Why is it in the News?

The AIM and NITI Aayog have recently introduced a new accelerator known as Rapid Innovation and Startup Expansion (RISE) aimed at providing support to startups in the circular economy sector in both Australia and India.

About Rapid Innovation and Startup Expansion (RISE):

• RISE, a collaborative initiative between Australia’s national science agency (CSIRO), and Atal Innovation Mission (AIM), the Government of India’s flagship initiative for fostering innovation and entrepreneurship, is a dedicated accelerator.
• This program is designed to support startups and small to mid-sized enterprises (SMEs) in India and Australia focusing on circular economy technologies and solutions.

Key Highlights:

• Focus Themes: The RISE Accelerator targets startups in India and Australia engaged in circular economy technologies, specifically in:
• Climate Smart Agriculture
• Clean Energy
• Circular Economy and Waste Management, and
• Climate Smart Mobility.
• Nine-Month Program: Over the course of nine months, the RISE Accelerator aims to assist startups in navigating early steps in a new region, establishing connections with the right partners, customers, and talent, and building credibility to succeed in international markets.
• First Round Focus: In its initial round, the accelerator concentrates on supporting startups and SMEs involved in technologies and solutions related to waste and the circular economy.
• Financial Support: Participating startups have the opportunity to receive up to INR 40,00,000 in non-equity grants.
• Future Rounds: Subsequent rounds of the accelerator will shift focus to climate-smart agriculture, clean energy, and climate-smart mobility.