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Ambedkar Social Innovation & Incubation Mission launched

  • IASbaba
  • October 3, 2020
  • 0
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Ambedkar Social Innovation & Incubation Mission launched

Part of: GS Prelims and GS-II – Issues related to SCs and STs & GS-III – Innovation; Entrepreneurship

In news

  • 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.

Key takeaways

  • 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.

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