About ASIIM

• The Ambedkar Social Innovation and Incubation Mission (ASIIM) was launched in 2020 by the Ministry of Social Justice & Empowerment as a flagship scheme to promote innovation and entrepreneurship skills among youths of Scheduled Castes (SCs). 
• ASIIM has been designed to empower innovative ideas, provide synergetic work with Technology Business Incubators (TBIs) and help translate start-up ideas into commercial ventures by providing equity funding through Venture Capital Fund. 
• The VC Fund set up for the scheduled castes with a fund size of Rs 500 crores aims at providing sanctioned financial assistance to set up business ventures by young entrepreneurs who are further promoted by 117 private companies. 
• Youths selected under ASIIM will be funded up to Rs. 30 lakhs in 3 years as equity investment funding based upon their innovative idea. Successful ventures under this scheme would further qualify for venture capital funding of up to Rs. 5 Crore. 
• Startup companies and small businesses that are believed to have long-term growth potential will hence be empowered with mentorship, incubation and equity based financial assistance focusing upon the socio-economic development of the country. 

Why in News?

• The ASIIM scheme is supporting more than 1000 innovative ideas every year.

https://newsonair.gov.in/News?title=9-Years-of-Modi-govt%3a-A-Look-at-Ambedkar-Social-Innovation-and-Incubation-Mission&id=461938