Ambedkar Social Innovation and Incubation Mission | 01 Oct 2020

Why in News

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.

Key Points

  • Major Objectives of the Mission:
    • 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 the Department of Science and Technology.
  • Implemented By: Venture Capital Fund for SCs (VCF-SCs) which was set up in 2015-16 with the Fund size of Rs. 500 Crore. Under this fund, 117 companies promoted by SC entrepreneurs have been sanctioned financial assistance to set up business ventures.
  • Features:
    • 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 (investment) funding so that they can translate their start-up ideas into commercial ventures.
    • Successful ventures would further qualify for venture capital funding of up to Rs. 5 Crore from the VCF-SCs.
      • Venture capital is a form of private equity and a type of financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.
  • Eligibility:
    • Youth who have been identified by the TBIs.
    • Students who have been awarded under the Smart India Hackathon or Smart India Hardware Hackathon being conducted by the 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 Corporate Social responsibility (CSR) funds.
  • Significance:
    • ASIIM under VCF-SC will promote innovation in the SC youth and would help them to become job-givers from job-seekers.
    • It would further give fillip to the ‘Stand Up India’ initiative of the Prime Minister.

Source: PIB