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Ambedkar Social Innovation & Incubation Mission (ASIIM) launched

Topics Covered: Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes; mechanisms, laws, institutions and bodies constituted for the protection and betterment of these vulnerable sections.

Ambedkar Social Innovation & Incubation Mission (ASIIM) launched:

Launched by?

Ministry of Social Justice and Empowerment.

 Launched under?

Venture Capital Fund for SCs.

 Objectives:

  • 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.

Benefits:

  • 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.

Who is 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.

What is Venture Capital Fund for SCs (VCF-SC)?

  • Launched by the Ministry of Social Justice in 2014-15 with a view of 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.

InstaLinks:

Prelims Link:

  1. About ASIIM.
  2. Launched by?
  3. Objectives.
  4. Implementation.
  5. What is VCF-SC?

Sources: PIB.