Atal Incubation Centres

The Government of India has launched the Atal Innovation Mission (AIM) to promote a culture of innovation and entrepreneurship in India. AIM intends to support the establishment of Atal Incubation Centres (AICs) that would nurture innovative start-up businesses in their pursuance to become scalable and sustainable enterprises. In this article, we look at the Atal Incubation Centres (AICs) in detail.

Objectives of the Scheme

The objectives of the Atal Incubation Centres is to establish the world-class incubation centres with necessary facilities in specific sectors like transport, education, agriculture, manufacturing, health, etc. along with infrastructure and operating facilities with sectoral experts for mentoring the start-ups in India. These incubation centres will support the start-ups and encourage to provide innovative software by those organisations that have an impact in the core sectors of the economy. These centres offer guidance, infrastructure, technology support, access to investors, infrastructure, networking and promoting a host of other resources that may be needed for the startup to survive and scale.

Functions of the AICs

• Assisting the incubatees in building a sustainable, scalable and profitable business structure.
• Providing physical infrastructure and value-added support services.
• Help them to create a strong network of mentors who would provide sector-specific knowledge and real-world practical guidance.
• Conduct events and inspirational programs.
• Provide training and mentorship to entrepreneurs.
• It ensures to enable access to prototyping facilities, test beds, markets, and pilot implementation for the product/services.

Features of the Scheme

A successful Atal Incubation Centres (AICs) applicants will have to include a Special Purpose Vehicle (SPV), either a Section 8 business company or a private limited company, that registered under the Companies Act, 2013. Based on learnings from AICs, these SPVs will not be allowed to incorporate as trusts or societies.

Funding Support

Successful applicants will be provided grant-in-aid to set up the AIC for a maximum of 5 years period up to Rs. 10 crores to cover the capital and operational expenditures. The exact amount of the grant will be decided by AIM based on the application and business plan, as per the current scheme. AIM reserves the right to change the scheme as and when required, without prior notification.

Infrastructure Requirements

The applicant will have to provide at least 10,000 sq. ft. of ready-to-use, built-up space, for the use of the AIC. Space must be owned or leased by the applicant. In case of leased space, the lease period must be minimum of 15 years for academic/R&D institutions, whereas the corporate sector/unit and individuals should have a minimum of at least of 9 years. In case of applicants selected for the grant-in-aid, the documents of ownership of space/lease agreements shall be verified.

Application Procedure

The applicants must submit their application form online to the Atal Innovation Mission, NITI Aayog through the official website. The prescribed formats of applications are attached at Annexure II-IV. Apart from filling up the application form online, the applicants are required to upload the business plan and budget plan, registration document, letter of declaration and other necessary documents as mentioned in the application form.

About the Author

SINDUJA S
Post By IndiaFilings.

Updated on: April 29th, 2019