Economics
In News: Dr. Chintan Vaishanv, Mission Director, Atal Innovation Mission, NITI Aayog inaugurated ACIC-CBIT centre.
- ACIC-CBIT hosted the first Startup 20X event in the form of talks from four startup founders working in different areas ranging from infrastructural development, millet manufacturing, mental health and upskilling rural innovators.
- Startup Policy Forum called Startup 20X has been conceptualized to democratize the basis of startups and startup ecosystems around the world to have a say in the Global Startup Policy making.
About ACIC CBIT
Aim:
- ACIC-CBIT has been established with an aim to build a community innovation and entrepreneurship ecosystem to nurture innovators and startups of unserved and underserved regions.
- ACIC believes and mandates the creation of a strong community innovation ecosystem to include expert mentors; access to infrastructural support such as maker space; funding facilitation; building capacities through training and mentoring.
ACIC CBIT Foundation Sectoral Areas and Targeted SDGs: Sectoral Focus Areas
- Health-tech
- AI/ML/IoT Based Smart Engineering Products
- Renewable Energy & Environmental Sustainability
Targeted SDGs:
- Good Health & Well-being (Goal 03 in UN SDGs)
- Industry Innovation & Infrastructure (Goal 09 in UN SDGs)
- Sustainable Cities and Communities (Goal 11 in UN SDGs)
Startups and Innovators supported till date by ACIC-CBIT
- 37 innovators supported
- Out of 37 start ups supported, 12 are female led
About Atal Innovation Mission (AIM):
- AIM is the Government of India’s endeavor to promote a culture of innovation and entrepreneurship.
- Its objective is to serve as a platform for the promotion of world-class innovation hubs, grand challenges, start-up businesses, and other self-employment activities, particularly in technology-driven areas.
Source PIB
Previous Year Question
Q1) What does venture capital mean? (2014)
- A short-term capital provided to industries
- A long-term start-up capital provided to new entrepreneurs
- Funds provided to industries at times of incurring losses
- Funds provided for replacement and renovation of industries
