Two Bangalore-based incubators are among the six that have been selected for NITI Aayog’s Atal Innovation Mission for scale-up support funding.
For the unversed, NITI Aayog’s Atal Innovation Mission aims to upgrade already established incubation centres to exceptional global standards.
The two selected incubators from India’s Silicon Valley are: the bioincubator at the Centre for Cellular And Molecular Platforms (C-CAMP), and the NS Raghavan Centre for Entrepreneurial Learning at the Indian Institute of Management, Bangalore (IIM-B). The two will be recipients of Rs 10 crore each from the scheme for over two years.
The other four who have made to the list and will be receiving funding from the scheme are: New Delhi’s Ninety One Springboard Group, Hyderabad’s Access Livelihoods Consulting India Ltd, Kollam’s Amrita Technology Business Incubator, and Tiruchirappalli Regional Engineering College Science and Technology Entrepreneurs Park (TREC STEP).
NITI Aayog, which is the Indian government’s policy think-tank, has selected the six incubators out of the 232 applications that it had received last year for assessment under its Atal Innovation Mission scheme. Initially, it had shortlisted 17 centre out of these 232 applicants, which were further interviewed and reviewed and shortened to six.
According to a statement given by Suresh Bhagavatula, chairperson, Entrepreneurial Ecosystem Development, NSRCEL, in addition to helping the startups, the funds will also be used to help small and medium enterprises and family businesses to professionalize and scale up their operations. They also plan on training entrepreneurs by making use of a blended learning approach, which will involve both online and offline classroom training.
Considering the fact that IIM-B is already home to over 20 online courses, experts feel that NSRCEL will be successful in reaching out to a large number of ventures.
Since its inception in 2012, NSRCEL has had 19 student-run ventures, 67 incubatees and 65 startups as a part of its Launchpad initiative, creating about 5,000 jobs.
The bioincubator at C-CAMP is the only life science/healthcare incubator which has been successful in making to NITI Aayog’s selected six list for funding. Since the year 2012, it has had 15 resident startups on its campus, and supported about 70 startups.
Taslimarif Saiyed, Chief Operating Officer, C-CAMP feels that the selection will help them in taking their current capabilities to the next level. He also said that there’s also a possibility of a small seed fund, which will possibly help them in building more space.