The Ministry of Social Justice & Empowerment launched the ASIIM or Ambedkar Social Innovation and Incubation Mission to promote entrepreneurial innovation among the Scheduled Caste students studying in higher educational institutions.

Venture Capital Fund for Scheduled Castes implements this scheme. If you want to know more and wish to avail this scheme, continue reading.

Here are the objectives of the Ambedkar Social Innovation and Incubation Mission -

1. This scheme aims to promote entrepreneurship among the young SC population. Special preference is offered to Divyangs.
2. It collaborates with Technology Business Incubators, established by the Department of Science and Technology.  It aims to assist 1000 innovative business ideas until 2024.
3. This scheme provides equity funding to support the start-up ideas to establish themselves as commercial entities.
4. It offers incentives to eligible SC students with innovative mindsets to promote entrepreneurship among them.

Note the following features of the Ambedkar Social Innovation and Incubation Mission -

• Technology Business Incubators will identify the 1000 SC young individuals studying in higher educational institutions in the next 4 years. These SC youths must own solid start-up ideas to become eligible.
• Eligible candidates will qualify for equity funding of ₹30 lakhs in 3 years. This will help them translate their innovative start-up ideas into commercial business ventures.
• Successful business entities will qualify for equity venture capital funding of up to ₹5 crores from Venture Capital Fund for Scheduled Castes.

Beneficiaries must meet the following criteria to become eligible for Ambedkar Social Innovation & Incubation Mission -

• Beneficiaries must be identified by TBIs, developed by the Department of Science & Technology.
• SC students who are identified by reliable private TBIs for incubation can qualify for this scheme.
• Students awarded with Smart India Hardware Hackathon or Smart India Hackathon are eligible.
• Nominated start-ups and those backed by corporate assistance through CSR funds.
• Students with ideas focussing on socio-economic development identified in the TBIs can also benefit from this scheme.

Once you meet eligibility criteria, apply online for this scheme. Here is the step-wise guide mentioned below -

Step 1: Visit the IFCI Venture Capital Funds Ltd. website and scroll down to select “Apply Now”. 

Step 2: You will be directly redirected to the online application form.

Step 3: Fill in the online application form with the following relevant details such as -

• Application for which scheme
• Name of an applicant or entity
• Contact details of the TBI Head
• Shareholding pattern of the past and current financial year
• Details of the business project, etc.

Step 4: Read and select the disclaimer and submit the online application form.

Here are the documents that you need to submit with your ASIIM application -

• AOA (Article of Association) and MOA (Memorandum of Association) of the company
• Promoters’ scheduled caste certificate
• KYC documents such as promoter’s PAN card, Aadhaar card, 2 recent passport-sized photographs.
• 3-year IT returns of a company
• Company’s annual report of last 3 years
• CA certified shareholding structure of the company, net worth of promoters
• Sanction letter of the current banker
• Detailed report of a project and its TEV (Techno Economical Viability) if available.
• Revenue model
• Certificate proof from an Incubation centre
• Copyright documents concerning patents under SC entrepreneurs
• Documents to show any financial assistance received from the Indian government, if applicable.

Submit these documents along with the reference application number to the address mentioned below – 

Address 

IFCI Venture Capital Funds Limited

(Investment Manager – Venture Capital fund for Scheduled Castes)

IFCI Tower, 16th floor, 61 Nehru Place, New Delhi- 110019.

ASIIM aims to establish 1000 start-ups run by SC entrepreneurs over 4 years (2020-24). This way, it will be able to transform the young SC population from job-seekers to job-givers. Additionally, it will boost the initiative, “Stand Up India''. Hence, if you are a beneficiary, make sure to avail this scheme. Also, don’t forget to keep documents handy while applying to avoid inconvenience.