Govt Backs 10 Promising Startups with Rs 1.6 Crore Under RKVY RAFTAAR Scheme

In a recent collaborative milestone, higher education institutions (HEIs) from across India have come together to establish the country's first-ever 'Agri-Consortium,' led by IIM Kashipur. This initiative marks a significant leap toward fostering innovation and cooperation within the agricultural sector.

The consortium's official establishment occurred at the 'Agri-Entrepreneurship in South Asia Consortium-2023, a landmark event organized by the Foundation for Innovation & Entrepreneurship Development (FIED), an incubation center affiliated with IIM Kashipur. This collaboration was conducted in close cooperation with the Ministry of Agriculture and Farmers Welfare.

The two-day 'Agri Consortium 2023' was designed to provide a unified platform for academicians, researchers, students, and industry experts to engage in constructive dialogues. Discussions covered a wide array of topics, including the latest agricultural trends, technological innovations, research opportunities, funding prospects, and the evolving requirements of the industry.

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One of the most notable outcomes of the consortium was the unanimous agreement among HEIs and universities on a collaborative framework consisting of three key components. This framework includes the sharing of startup databases, enabling the exchange of vital information for supporting emerging businesses in agriculture. The second component focuses on incubation and support programs, aimed at nurturing the growth of agricultural startups. Lastly, the third component emphasizes networking and best practices, creating a platform for HEIs to exchange knowledge and foster an environment of innovation and collaboration.

Professor Kulbhushan Balooni, the Director of IIM Kashipur, extended his appreciation for the fruitful conclusion of the 'Agri-Entrepreneurship in South Asia' Consortium 2023. He underscored the consortium's significance in facilitating the exchange of insights regarding agricultural startups, a joint effort supported by higher education institutions across India, with substantial benefits for the country's farmers.

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In a parallel development, the RKVY RAFTAAR Scheme, boosted by the Ministry of Agriculture & Farmers Welfare, Government of India, in collaboration with FIED at IIM Kashipur, has marked a significant funding infusion of 1.6 crore rupees to empower and uplift ten burgeoning startup companies.

These dynamic startups are actively engaged in diverse sectors, spanning the function of drone technology, agricultural supply chains, food processing, hydroponics, waste-to-wealth solutions, and cutting-edge agri-biotechnology. This substantial financial support not only fuels their innovative pursuits but also contributes to the overall advancement, paving the way for transformative growth and sustainable practices in the sector.

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