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.
