Ambedkar Social Innovation and Incubation Mission (ASIIM) | UPSC

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Ambedkar Social Innovation and Incubation Mission (ASIIM) | UPSC

Ambedkar Social Innovation and Incubation Mission (ASIIM) | UPSC

      HEADLINES:

Shri Thaawarchand Gehlot e-launches “Ambedkar Social Innovation and Incubation Mission under Venture Capital fund for SCs(ASIIM)”

      WHY IN NEWS:

Hot from PIB !

MINISTRY? :- Ministry of Social Justice & Empowerment
SYLLABUS COVERED: GS 3: Schemes : Policies : Mission

      LEARNING: 

For PRELIMS go through the aim ,funding pattern and the features .

For MAINS do you think such initiatives should start at rural areas too ? If yes then how should such mission be deployed ?

      ISSUE: 

ASIIM to Support 1000 Start-ups of SC Youth over next 4 Years

Ambedkar Social Innovation and Incubation Mission (ASIIM) | UPSC

AMBEDKAR SOCIAL INNOVATION AND INCUBATION MISSION

  • Union Minister for Social Justice and Empowerment launched the “Ambedkar Social Innovation and Incubation Mission (ASIIM) under Venture Capital Fund for SCs”.
  • Ministry of Social Justice had launched the Venture Capital Fund for SCs (VCF-SC) in 2014-15 .
  • This fund was launched with a view to developing entrepreneurship amongst the SC/Divyang youth and to enable them to become ‘job-givers’.

AIM

The mission is launched with a view to promoting innovation and enterprise among SC students studying in higher educational institutions.

OBJECTIVES

  • The Objective of this fund is to provide concessional finance to the entities of the SC entrepreneurs.

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.
  • To incentivise students with innovative mind-set to take to entrepreneurship with confidence.

FUNDING

  • 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.

BUDGET

  • The ASIIM initiative will be implemented by the Venture Capital Fund for SCs (VCF-SCs).

The budget of ASIIM for the next four years has been kept at Rs 19320lakhs.

  • VCF-SCs was set up in 2016 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.

TIMELINE

  • 1,000 SC youth would be identified in the next 4 years with start-up ideas .

FEATURES

  • Potential beneficiaries will be identified through the Technology Business Incubators (TBIs) in various higher educational institutions.

Under this fund, 117 companies promoted by SC entrepreneurs have been sanctioned financial assistance to set up business ventures.

  • To promote entrepreneurship among the SC Youth with special preference to Divyangs.

SIGNIFICANCE

  • This initiative under VCF-SC will promote innovation in the SC youth.
  • It would help them to become job-givers from job-seekers.
  • This would further give fillip to the ‘Stand Up India’ initiative of the Prime Minister PM Shri Narendra Modi.

In order to further motivate and encourage Startups, M/o SJ&E has modified the Venture Capital for Scheduled Castes (VCF-SC) guidelines.

  • This will ultimately help to keep focused attention in providing equity support to entities/companies of young SC entrepreneurs .

      IASbhai WINDUP: 

  • There is a need to identify innovative ideas and provide focussed support to young entrepreneurs .
  • Also , entrepreneurs who are engaged in working on innovative and technology-oriented business ideas.
  • This can be either in educational campuses or Technology Business Incubators (TBIs) to help them setup successful commercial enterprises.

Under this initiative VCF-SC shall target SC students / young entrepreneurs working in Technology Business Incubators (TBIs) .

  • TBI’s are supported by Department of Science and Technology (DST) in higher education and technology institution including Business / Management schools.
     SOURCES:PIB | Ambedkar Social Innovation and Incubation Mission (ASIIM) | UPSC

 

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