Govt launches initiative to promote innovation and entrepreneurship amongst SC students

He said that the ministry has decided to launch ASIIM through the Venture Capital Fund for Scheduled Castes (VCFSC) The minister said that this initiative under VCF-SC will promote innovation in the SC youth and would help them to become job-givers from job-seekers; and would further give fillip to the 'Stand Up India' initiative.

An initiative was launched on Wednesday by the government to promote innovation and entrepreneurship amongst SC students in higher education campuses. The programme named Ambedkar Social Innovation Incubation Mission (ASIIM) was launched by the Minister of Social Justice and Empowerment Thaawarchand Gehlot at an event here.

The ASIIM aims to promote innovation and entrepreneurship among SC students in the higher education campuses, the ministry said in a statement. "There is a need to identify innovative ideas and provide focussed support to young entrepreneurs who are engaged in working on innovative and technology-oriented business ideas either in educational campuses or Technology Business Incubators (TBIs) to help them set up successful commercial enterprises," it said. In accordance with that the Ministry of Social Justice and Empowerment said it has decided to launch (ASIIM) through the Venture Capital Fund for Scheduled Castes(VCFSC). Apart from promoting innovation and entrepreneurship amongst SC students, the ministry said the main objectives of ASIIM also include promoting entrepreneurship among the SC Youth with special preference to Divyangs, supporting (1,000) innovative ideas till 2024 through a synergetic work with the Technology Business Incubators (TBIs) set up by Department of Science and Technology among others.

"Under this initiative, 1,000 initiatives of SC youth would be identified through a systematic and transparent process in convergence with the technology business incubators and would fund them up to Rs 30 lakh in a three year period as equity. The purpose is to encourage the innovative students to take to innovation and entrepreneurship without seeking jobs," the ministry said. Successful ventures would further qualify for venture funding of up to Rs 5 Crore from the Venture Capital Fund for SCs, it said Addressing the occasion, Gehlot said that the Ministry of Social Justice had launched the Venture Capital Fund for SCs (VCF-SC) in 2014-15 with a view to develop entrepreneurship amongst the SC/Divyang youth and to enable them to become 'job-givers'. He said that the ministry has decided to launch ASIIM through the Venture Capital Fund for Scheduled Castes (VCFSC) The minister said that this initiative under VCF-SC will promote innovation in the SC youth and would help them to become job-givers from job-seekers; and would further give fillip to the 'Stand Up India' initiative.

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