India and Australia has launched a unique RISE Accelerator program for to foster circular economy. Startups and small to mid-sized enterprises (SMEs) in India and Australia are set to benefit significantly from this accelerator program aimed at fostering circular economy technologies and solutions.
The initiative, known as the Rapid Innovation and Startup Expansion (RISE) accelerator, was unveiled today by AIM, NITI Aayog, marking a pivotal collaboration between the two nations to explore new opportunities.
The RISE Accelerator, a joint effort between CSIRO, Australia’s national science agency, and Atal Innovation Mission (AIM), the Indian Government’s flagship initiative for fostering innovation and entrepreneurship, aims to support startups dedicated to circular economy practices.
Manpreet Vohra, the High Commissioner of India to Australia, emphasized the strategic importance of this collaboration: “The RISE Accelerator will not only strengthen diplomatic ties but also pave the way for collaborative efforts across various domains.”
RISE Accelerator a pioneering multi-year bilateral program
Dr. Chintan Vaishnav, Mission Director of Atal Innovation Mission at NITI Aayog, highlighted the program’s unique bilateral nature: “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.”
Tamara Ogilvie, CSIRO’s RISE Accelerator program director, outlined the program’s focus on assisting startups and SMEs with mature technologies: “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.”
Pramit Dash, AIM’s RISE Accelerator lead, underlined the substantial support available for startups from both countries: “This is a real opportunity for startups from Australia and India to work with industry and researchers in their target market.”
The program, aligned with CSIRO’s Circular Economy for Missions initiative, aims to foster a sustainable future built on waste innovation. Heinz Schandl, CSIRO’s Circular Economy for Missions Lead, emphasized the need to design products with a zero-waste mindset: “A circular economy means products are designed in such a way that they can be used again, or even multiple times, to maximize their value.”
Notably, the program offers startups the chance to participate without charge and provides opportunities for virtual and physical engagement between both countries. Applications for the RISE Accelerator program are open until January 7, 2024, offering participating startups a chance to receive non-equity grants of up to INR 40,00,000.
For more information and application details, visit RISE Accelerator’s official website.
