AIC-Nalanda Launches Odisha's First Atal Incubation Centre at Nalanda Institute of Technology, Bhubaneswar & Nationwide Business Plan Competition 2020 - 'Vichaar 1.0'

BHUBANESWAR, India, June 22, 2020 /PRNewswire/ -- Odisha welcomed its first Atal Incubation Centre (AIC), AIC - Nalanda Institute of Technology Foundation (AIC-NITF or AIC-Nalanda), at the Nalanda Institute of Technology (NIT) in Bhubaneswar, recently. Launched as a world-class incubation facility-center for promotion of entrepreneurial activities and innovation support, AIC-Nalanda is a Technology Business Incubator (TBI) under the aegis of Atal Innovation Mission (AIM), a flagship initiative of NITI Aayog, Government of India, to promote a culture of innovation and entrepreneurship within the region. AIC-Nalanda aims to be the first entrepreneurial hub of its kind in Odisha to nurture and support young potential talents of the state.

Located in Chandaka, AIC-Nalanda offers a dedicated incubation space of approx. 10,000 sq. ft., with state-of-the-art co-working spaces, technical support, funding assistance, mentoring support, business validation, industry connect, legal, accounting and regulatory support, market connect, etc. to its incubatees. The TBI offers incubation to early-stage startups, product-ready innovators and scalable business models, with a dedicated core team to provide internal review, portfolio design and mentor-connect and investor access to realize their dream projects.

With its extensive in-house resources, infrastructure and academic-industry collaborations, AIC-Nalanda focuses on providing support to startups, innovators and entrepreneurs through:

• Digital expertise: digital solutions for core industry-based startups working on IoT, AI and data analytics-based solutions.
• Social-tech expertise: social enterprises technology-led startups in the field of education and agricultural machinery for small holding farmers.
• Product development: for innovators and researchers who are interested for technology commercialization and working out business plan models.

For more details on how to apply for incubation and startup recommendation, support and process at AIC-Nalanda, please visit: https://aicnalanda.com/.

Commenting on the occasion of the virtual launch of AIC-Nalanda, Mr. Malaya Kumar Padhi, Founder & Chairman, AIC-Nalanda, said, "Our state has great potential to lead the nation's economy with its young talent and abundant resources. AIC-NITF is an initiative dedicated to the industrious youth of Odisha, who are deprived of opportunities and genuine support, in terms of mentoring or investment. Our aim is to create a platform, in-house, so that our future generations shall not have to leave the state in search of possibilities."

AIC-Nalanda launches national-level Business Plan Competition 2020 - 'Vichaar 1.0':

To kickstart its activities, AIC-Nalanda has launched a nationwide business plan competition called 'Vichaar 1.0: Business Plan Competition 2020'. The objective of this competition is to encourage students, innovators, entrepreneurs and startups across India to transform their unique and innovative ideas into effective business plans.

For this initiative, AIC-Nalanda has partnered with Atal Innovation Mission (AIM), Startup Odisha, Carve Startup Labs, & HDFC Bank to invite entrepreneurs and innovators with:

• New and Innovative propositions
• Innovative Product or Technology
• Proposition which has the potential to scale up

Eligibility criteria: all students and startups are eligible to participate as either individuals or teams. Applicants can be Incorporated companies (Private Limited), Non-Incorporated companies (Sole proprietor, LLP, Partnership, etc.) or even individuals aspiring to become entrepreneurs.

Evaluation Process: Applications received after the last date will undergo screening at different levels and parameters. The top 10 participants (individual/team) will be invited for a presentation (web-based or in-person).

Rewards: Winners will be rewarded with total prize money worth approx. INR 1 lakh, vis-à-vis the following:

• 1^st Prize: cash prize of INR 51,000;
• 2^nd Prize: cash prize of INR 21,000;
• 3^rd Prize: cash prize of INR 11,000;
• 3 consolation prizes of INR 5,000 each.

Selected participants will also be offered incubation support by AIC-Nalanda. All qualified participants will receive significant feedback from a jury panel comprising eminent personalities from Industry, Academia, Investors and Experts.

Deadline for registration: Thursday, July 30, 2020.

For more details on Vichaar 1.0 - Business Plan Competition 2020, please visit: https://aicnalanda.com/B-Plan/T&P.php or contact: [email protected]

Inviting budding entrepreneurs to apply for Vichaar 1.0, Mr. Dharmendra Srivastava, Director, AIC-Nalanda, said, "We are blessed to be based in the heart of a very vibrant multi-disciplinary ecosystem.  All we needed to do was connect the dots to allow entrepreneurs, from across India, the benefits of this ecosystem. We want to build a Business House, where we understand the pains and toil of starting a business and try to provide as much support as we can, to make this journey smooth and memorable. Vichaar 1.0 is an effort of indulging the minds filled with master ideas to work out a valid business plan."

About AIC-Nalanda Institute of Technology Foundation (AIC-NITF or AIC-Nalanda):

Launched in 2020, AIC-Nalanda Institute of Technology Foundation (AIC-NITF) is Odisha's first Atal Incubation Centre at the Nalanda Institute of Technology, Bhubaneswar. Established as a word-class incubation facility center for promotion of entrepreneurial activities and innovation support, AIC-Nalanda is a Technology Business Incubator (TBI) under the aegis of Atal Innovation Mission (AIM), a flagship initiative of NITI Aayog, Govt. of India, to promote a culture of innovation and entrepreneurship within the region. AIC-Nalanda aims to be the first entrepreneurial hub of its kind in Odisha to nurture and support the young potential talents of the state. Located in Chandaka, AIC-Nalanda offers a dedicated incubation space of approx. 10,000 sq. ft., with state-of-the-art co-working spaces, lab facilities, rich mentor pool, networking support, industry partnerships and a plethora of legal and accounting services to its incubatees. The TBI offers incubation to early-stage startups, product-ready innovators and scalable business models, with a dedicated core team to provide internal review, portfolio design and mentor-connect and investor access to realize their dream projects. For more details, visit: https://aicnalanda.com/

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