E-launch of ASIIM- “Ambedkar Social Innovation & Incubation Mission”
Union Minister for Social Justice and Empowerment Shri Thaawarchand Gehlot e-launched the “Ambedkar Social Innovation and Incubation Mission (ASIIM) under Venture Capital Fund for SCs on September 30, 2020. The mission seeks to promote innovation and enterprise among SC students who are studying in higher educational institutions.
Venture Capital Fund for SCs (VCF-SC)
- It was launched in 2014-15 to develop entrepreneurship amongst the SC/Divyang youth and to enable them to become job-givers
- The Primary Objective of this fund is to provide concessional finance to the SC entrepreneurs.
- Presently, 117 companies promoted by SC entrepreneurs have been sanctioned financial assistance in order to set up business ventures, under the fund.
- Under the “Ambedkar Social Innovation Incubation Mission (ASIIM)”initiative, 1,000 SC youth would also be identified with some start-up ideas in 4 years.
- Students would be identified through Technology Business Incubators (TBIs) in higher educational institutions.
- Students would be funded Rs. 30 lakhs in 3 years as equity funding in order for the to convert their start-up ideas into commercial ventures.
- Successful ventures will be qualified for venture funding of up to Rs. 5 Crore from the VCF-SC.
Some of the objectives of the fund include:
- To promote entrepreneurship among the SC Youth where preference would be given to Divyangs.
- To support innovative ideas with the Technology Business Incubators (TBIs) set up by Department of Science and Technology
- To support and promote the start-up ideas till they reach commercial stage
- To incentivize students to take to entrepreneurship with confidence.
The ASIIM initiative would be implemented by the Venture Capital Fund for SCs which was set up in 2016. Under this initiative VCF-SC will target SC students / young entrepreneurs working in Technology Business Incubators (TBIs). The budget of ASIIM initiative has been set at Rs 19320lakhs for four years.