All India Institute of Ayurveda (AIIA) has launched the 'Ayush Start-up Challenge' in collaboration with Startup India to encourage early-stage entrepreneurs to work on Ayurveda and alternative healing ideas. The challenge's winners will get a monetary award as well as AIIA's incubation support.
Huge Potential in Ayush Sector
The AIIA stated in a statement that the Ayush market is worth a phenomenal USD 10 billion and is expected to grow by 50% in the next five years.
It claims that the Ayush sector has huge potential for exponential expansion at a time when global interest in alternative medical methods is booming. "We are building AIIA as an eminent institution under the guidance of the Ministry of Ayush with three key wings of medical science under one roof – academics, scientific research, and clinical practice," said AIIA Director Prof Tanuja Manoj Nesari.
"To fully realize the potential of Ayush science, we need a thriving ecosystem with players operating across the entire value chain." Early-stage startups, as well as individuals as a group, can participate in the 'Ayush Start-up Challenge.'
Ayush food innovations, Ayush bio-instrumentation, and Ayush IT Solutions are the three entry categories for participating start-ups.
According to the AIIA announcement, there will be two winners in each of the three categories, with the winner receiving a cash reward of Rs 1 lakh and the runner-up receiving Rs 50,000. The winners will also receive incubation support, allowing them access to the AIIA's huge expertise and resource base.
About All India Institute of Ayurveda:
The All India Institute of Ayurveda, Delhi (AIIA Delhi or AIIA) is a public Ayurveda medical and research centre in New Delhi, India.
The proposal for the AIIA in New Delhi stemmed from then-Prime Minister Atal Bihari Vajpayee's announcement at the Vaidya Ram Narayan Sharma Memorial Award Distribution ceremony on 5 May 2000, held under the auspices of the All India Ayurveda Congress, that a state-of-the-art National Ayurveda Hospital would be built.
