara revealed,
“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.”
The inaugural stage of the RISE Accelerator beckons startups and SMEs involved in pioneering inventive business models, cutting-edge technologies, and resourceful ingenuity aimed at advancing India’s and Australia’s transition to a circular economy.
Pramit Dash, the lead for AIM’s RISE Accelerator, underscored the robust support awaiting Australian and Indian startups in validating and customizing their technology and research abroad. He highlighted,
“This is a real opportunity for startups from Australia and India to work with industry and researchers in their target market…As well as developing cultural literacy, participants will develop meaningful bilateral industry and research collaborations.”
Heinz Schandl, the lead for CSIRO’s Circular Economy for Missions, stressed the imperative to conceptualize materials and products with a zero-waste ethos in mind. He noted,
“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…We hope this program will help to accelerate technologies and solutions to grow economies, create jobs and reduce waste.”
According to the release, the startups do not have to pay anything 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.
The window for applications to the RISE Accelerator program is currently open and is scheduled to close on Saturday, January 7, 2024.