21 hours ago
Govt-funded incubation centre for startups inaugurated at IIM
The Atal Incubation Centre – NITIE Incubation Foundation for Innovation and Entrepreneurship (AIC-NIFIE) was inaugurated at the Indian Institute of Management (IIM) Mumbai by Union Minister of State Jitendra Singh (independent charge) Science and Technology and Earth Sciences on Tuesday.
Established under the Atal Innovation Mission, AIC–NIFIE aims to be a transformative platform to nurture innovation and support early-stage startups. The AIC-NIFIE will provide support for incubation, mentorship, industry partnerships, and access to cutting-edge research and technology for students at IIM Mumbai as well as outsiders with potential start-up ideas. While open to all, the incubation centre will give IIM Mumbai students and alumni priority, without compromising on merit-based selection.
Singh highlighted the importance of an integrated approach for such support.
'There are myths about startups as a concept that it has to be by youngsters, especially those from the field of technology. Whereas anybody with a potential idea can work towards creating a startup.'
Emphasising the importance of academic institutions like IIM Mumbai in bridging policy, research, and enterprise, he said, 'Innovation is the backbone of a developed India. Centres like AIC–NIFIE will be instrumental in translating India's demographic dividend into tangible economic growth.'
Formed under section 8 of the Companies Act, 2013, AIC–NIFIE operates as a not-for-profit initiative, with funding support from NITI Aayog and the Government of India. Professor Manoj K Tiwari, director at IIM Mumbai, said, 'Through the first advertisement inviting applications from potential startups, already ten are under the incubation centre. Applicants come from diverse backgrounds, including non-IIM Mumbai students. Soon a new advertisement will be issued to invite more applications.'
