The government-funded Atal Incubation Centre – NITIE Incubation Foundation for Innovation and Entrepreneurship (AIC-NIFIE) was inaugurated at the Indian Institute of Management (IIM) Mumbai on Tuesday. Union Minister of State for Science and Technology and Earth Sciences, Jitendra Singh, officially opened the centre. AIC-NIFIE was established under the Atal Innovation Mission.
It aims to support students and entrepreneurs by providing incubation, mentorship, industry partnerships, and access to cutting-edge research and technology. While open to all, IIM Mumbai students and alumni will receive priority, with merit-based selection remaining uncompromised. Minister Singh stressed the need for an integrated approach to foster startup growth.
“There are myths about startups as a concept that it has to be by youngsters, especially those from the field of technology. Whereas anybody with a potential idea can work towards creating a startup,” he said.
Incubation centre supports diverse startups
He also highlighted the role of academic institutions like IIM Mumbai in connecting policy, research, and enterprise. “Innovation is the backbone of a developed India. Centres like AIC-NIFIE will be instrumental in translating India’s demographic dividend into tangible economic growth,” Singh added.
AIC-NIFIE operates as a not-for-profit initiative under section 8 of the Companies Act, 2013. It receives funding support from NITI Aayog and the Government of India. IIM Mumbai Director Manoj K Tiwari noted that the first advertisement inviting applications from potential startups was successful, with ten startups currently being incubated.
The applicants come from various backgrounds, not limited to IIM Mumbai students. Professor Tiwari announced that a new advertisement will soon be issued to invite more applications, welcoming diverse and innovative ideas from aspiring entrepreneurs.
