India-Australia RISE Accelerator Aims to Boost Circular Economy Startups

November 24, 2023

The Atal Innovation Mission (AIM) and NITI Aayog, in collaboration with Australia’s national science agency, CSIRO, have launched the Rapid Innovation and Startup Expansion (RISE) Accelerator. This new initiative aims to support startups in the circular economy sector, fostering collaboration between Australian and Indian entrepreneurs.

Strategic Partnership for Shared Goals

Manpreet Vohra, High Commissioner of India to Australia, highlighted the strategic partnership between India and Australia, emphasizing shared values, economic interests, and geopolitical objectives. The RISE Accelerator is poised to strengthen diplomatic ties and facilitate collaborative efforts in various domains.

Addressing Shared Challenges through Innovation

Dr. Chintan Vaishnav, Mission Director of Atal Innovation Mission, NITI Aayog, described RISE Accelerator as a pioneering bilateral program designed to address shared challenges in both economies. With a focus on environment and climate technology, the program provides a platform for startups to innovate solutions that transcend global challenges.

Nine-Month Program for Startup Growth

The RISE Accelerator program spans nine months and targets startups and SMEs with mature technologies seeking expansion between India and Australia. The initiative assists startups in navigating the early stages of entering a new region, establishing connections with partners and customers, and building credibility for success in international markets.

Circular Economy Focus in the First Round

The first round of the RISE Accelerator program invites startups and SMEs developing innovative business models, technologies, and resource ingenuity to support the transition to a circular economy in both India and Australia. This aligns with CSIRO’s Circular Economy for Missions initiative, emphasizing sustainable futures built on waste innovation.

Support for Technology Validation and Adaptation

Participating startups from Australia and India will receive support to validate and adapt their technologies and research overseas. The program offers opportunities for collaboration with industry and researchers in the target market, fostering cross-border innovation and expertise exchange.

Financial Support and Virtual Delivery

The RISE Accelerator program is delivered virtually, providing startups with numerous opportunities to travel between Australia and India. There is no charge for startups to participate, and eligible participants may receive up to INR 40,00,000 in non-equity grants, further incentivizing collaboration and innovation in the circular economy space.

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