AIC-NIFIE is established under the Atal Innovation Mission and is aimed at fostering early-stage startups through incubation, mentorship, industry partnerships and access to frontier research and technology. Even though the centre is open to all innovators it gives a priority to IIM Mumbai students and alumni in the selection process ensuring fair and merit-based evaluation.

During the launch ceremony Dr. Singh highlighted the importance of academia-industry collaboration to fuel innovation and economic development. He also highlighted that anyone with a sound business idea irrespective of age or educational background can become a part of India's startup ecosystem.

AIC-NIFIE is a not-for-profit organisation Section 8 company under the Companies Act, 2013 and the funding partner of NITI Aayog and the Government of India. Director of IIM Mumbai Professor Manoj K Tiwari informed that the centre has already received its first set of startup applications of which ten startups are incubated right now. These include applicants from within and outside the IIM Mumbai fraternity. A new call for startup applications will shortly be out.

The new incubation center is likely to contribute significantly to entrepreneurship, innovation and skill development in India.