- Union Social Justice Minister 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.
- Under Ambedkar Social Innovation Incubation Mission initiative, one thousand SC youth will be identified in the next four years with start-up ideas through the Technology Business Incubators in various higher educational institutions.
- They will be funded 30 lakh rupees in three years as equity funding to translate their start-up ideas into commercial ventures.
- Successful ventures would further qualify for venture funding of up to five Crore rupees from the Venture Capital Fund for SCs.
What is Venture Capital Fund?
- The Social Justice Ministry had launched the Venture Capital Fund for SCs in 2014-15 with a view to developing entrepreneurship amongst the SC and 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.
- Under this fund, 117 companies promoted by SC entrepreneurs have been sanctioned financial assistance to set up business ventures.
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