The Ministry of Social Justice & Empowerment recently kick-started a new program known as the ‘Ambedkar Social Innovation and Incubation Mission (ASIIM)’. This initiative falls under the Venture Capital Fund for Scheduled Castes (SCs) and its main focus is to boost innovation and entrepreneurship amongst SC students who are pursuing higher education.
Main Objectives of ASIIM
The primary aim of ASIIM is to foster entrepreneurship skills amongst the youth in the SC category with a special emphasis on Divyangs, which refers to individuals with disabilities. The mission has set a target to back 1,000 innovative ideas by the year 2024 in collaboration with Technology Business Incubators (TBIs), which are sponsored by the Department of Science and Technology.
Venture Capital Fund for SCs: An Implementing Body
The ASIIM mission will be implemented by the Venture Capital Fund for SCs (VCF-SCs). This organization was founded in 2015-16 with an initial fund size of Rs. 500 Crore. Under this fund, financial aid has been provided to help establish business ventures for 117 companies that are promoted by SC entrepreneurs.
Highlights of the ASIIM Project
The ASIIM project aims to identify 1,000 SC youth within a span of four years who possess start-up ideas via Technology Business Incubators (TBIs) in various higher educational institutions. They will be offered funding of up to Rs. 30 lakhs over three years as equity funding, enabling them to bring their start-up ideas to life as commercial ventures. Ventures that show success could further qualify for venture capital funding of up to Rs. 5 Crore from the VCF-SCs.
Eligibility for ASIIM
Candidates eligible for the scheme are youth who have been recognised by the TBIs, students who have received awards under the Smart India Hackathon or the Smart India Hardware Hackathon organised by the Ministry of Education. This also includes innovative ideas that focus on the socio-economic development of society, identified within TBIs and start-ups that are nominated and supported by corporates via Corporate Social Responsibility (CSR) funds.
Significance of ASIIM
The introduction of ASIIM under VCF-SC is a significant step towards promoting innovation amongst SC youth, aiming to turn them from job-seekers into job-givers. Additionally, it adds momentum to the Prime Minister’s ‘Stand Up India’ initiative, which encourages entrepreneurship amongst women, SCs, and STs.
