Thaawarchand Gehlot e-launches ASIIM initiative to support 1000 Start-ups of SC Youth over next 4 Years
- The Union Minister for Social Justice and Empowerment Shri Thaawarchand Gehlot launched an initiative called the “Ambedkar Social Innovation and Incubation Mission (ASIIM) through Video Conferencing on 30 September 2020 in New Delhi.
- The ASIIM initiative has been launched under the Venture Capital Fund for SCs to promote innovation and enterprise among SC students studying in higher educational institutions.
What is ASIIM?
- Under ASIIM, 1,000 SC youth would be identified in the next 4 years having 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.
Venture Capital Fund for SCs
- The Venture Capital Fund for SCs (VCF-SC) was launched by the Ministry of Social Justice in 2014-15 to develope entrepreneurship amongst the SC/Divyang youth and enable them to become ‘job-givers’.
- The fund provides concessional finance to the entities of the SC entrepreneurs.
Source: PIB