Ambedkar Social Innovation & Incubation Mission
Ministry of Social Justice and Empowerment has launched the Ambedkar Social Innovation and Incubation Mission (ASIIM) under Venture Capital Fund for SCs with a view to promoting innovation and enterprise among SC students studying in higher educational institutions.
Ministry of Social Justice had launched the Venture Capital Fund for SCs (VCF-SC) in 2014-15 with a view to developing entrepreneurship amongst the SC/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.
- To promote entrepreneurship among the SC Youth with special preference to Divyangs;
- To support (1,000) innovative ideas till 2024 through a synergetic work with the Technology Business Incubators (TBIs) set up by Department of Science and Technology;
- To support, promote, hand-hold the start-up ideas till they reach commercial stage by providing liberal equity support; and
- To incentivise students with innovative mind-set to take to entrepreneurship with confidence.
- Under the “Ambedkar Social Innovation Incubation Mission (ASIIM)” initiative, 1,000 SC youth would be identified in the next 4 years with start-up ideas through the Technology Business Incubators (TBIs) in various higher educational institutions.
- They will be funded @ Rs. 30 lakhs in 3 years as equity funding so that they can translate their start-up ideas into commercial ventures.
- Successful ventures would further qualify for venture funding of up to Rs. 5 Crore from the Venture Capital Fund for SCs.
The following SC/Divyang youth would be eligible for support under ASIIM:
- Youth who have been identified by the TBIs being promoted by Department of Science & Technology.
- Youth who are identified for incubation by reputed private TBIs.
- Students who have been awarded under the Smart India Hackathon or Smart India Hardware Hackathon being conducted by Ministry of Education.
- Innovative ideas focusing on the socio-economic development of the society identified in the TBIs.
- Start-ups nominated and supported by corporates through CSR funds.
For more information about the scheme, click here.
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