IIM Visakhapatnam Awarded Atal Incubation Centre by NITI Aayog

• 2024-05-04 08:53:02
• Share
• Listen us

The Indian Institute of Management in Visakhapatnam (IIMV) has been honored with the establishment of an Atal Incubation Centre (AIC) by the government's think tank, NITI Aayog. The AIC at IIMV will benefit from a considerable endowment of Rs 10 crore aimed at delivering crucial support services to emerging startups and entrepreneurs, with a further contribution of Rs 1.7 crore from IIMV for operational expenses.

The AIC will operate autonomously, distinct from the existing incubation facility at IIMV known as the IIMV Foundation for Incubation, Entrepreneurial Learning, and Development (IIMV-FIELD), which is focused on social entrepreneurship. In contrast, the newly incepted Atal Incubation Centre is designed to foster technological entrepreneurship across a diverse array of sectors including manufacturing, transport, energy, healthcare, education, agriculture, and water and sanitation management.

IIM Visakhapatnam has already established a commendable record of incubation through IIMV-FIELD by backing approximately 150 startups to date. Of these enterprises, more than 100 are led by women entrepreneurs. These startups span across 32 different industries and have been instrumental in creating in excess of 1,200 jobs. Additionally, they have achieved significant intellectual property milestones comprising 27 patents, 15 copyrights, and 36 trademarks. Notably, startups nurtured by IIMV have collectively raised over Rs 34 crore in external investment.

Professor M Chandrasekhar, Director of IIM Visakhapatnam, remarked on the inception of the new AIC stating that "The Atal Incubation Centre is poised to bolster the efforts initiated by IIMV-FIELD by providing pivotal services that are essential for nurturing successful enterprises within the area."

With this new addition to its incubation arsenal, IIM Visakhapatnam reinforces its position as a leading entrepreneurship hub. It continues to back innovative startups with top-notch incubation and acceleration programs.