News/City Updates

NITI Aayog Grants Atal Incubation Centre to IIM Visakhapatnam

The Indian Institute of Management, Visakhapatnam (IIMV) has been bestowed with an Atal Incubation Centre (AIC) by NITI Aayog, the policy think tank of the Indian government.

The AIC at IIMV is set to receive a significant grant of Rs 10 crore to offer vital support services to startups and entrepreneurs. In addition, IIMV will allocate Rs 1.7 crore towards the centre’s operations.

This newly established AIC will function independently from IIMV’s current incubator, the IIMV Foundation for Incubation, Entrepreneurial Learning, and Development (IIMV-FIELD).

While IIMV-FIELD is dedicated to social entrepreneurship, the new Atal Incubation Centre aims to promote technology entrepreneurship across various sectors such as manufacturing, transportation, energy, health, education, agriculture, water, and sanitation.

IIMV has already demonstrated a robust incubation track record through IIMV-FIELD, having supported close to 150 startups so far, including more than 100 ventures led by women.

These startups cover 32 sectors and have generated over 1,200 jobs while securing 27 patents, 15 copyrights, and 36 trademarks.

Remarkably, 30 startups incubated by IIMV have garnered over Rs 34 crore in external funding.

IIM Visakhapatnam Director-Professor M Chandrasekhar, while commenting on the new AIC, stated, “The Atal Incubation Centre will augment the efforts of IIMV-FIELD by offering essential services for fostering successful new enterprises in the region.”

With the introduction of the Atal Incubation Centre, IIM Visakhapatnam further solidifies its standing as a premier entrepreneurship hub, supporting innovative startups through top-tier incubation and acceleration programs.

Stay tuned to Yo! Vizag website and Instagram for more city and news updates.

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