The Ministry of Social Justice & Empowerment has launched the ‘Ambedkar Social Innovation and Incubation Mission (ASIIM)’ under Venture Capital Fund for Scheduled Castes (SCs) with a view to promoting innovation and enterprise among SC students studying in higher educational institutions.
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Key-Points
The Social Justice Ministry had launched the Venture Capital Fund for SCs in 2014-15 with a view to developing entrepreneurship amongst the SC and Divyang youth and to enable them to become job-givers.
The objective of this fund is to provide concessional finance to the entities of the SC entrepreneurs. Under this fund, 117 companies promoted by SC entrepreneurs have been sanctioned financial assistance to set up business ventures.
Under Ambedkar Social Innovation Incubation Mission initiative, one thousand SC youth will be identified in the next four years with start-up ideas through the Technology Business Incubators in various higher educational institutions.
They will be funded 30 lakh rupees in three years as equity funding to translate their start-up ideas into commercial ventures.
Successful ventures would further qualify for venture funding of up to five Crore rupees from the Venture Capital Fund for SCs.
