Ambedkar Social Innovation & Incubation Mission

News: Ministry of Social Justice and Empowerment launched the Ambedkar Social Innovation and Incubation Mission under Venture Capital Fund for SCs

Facts:

Objective:

• To promote entrepreneurship among the SC Youth with special preference to Divyangs.
• To support (1,000) innovative ideas till 2024 through a synergetic work with the Technology Business Incubators (TBIs) set up by the Department of Science and Technology.

Features:

• Under the mission, 1,000 SC youth would be identified in the next 4 years with start-up ideas through the Technology Business Incubators (TBIs) in various higher educational institutions.
• 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

Additional Information:

Venture Capital Fund for SCs

• It was launched in 2014-2015
• 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.