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EXPLAINED : “AMBEDKAR SOCIAL INNOVATION & INCUBATION MISSION UNDER VENTURE CAPITAL FUND FOR SCS(ASIIM)”

EXPLAINED : “AMBEDKAR SOCIAL INNOVATION & INCUBATION MISSION UNDER VENTURE CAPITAL FUND FOR SCS(ASIIM)”

Context

The Ministry for Social Justice and Empowerment launched the “Ambedkar Social Innovation and Incubation Mission (ASIIM) under Venture Capital Fund for SCs”.

Details

  • It will be implemented by the Venture Capital Fund for SCs (VCF-SCs) which was set up in 2016 with the Fund size of Rs. 500 Cr.
  • The Ministry for Social Justice and Empowerment has modified the Venture Capital for Scheduled Castes (VCF-SC) guidelines to keep focused attention in providing equity support to entities/companies of young SC entrepreneurs working on innovative and technology-based ideas.
  • Under this initiative VCF-SC shall target SC students / young entrepreneurs working in Technology Business Incubators (TBIs) supported by Department of Science and Technology (DST) in higher education and technology institutions including Business / Management schools.

Objective

  • 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.
  • As per “Ambedkar Social Innovation Incubation Mission (ASIIM)”initiative, 1,000 SC youth will 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 to translate their start-up ideas into commercial ventures.
  • Successful ventures qualifies for venture funding of up to Rs. 5 Crore from the Venture Capital Fund for SCs.
  • To promote entrepreneurship among the SC Youth with special preference to Divyangs.
  • To incentivise students with an innovative mind-set to take entrepreneurship with confidence.

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