The All India Institute of Ayurveda (AIIA) and Startup India have come together to launch AYUSH Startup Challenge to encourage startups across the country. The motive of this initiative is to promote innovations in the fields of Ayurveda and alternative healing. The winner of the challenge will be provided with incubation support by AIIA along with a fixed cash prize.
AYUSH Startup Challenge details
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The challenge is open for all early-stage startups as well as individual groups of 3 to 5 people, who can officially register for the same on the official website – startupindia.gov.in. The last date to register is set for March 4, 2022, while the results of the challenge will be announced on March 19.
There are three categories of the challenge –
- AYUSH Food Innovations – Innovations in the ready-to-eat-food and food delivery sector.
- AYUSH IT Solutions (Software) – AI-based innovations in Ayurveda Diagnostics.
- AYUSH Bio-Instrumentation (Hardware) – 3D printed device innovation for technical products in Ayurveda medicine.
Prizes for top two winners in each category
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The authorities will announce two winners in each category. The first winner will win a cash prize of ₹1 lakh while the second winner will be rewarded with ₹50,000. In addition to that, AIIA will provide several resources to the winners to support their startups. These resources will open many avenues for young companies and further provide them with essential knowledge about running businesses.
Guaranteed growth for AYUSH market over next 5 years
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AIIA shared in a statement that the AYUSH market stands at $10 billion and is likely to see a 50% growth in the next 5 years. In recent times, a surged interest in alternative medicine has been experienced, considering which the AYUSH sector promises great potential for an exponential rise.
AIIA director Prof. Tanuja Manoj Nesari has a vision of building AIIA as an institute with three focused wings, namely academics, scientific research, and clinical practice, under one single roof.
