Rapid Innovation and Startup Expansion (RISE) Program, Complete Details

Context: Recently, Atal Innovation Mission(AIM), NITI Aayog launched a new accelerator called Rapid Innovation and Startup Expansion (RISE) to support Australian and Indian circular economy startups.

Rapid Innovation and Startup Expansion (RISE)

The India Australia RISE Accelerator is a collaborative effort between the Commonwealth Scientific and Industrial Research Organisation (CSIRO), the national science agency of Australia, and the Atal Innovation Mission (AIM), a key initiative by the Government of India to foster innovation and entrepreneurship. This program primarily targets startups and small to medium-sized enterprises (SMEs) in both India and Australia that are developing technologies and solutions in the circular economy sector.

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Objectives of RISE Program

Environment and Climate Technology Emphasis: The accelerator is tailored to support startups working in various domains, including:

• Climate Smart Agriculture
• Clean Energy
• Circular Economy and Waste Management
• Climate Smart Mobility

Key Focus Areas of RISE Program

The Rapid Innovation and Startup Expansion (RISE) Program focuses on several key areas to accelerate the development and adoption of circular economy solutions in India and Australia:

• Circular Agriculture: Supporting innovations that enhance agricultural sustainability, reduce waste, and improve resource efficiency. This includes developing technologies for precision farming, crop diversification, and sustainable land management practices.
• Circular Manufacturing: Fostering innovations that minimize waste generation, promote resource recovery, and create a more sustainable manufacturing ecosystem. This encompasses technologies for closed-loop manufacturing, waste valorization, and product lifecycle management.
• Circular Waste Management: Promoting innovations that address the growing waste management challenges, including waste collection, treatment, recycling, and resource recovery. This involves developing technologies for waste reduction, separation, and upcycling.
• Circular Economy Education and Awareness: Raising awareness and promoting the adoption of circular economy principles among businesses, consumers, and policymakers. This includes developing educational materials, organizing workshops and seminars, and conducting public awareness campaigns.
• Cross-Border Collaboration: Facilitating collaboration between Indian and Australian startups and SMEs to leverage their respective strengths and expertise. This involves organizing networking events, supporting joint research projects, and promoting technology exchange.
• Commercialization and Market Access: Providing support to startups and SMEs to accelerate the commercialization of their circular economy solutions and gain access to new markets. This includes mentorship, business development assistance, and investment facilitation.
• Policy and Regulatory Framework: Advocating for supportive policies and regulations that promote the adoption of circular economy practices across various industries. This involves engaging with government agencies, industry bodies, and stakeholders.
• Measuring and Monitoring Impact: Tracking progress and evaluating the impact of the RISE Program on the development and adoption of circular economy solutions. This involves collecting data, conducting surveys, and analyzing outcomes.

RISE Program Benefits and Structure

• Over a nine-month period, the RISE Accelerator will assist startups in their initial stages in new markets, expedite connections with suitable partners, clients, and talent, and help them establish credibility for success in international arenas.
• In its inaugural phase, the program concentrates on aiding startups and SMEs focused on waste management and circular economy technologies and solutions.
• Startups participating in the program may qualify for non-equity grants of up to INR 40,00,000.
• Future iterations of the accelerator will shift focus towards areas such as climate-smart agriculture, clean energy, and climate-smart mobility.

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