New Delhi, 21st November 2023
NITI Aayog’s Atal Innovation Mission (AIM) and Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) have initiated a groundbreaking accelerator program, “Rapid Innovation and Startup Expansion (RISE),” aimed at fostering collaboration and innovation between circular economy startups in India and Australia.
The India-Australia RISE Accelerator program, a collaborative effort between CSIRO and AIM, seeks to empower startups and small to mid-sized enterprises (SMEs) working on circular economy technologies and solutions, fostering a symbiotic relationship between the two nations.
Mr. Manpreet Vohra, High Commissioner of India to Australia, highlighted the significance of this initiative, stating, “The RISE Accelerator will strengthen diplomatic ties and pave the way for collaborative efforts across various domains, underscoring the strategic partnership between India and Australia.”
Dr. Chintan Vaishnav, Mission Director of Atal Innovation Mission at NITI Aayog, emphasized the program’s dedication to addressing shared challenges in both economies. “Focused on environmental and climate technologies, RISE provides a platform for startups to innovate solutions that transcend global challenges,” stated Dr. Vaishnav.
Tamara Ogilvie, CSIRO’s RISE Accelerator Program Director, outlined the program’s objectives, emphasizing support for startups and SMEs with mature technologies aiming to expand between India and Australia. “Over the nine-month RISE Accelerator program, we’ll facilitate early connections, partner networks, and market access to bolster these startups’ success in international markets,” said Ms. Ogilvie.
Pramit Dash, AIM’s RISE Accelerator Lead, highlighted the program’s focus on supporting Australian and Indian startups in adapting their technologies and research in overseas markets. “This opportunity enables startups to collaborate meaningfully with industries and researchers in their target markets, fostering bilateral industry partnerships,” remarked Mr. Dash.
The program’s inaugural phase aligns with CSIRO’s Circular Economy for Missions initiative, aiming to create a sustainable future through waste innovation. Heinz Schandl, CSIRO’s Circular Economy for Missions Lead, emphasized the need to design products and materials with a zero-waste mindset. “A circular economy reimagines products to maximize their value through reusability and multiple uses, fostering economic growth while reducing waste,” stated Dr. Schandl.
The RISE Accelerator program, which will be conducted virtually with travel opportunities between both countries, welcomes applications from startups and SMEs developing innovative business models and technologies supporting the transition to a circular economy in India and Australia. Participating startups may also qualify for non-equity grants of up to INR 40,00,000.
Applications for the RISE Accelerator program are currently open and will conclude on Saturday, 7th January 2024.
