The All India Institute of Ayurveda (AIIA), in collaboration with Startup India, has recently launched a novel initiative called the ‘Ayush Start-up Challenge’. The term AYUSH is an acronym for Ayurveda, Yoga and Naturopathy, Unani, Sidha and Homeopathy. This initiative was conceived with the aim of motivating startups and individuals to develop innovative ideas within the sphere of Ayurveda and alternative healing modalities.
The Ayush Start-Up Challenge
The main objective of creating this challenge is to stimulate creative minds working in the domain of Ayurveda and alternative therapies. A cash prize of Rs. 1 lakh will be given to the winner, while the runner-up will receive Rs. 50,000. Moreover, the winners will also receive incubation support from the AIIA. The incubation support will provide them with additional resources such as guidance from industry experts, access to a network of investors, and other business development support that can help in scaling their startups.
Categories of the Challenge
The competition encompasses three different entry divisions for participating startups. These are: Ayush Food Innovations, Ayush Bio-instrumentation (Hardware solutions), and Ayush IT Solutions (Software solutions). From each category, two winners will be selected and awarded.
Current Market Status of AYUSH
Recent data reveals that the market size of the AYUSH sector has shown significant growth, with a 17% increase noted during the period from 2014-2020. As a result, the current market value stands at USD 18.1 billion. Comparatively speaking, when assessing the global market share, India’s growth in the AYUSH market is higher than the rest of the world. At present, it holds approximately 2.8% of the market share, a position that is predicted to remain steady.
The current estimated value of the Ayush market is around USD 10 billion, and it is projected to experience a 50% increase over the next five years.
Other Schemes Related to AYUSH
In addition to the startup challenge, there are several other initiatives related to AYUSH. These include the National Ayush Mission, a central government scheme aimed at promoting Ayurveda and alternative healing methods. Other schemes include New Portals on Ayush Sector, the AYUSH Entrepreneurship Programme, Ayush Wellness Centers, ACCR Portal and the Ayush Sanjivani App. These various schemes and initiatives underscore the government’s commitment to promoting and encouraging innovation and growth within the AYUSH sector.
The Ayush Start-up Challenge is an innovative step towards promoting entrepreneurship in the field of Ayurveda and alternative healing. With a growing global interest in alternative therapies and a rising market potential, such initiatives are crucial for nurturing new ideas and fostering innovation in this domain.