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The 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.
More About the Mission
- The 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 the fund was to provide concessional finance to the entities of the SC entrepreneurs. Under the fund, 117 companies promoted by SC entrepreneurs have been sanctioned financial assistance to set up business ventures.
- Under the 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 at 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 initiative would support, promote, hand-hold the start-up ideas till they reach commercial stage by providing liberal equity support and would incentivise students with an innovative mindset to take entrepreneurship with confidence.
- The VCF-SC shall extend all support in the form of hand-holding, guidance, mentoring, besides providing equity support.
Source: PIB
