RISE

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Picture Courtesy: www.opportunityindia.com

Context: A new accelerator program, Rapid Innovation and Startup Expansion (RISE), has been launched by AIM, NITI Aayog to help circular economy startups from India and Australia.

About RISE

• RISE is a nine-month accelerator program that will help circular economy startups and Startups and small to mid-sized enterprises (SMEs) from India and Australia to scale up their businesses, access new markets, and collaborate with potential partners, customers, and investors.
• The program is delivered in partnership between AIM, NITI Aayog, and the Government of India's flagship initiative to promote a culture of innovation and entrepreneurship, and CSIRO, Australia's national science agency.
• The program focuses specifically on circular economy technologies and solutions, reflecting a commitment to environmental sustainability and addressing shared challenges in both economies.

Key points from the announcement:

• Strategic Partnership: The RISE Accelerator program reinforces the strategic partnership between India and Australia, not only strengthening diplomatic ties but also promoting collaborative efforts in various domains.
• Bilateral Collaboration: The program is a multi-year bilateral effort between India and Australia, emphasizing the shared challenges of both economies. It is dedicated to addressing environmental and climate technology challenges, providing a platform for startups to innovate solutions on a global scale.
• Supporting Circular Economy: The first round of the program aligns with CSIRO’s Circular Economy for Missions initiative. This initiative is focused on creating a sustainable future by encouraging waste innovation and designing materials and products with a zero-waste mindset.
• Program Details: The RISE Accelerator program spans nine months and aims to assist startups in navigating early steps in a new region. It provides support in fast-tracking connections to partners, customers, and talent, helping build credibility for international market success.
• Target Participants: The program targets Startups and small to mid-sized enterprises (SMEs) with mature technologies that have a desire to expand between India and Australia. It particularly calls for those developing innovative business models, technologies, and resource ingenuity to support the transition to a circular economy in both countries.
• Financial Support: Participating startups may be eligible for up to INR 40,00,000 in non-equity grants, providing financial support to aid their validation and adaptation of technology and research overseas.
• Application Process: Startups interested in the RISE Accelerator program can apply, with applications open until Saturday, 7th January 2024. The program will be delivered virtually, with opportunities for travel between Australia and India.

What is the circular economy? ●A circular economy is an economic system that aims to eliminate waste and keep resources in use for as long as possible. It is based on three principles: ○Design out waste and pollution: Products are designed in such a way that they can be easily repaired, reused, remanufactured, or recycled. ○Keep products and materials in use: Products are used for their maximum lifespan and then recovered and regenerated into new products or materials. ○Regenerate natural systems: Products are made from renewable or biodegradable materials that can be safely returned to nature. ●A circular economy can benefit both the environment and the economy by reducing greenhouse gas emissions, saving natural resources, creating new jobs, and enhancing innovation.

Conclusion

• The RISE accelerator program reflects a commitment to fostering innovation, economic growth, and environmental sustainability through international collaboration between India and Australia in the field of circular economy technologies.

Must Read Articles:

Moving Away From Take Make Dispose of Model: https://www.iasgyan.in/daily-current-affairs/moving-away-from-take-make-dispose-model#:~:text=A%20circular%20economy%20is%20an,use%2C%20and%20regenerate%20natural%20systems.

Circular Economy Coalition: https://www.iasgyan.in/daily-current-affairs/circular-economy-coalition

Atal Innovation Mission: https://www.iasgyan.in/daily-current-affairs/atal-innovation-mission

PRACTICE QUESTION Q. Consider the following case study: ABC Electronics is a multinational tech company specializing in smartphones. They are exploring ways to adopt a circular economy approach to manage electronic waste generated by their products. After analyzing their current practices, they've devised a strategy to implement a more sustainable approach. What could be a practical step for ABC Electronics to embrace a circular economy model effectively? A) Implement a take-back program B) Increase production C) Encourage single-use disposal D) Limit repair options Answer: A Explanation: ●Implementing a take-back program aligns with circular economy principles by facilitating the reuse and recycling of electronic devices. It promotes responsible disposal, reduces electronic waste, and encourages the refurbishment of old devices, extending their lifecycle. This approach also incentivizes customers to participate in sustainable practices while fostering brand loyalty through discounts on new purchases. ●Options B, C, and D do not align with circular economy principles, as they contribute to increased waste generation, promote single-use disposal, or discourage repair and refurbishment, which are vital aspects of a circular economy model.