All India Institute of Ayurveda (AIIA), in association with Start-up India, has launched the 'Ayush Start-up Challenge' to encourage early-stage start-ups to work on innovations in the field of Ayurveda and alternative healing.
The winners of the challenge will receive a cash prize and incubation support from AIIA.
There are three entry categories for participating start-ups – Ayush food innovations, Ayush bio-instrumentation and Ayush IT Solutions.
There will be two winners in each of the three categories with a cash prize of Rs 1 lakh for the winner and Rs 50,000 for the runner-up, the AIIA said in a statement.
The Ayush market stands at a whopping USD 10 billion and is expected to see an impressive 50% increase in the next five years, the statement from AIIA added.
According to AIIA, the Ayush sector offers massive potential for exponential growth at a time when there is growing global interest in the field of alternative medical practices.
AIIA director Tanuja Manoj Nesari said, "We are building AIIA as an institution of eminence under the guidance of the ministry of Ayush with three key wings of medical science under one roof – academics, scientific research and clinical practice."
"To fully realize the potential of the Ayush science we need a thriving ecosystem with players operating across the entire value chain."
The 'Ayush Start-up Challenge' is open for participation from both early-stage start-ups as well as individuals as a group.
Also, the winners will receive incubation support that would entitle them to tap into the vast knowledge and resource pool of the AIIA.