Indian government always introduces new initiatives to encourage startups and offer opportunities for raising entrepreneurs to develop. Here, we are talking about one of the latest government plans, the Atal Innovation Mission.
AIM aims to encourage the establishment of new incubation centers called Atal IncubationCentres. These centers will nourish start-up businesses that are breaking new ground in their pursuit to become extensible and sustainable businesses.
These centers build preeminent incubation amenities in diverse sectors of the country with required physical infrastructure in terms of funds, materials, machines, and operating facilities, including sectoral experts for mentoring the start-ups, supporting business planning, and access to seed capital as well as training.
These AtalIncubation Centres offer startups valuable guidance, technological aid, and access to investors, networking, and facilitating a host of other resources.
The government holds the incubatees to set up a sustainable, scalable, and productive business model by presenting physical infrastructure and value-added support services.
Startupsalso receive direction through the powerful chain of coaches who give sector-specific information and real-world practical direction. Events and inspirational programs are organized.
Startups get complete opportunities to leverage from forging alliances and networks with academia to funding resources, and support from existing incubators.
Moreover, now, startups do not need to worry about manpower. The scheme supports the building of a strong team with adequate knowledge and experience.
This scheme covers the capital and operational expenditures to establish and operate AIC and contribute financial assistance for up to Rs. 10 crores for maximum of 5 years.
There are not a lot of conditions; single persons, groups of people, higher educational institutions, R&D institutes, the corporate sector, and alternative investment funds registered with SEBI, and business accelerators all are eligible to apply.
The applicant needs to provide at least 10,000 sq. ft. of ready-to-use, built-up space, for the exclusive use of the AIC.
The ultimate goal of this scheme is to set up some best incubation centers in particular sectors like health, education, agriculture, manufacturing, transport, energy, etc.
These incubations centers focus on encouraging innovative technology-based startups that have an application and/or impact in the core sectors of the economy.
Under this scheme, AtalIncubation Centres can be established by one or more collaborating entities.
AICs are encouraged to focus on a limited number of areas, which align with their core strengths. The AIC should have up to a maximum of three primary sectors of focus.
As per the rule, the centers that become successful will be required to incorporate a Special Purpose Vehicle(SPV), either a Section 8 company or a private limited company registered under the Companies Act, 2013.