Ambedkar Social Innovation & Incubation Mission ASIIM: A Solution for Employment Challenges Amongst SC Students

The Ministry of Social Justice and Empowerment launched a scheme called the Ambedkar Social Innovation & Incubation Mission under the purview of the Venture Capital Fund- Scheduled Castes (VCF-SCs). The primary aim of the scheme is to foster a culture of innovation and entrepreneurship, especially among students who come from the marginalised communities of Scheduled Castes (SCs).

ASIIM Scheme’s focus is strictly on nurturing the students from the marginalised communities of the Scheduled Castes, so that they can work on their innovative ideas and bring them into reality. This Sarkari Yojana promotes students from SC communities to enter the field of entrepreneurship, and not hold back because of issues like monetary constraints or inadequate skills.

Read the article to learn more about the government scheme, ranging from its objectives and benefits to eligibility criteria and application process as laid down in the Venture Capital Fund for Scheduled Castes PDF.

What Is The Ambedkar Social Innovation & Incubation Mission?

The Ambedkar Social Innovation & Incubation Mission is a government scheme introduced by the Ministry of Social Justice and Empowerment under the Venture Capital Fund for SCs and OBCs (VCF-SC). This Venture Capital Fund for Scheduled Castes under the social sector initiatives aims to provide financial assistance and promote innovation and enterprise among SC students.

The main objective of the Ambedkar Social Innovation & Incubation Mission is to provide opportunities for SC students to be entrepreneurs instead of becoming job-seekers.

For the SC/ST startup fund under this government scheme, the government has a fund size of Rs. 500 crore, and 117 companies have been given financial assistance to kick-start their business ventures. Technology Business Incubators (TBIs) would fund them up to Rs. 30 lakhs in three years as equity.

Benefits Of Ambedkar Social Innovation & Incubation Mission

The IFCI ASIIM scheme provides multiple benefits to SC students. Let’s take a look at the benefits.

• The government scheme has a target of helping around 1000 students from the communities of the Scheduled Castes over the next four years. This restriction to marginalised communities has been made to help those who are often discouraged from entering dynamic fields, like entrepreneurship. This scheme also reflects the government’s commitment to creating an inclusive ecosystem for all, irrespective of their personal backgrounds.

• Technology Business Incubators (TBIs) are set up in various higher educational institutions to provide correct guidance to those students who have innovative and unique start-up ideas.

• The government scheme will provide Rs. 30 lakhs as equity funding in three years to the beneficiaries, so that one of their major problems can be resolved. i.e., of funding. Proper funding is one of the deciding factors in the success of any business model.

• Under the scheme, successful ventures would be qualified for funds of up to Rs. 5 crore from the Venture Capital Fund for SCs and OBCs.

Read More: Prime Minister's Employment Generation Programme for New Entrepreneurs

Selection Process Of Ambedkar Social Innovation & Incubation Mission

The SC students who meet the eligibility criteria will then proceed to the selection process.

1. The start-up ideas of SC students selected by the TBIs will be automatically selected for incubation.

2. Other SC students' applications/proposals will be taken up as per the guidelines of the fund.

What Are The Documents Required For The ASIIM Scheme?

There are some documents that the applicants are required to attach while filling out the application form for the ASIIM scheme. The list of those documents is:

• Aadhaar card

• Educational marksheets

• Caste certificate

• Birth certificate

• Bank passbook