- 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.