An initiative was launched on 30 September 2020 by the government to promote innovation and entrepreneurship amongst SC students in higher education campuses. The programme named Ambedkar Social Innovation Incubation Mission (ASIIM) was launched by the Minister of Social Justice and Empowerment Thaawarchand Gehlot at an event in Delhi.
Aim and objectives of ASIIM
- The ASIIM aims to promote innovation and entrepreneurship among SC students in the higher education campuses.
- There is a need to identify innovative ideas and provide focussed support to young entrepreneurs who are engaged in working on innovative and technology-oriented business ideas either in educational campuses or Technology Business Incubators (TBIs) to help them set up successful commercial enterprises.
- ASIIM launched through the Venture Capital Fund for Scheduled Castes (VCFSC).
- The main objectives of ASIIM also include promoting entrepreneurship among the SC Youth with special preference to Divyangs, supporting (1,000) innovative ideas till 2024 through a synergetic work with the Technology Business Incubators (TBIs) set up by Department of Science and Technology among others.
- Under this initiative, 1,000 initiatives of SC youth would be identified through a systematic and transparent process in convergence with the technology business incubators and would fund them up to ₹30 lakh in a three year period as equity.
- The purpose is to encourage the innovative students to take to innovation and entrepreneurship without seeking jobs.
- Successful ventures would further qualify for venture funding of up to ₹5 Crore from the Venture Capital Fund for SCs.
- The ministry has decided to launch ASIIM through the Venture Capital Fund for Scheduled Castes (VCFSC).
- 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.