Ambedkar Social Innovation Incubation Mission (ASIIM) Scheme under VCF-SC

Brief

In order to boost entrepreneurship and innovation among the SC students/ SC Divyang youth, MoS&JE has launched an initiative viz. “Ambedkar Social Innovation and Incubation Mission (ASIIM)” under VCF-SC on 30th September 2020.

The objective of this initiative is to provide focused support to young SC 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 setup successful commercial enterprises.

Eligibility

• The eligibility criteria for sending proposals for seeking assistance under ASIIM initiative is as follows:
• Youth who have been identified by the TBls. Atal lncubation Centers (AICs), Technology / lndustrial Parks, Science and Technology Parks of India (STPI) being promoted by Department of Science & Technology (DST) or other than DST and other incubation centers supported by Government of
• Youth who are identified for incubation by reputed private TBIs.
• Students who have been awarded under the Smart India Hackathon or Smart India Hardware Hackathon being conducted by Ministry of Education.
• Innovative ideas focusing on the socio-economic development of the society identified in the TBIs in public, private sector.
• Start-ups nominated and supported by corporates through CSR funds.

Fund / quantum

• Under ASIIM initiative, 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.15 Cr from the Venture Capital Fund for Scheduled Castes.

Benefit tags

• Funding

• The identified innovative ideas from SC students in the TBIs would be provided equity assistance towards TBI accommodation cost, Hardware, Software, Fellowship, Travel and marketing, IP filing, Tool-room expenses, Co-workers etc.
• During the incubation period of 3 years, the entrepreneurs shall not be insisted for any financial contribution except the expenses required for forming a company which would be borne by the entrepreneurs or TBIs. Financial assistance to these initiatives shall be released to the Companies promoted by these young SC entrepreneurs.
• Funding of up to Rs.30 lakhs over a three-year period as equity.
• Coupon - 4% p.a. (3.75% for women/ Divyang SC entrepreneurs)
• Investment Period in Company – Up to 10 years including moratorium upto 36 months.

• The eligibility criteria for sending proposals for seeking assistance under ASIIM initiative is as follows:

• Youth who have been identified by the TBls. Atal lncubation Centers (AICs), Technology / lndustrial Parks, Science and Technology Parks of India (STPI) being promoted by Department of Science & Technology (DST) or other than DST and other incubation centers supported by Government of

• Youth who are identified for incubation by reputed private TBIs.

• Students who have been awarded under the Smart India Hackathon or Smart India Hardware Hackathon being conducted by Ministry of Education.

• Innovative ideas focusing on the socio-economic development of the society identified in the TBIs in public, private sector.

• Start-ups nominated and supported by corporates through CSR funds.

• Under ASIIM initiative, 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.15 Cr from the Venture Capital Fund for Scheduled Castes.

Online / portal

Official application / information link: https://www.vcfsc.in/asiim/index.html

Source listing: https://www.startupindia.gov.in/content/sih/en/government-schemes.html