Visakhapatnam, Apr 15 (KNN) The Indian Institute of Management Visakhapatnam (IIMV) has been granted an Atal Incubation Centre (AIC) by NITI Aayog, the Indian government's policy think tank.

The AIC at IIMV will receive a substantial grant of Rs 10 crore to provide essential support services to startups and entrepreneurs. Additionally, IIMV will contribute Rs 1.7 crore to the centre's operations.

This new AIC will operate independently from IIMV's existing incubator, the IIMV Foundation for Incubation, Entrepreneurial Learning, and Development (IIMV-FIELD).

While IIMV-FIELD focuses on social entrepreneurship, the new Atal Incubation Centre will foster technology entrepreneurship across domains like manufacturing, transportation, energy, health, education, agriculture, water and sanitation.

IIMV has already established a strong incubation track record through IIMV-FIELD, which has supported nearly 150 startups to date, including over 100 women-led ventures.

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

Notably, 30 IIMV-incubated startups have raised over Rs 34 crore in external funding.

Commenting on the new AIC, IIM Visakhapatnam Director Prof M Chandrasekhar stated, "The Atal Incubation Centre will complement the efforts of IIMV-FIELD by providing crucial services for nurturing successful new enterprises in the region."

With the addition of the Atal Incubation Centre, IIMV reinforces its position as a leading entrepreneurship hub supporting innovative startups through high-quality incubation and acceleration programs.

(KNN Bureau)