The Union Minister of Social Justice and Empowerment launched the Ambedkar Social Innovation and Incubation Mission (Ambedkar Social Innovation & Mission) under the Venture Capital Fund to promote innovation and enterprise among scheduled caste students studying in higher educational institutions. (Ambedkar Social Innovation and Incubation Mission – ASIIM).

Ambedkar Social Innovation and Incubation Mission

Venture Capital Fund for Scheduled Castes
(Venture Capital Fund for SCs):

  • The Union Ministry of Social Justice and Empowerment has launched Venture Capital Fund for SCs for the year 2014-15 with the objective of developing entrepreneurship among SC / differently-abled youth and enabling them to become ‘job seekers’. Was introduced.
  • Objective: The purpose of this fund is to provide concessional finance to institutions of scheduled caste entrepreneurs.
    • Under this fund, financial assistance has been sanctioned to 117 companies promoted by scheduled caste entrepreneurs to set up business ventures.

‘Ambedkar Social Innovation and Incubation Mission’ (ASIIM):

  • Under this initiative, 1000 SC youth will be identified with start-up based ideas in next 4 years through Technology Business Incubators- TBIs at various higher educational institutions in the country.
    • After which they will be given a fund of 30 lakh rupees in 3 years in the form of equity funding so that they can convert the idea of setting up their start-up into a commercial venture.
      • For further funding for successful venture, you will qualify for venture funding up to Rs 5 crore from ‘Venture Capital Fund for Scheduled Castes’.

Financial assistance provided so far under the Venture Capital Fund (VCF-SC) for Scheduled Castes:

  • The ASIIM initiative will be implemented by the Venture Capital Fund for SC (VCF-SC) which was set up in 2016 with a fund of Rs 500 crore.
    • Since its inception, VCF-SC has provided financial assistance of Rs 444.14 crore to 118 companies.
  • To encourage startups entrepreneurs, the Union Ministry of Social Justice and Empowerment has set up Venture Capital Fund for Scheduled Castes to focus on providing equity support to institutions / companies of young SC entrepreneurs working on innovative and technology based ideas. (VCF-SC) guidelines.

Ambedkar Social Innovation & Incubation Mission Benefit:

  • The ASIIM initiative under the Venture Capital Fund for Scheduled Castes will promote innovation among scheduled caste youth.
    • Job seekers will help to convert into ‘job seekers‘.
    • The ‘Stand Up India‘ initiative will get a boost.