All applications need to be submitted online to AIM, at the time of call of applications through a web-based portal. The applications will go through a comprehensive selection process and would be evaluated based on the indicative Selection Matrix (Annexure IV of ACIC Guidelines) by a Screening cum Selection Committee (SSC) duly constituted for this purpose.
ACICs will be established by Public funded institutions, Private sector funded institutions or through Public Private Partnership (PPP) mode. The Host Institution in collaboration with a funding partner (or through self funding) must provide the matching contribution to the fund that is requested by Atal Innovation Mission
Post the selection process, all shortlisted applicants will have to set up a Special Purpose Vehicle (SPV), a not-for-profit Company under Section 8 of the Companies Act,2013. All applicants will have to adhere to the financial regularities and norms as prescribed in General Financial Rules (GFRs) orders of the Government of India.
The first tranche of grants-in-aid will be released after execution of Memorandum of Agreement, submission of bond by the SPV and other necessary compliance processes. Subsequent tranches will be released after due monitoring and evaluation of the performance of ACIC.