With a view to promoting innovation and enterprise in SC students studying in higher educational institution, Government of India is launching the Ambedkar Social Innovation and Incubation Mission (ASIIM) on 30th September 2020. Under 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.15 Cr from the Venture Capital Fund for Scheduled Castes.
The ASIIM initiative will be implemented by the Venture Capital Fund for Scheduled Castes (VCF-SC) which was set up in 2015 with the Fund size of Rs. 500 Cr. Since its inception, VCF-SC has sanctioned financial assistance to 118 companies to the tune of Rs. 444.14 crore. In order to further motivate and encourage Innovative entrepreneurial Startups, MoSJ&E, GOI 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 institution including Business / Management schools. The VCF-SC shall extend all support in the form of hand-holding, guidance, mentoring, besides providing equity support up to Rs 30 lakh over a period of three (3) years to each entity of young SC students / entrepreneurs.
This initiative under VCF-SC will promote innovation in the SC youth and would help them to become job-givers from job-seekers; and would further give fillip to the ‘Stand Up India’ initiative of Hon’ble PM Shri Narendra Modi.