Ambedkar Social Innovation & Incubation Mission launched
Part of: GS Prelims and GS-II – Issues related to SCs and STs & GS-III – Innovation; Entrepreneurship
- The Ambedkar Social Innovation and Incubation Mission under Venture Capital Fund for Scheduled Castes (SCs) was recently launched.
- Ministry: Ministry of Social Justice
- Objective: To promote innovation and enterprise among SC students studying in higher educational institutions.
- Under the initiative, 1,000 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.
Important value additions
Venture Capital Fund for SCs:
- Launched by: The Social Justice Ministry
- Year: 2014-15
- Aim: To develop entrepreneurship amongst the SC and Divyang youth and to enable them to become job-givers.
- Objective: 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.