IIM Kashipur FIED Sanctions 1.6 Crore Funding to 10 Agriculture-Focused Start-ups

In a significant move, higher educational institutions (HEIs) across India have come together to establish a pioneering HEI-led 'Agri-Consortium,' initiated by IIM Kashipur. An in-principal framework in this regard was adopted by participating institutions (HEIs) during the ‘Agri-Entrepreneurship in South Asia' Consortium-2023 organized by the Foundation for Innovation & Entrepreneurship Development (FIED), an incubation center of IIM Kashipur, in collaboration with the Ministry of Agriculture and Farmers Welfare.

The two-day Agri Consortium 2023 aimed to create a common platform for academicians, researchers, students, and industry professionals to exchange ideas and insights into the latest trends, technological advancements, research initiatives, funding opportunities, and industry requirements within the agriculture sector.

During the consortium, HEIs and universities made a principled agreement outlining three key steps. Firstly, they committed to sharing startup databases among consortium members, facilitating easier access to information and resources. Secondly, there was a consensus on the dissemination of incubation and startup support programs, ensuring that innovative agri-entrepreneurs receive the necessary guidance and support. Lastly, a commitment was made to promote networking and the sharing of best practices within the consortium, fostering a collaborative environment.

Prof. Kulbhushan Balooni, the Director of IIM Kashipur, expressed his gratitude to all participants for the successful culmination of the 'Agri-Entrepreneurship in South Asia' Consortium 2023. He emphasized the significance of collaborative efforts and explained that the Agri Consortium would function as a platform for disseminating information about agri-startups supported by higher education institutions from various regions of the country. He noted that this initiative would create opportunities for startups from diverse geographical locations to cooperate and assist each other in bringing their innovative solutions to a broader audience of farmers.

In another noteworthy development, the RKVY RAFTAAR Scheme, backed by the Ministry of Agriculture & Farmers Welfare, Government of India, and facilitated by FIED, IIM Kashipur, has extended financial support totaling 1 crore 60 lakh rupees to ten startup companies. These pioneering companies operate in diverse areas within the agriculture sector, including Drone technology, Agri supply chain, Food processing, Hydroponics, Waste to wealth, and agri-biotechnology industries.

Prof. Safal Batra, Associate Professor at IIM Kashipur and Director of FIED, emphasized the broader objectives of this consortium. He stated that through the consortium, they were creating a knowledge pool for the startup ecosystem, with the goal of offering support to various industries in nurturing substantial startups within the agriculture sector. Moreover, they planned to set up a knowledge bank specifically for unsuccessful startups in the agricultural industry. The intention was to gather insights into these failures and subsequently share them with policymakers and the government to aid in the formulation of beneficial policies.

Approximately ten prominent HEIs, including IGKV-Raipur, CCS Haryana Agriculture University, Hisar, Acharya N G Ranga Agricultural University, IVRI Bareilly, Pusa Krishi, New Delhi, GB Pant University, VCSJ Uttarakhand University of Forestry & Horticulture, Bharsar, Uttarakhand, and CCS NIAM Jaipur, have formally committed to collaborating within the Agri Consortium.

As the Agri Consortium takes root, it holds the potential to drive significant positive change in India's agriculture industry, benefiting both farmers and entrepreneurs alike.