New Delhi [India], November 21 (ANI): In a strategic move to foster collaboration and innovation between India and Australia, Atal Innovation Mission (AIM), under NITI Aayog, has unveiled the Rapid Innovation and Start-up Expansion (RISE) Accelerator.

This visionary accelerator program is dedicated to supporting start-ups and small to mid-sized enterprises (SMEs) specializing in circular economy technologies and solutions.

Developed in partnership with the Commonwealth Scientific and Industrial Research Organisation (CSIRO), Australia's national science agency, the India Australia RISE Accelerator aims to create a dynamic platform for start-ups, encouraging exploration of opportunities and cross-border partnerships.

The program is a testament to the strengthening diplomatic ties and shared values between the two nations, as highlighted by Manpreet Vohra, High Commissioner of India to Australia.

Dr Chintan Vaishnav, Mission Director of Atal Innovation Mission - NITI Aayog, emphasized the significance of the RISE Accelerator in addressing shared challenges, with a specific focus on environment and climate technology.

This multi-year bilateral initiative provides start-ups with the opportunity to innovate solutions that transcend global challenges.

The program director of CSIRO's RISE Accelerator, Tamara Ogilvie, outlined its objectives, emphasizing support for start-ups and SMEs with mature technologies, and facilitating their expansion between India and Australia.

Over the nine-month program, participants will navigate the early stages of entering new regions, establish connections with partners and customers, and build credibility to thrive in international markets.

Pramit Dash, AIM's RISE Accelerator lead, highlighted the potential for Australian and Indian start-ups to validate and adapt their technologies and research overseas.

This collaborative effort offers a unique opportunity for start-ups to work with industry and researchers in their target markets, fostering meaningful bilateral collaborations.

The program's inaugural round aligns with CSIRO's Circular Economy for Missions initiative, focusing on waste innovation for a sustainable future.

Heinz Schandl, CSIRO's Circular Economy for Missions Lead, emphasized the need to design products with a zero-waste mindset to accelerate economies, create jobs, and reduce waste.

Importantly, the RISE Accelerator program will be delivered virtually, with opportunities for travel between Australia and India. Participating start-ups stand to benefit from non-equity grants of up to Rs 40,00,000.

The application window for this ground-breaking program is open until January 7, 2024, signalling an exciting phase for circular economy start-ups in both India and Australia. (ANI)