Ambedkar Social Innovation and Incubation Mission (ASIIM)
Category: Business & Entrepreneurship, Skills & Employment
Level: Central | State: All
Ministry: Ministry Of Social Justice and Empowerment

Details:
The scheme "Ambedkar Social Innovation and Incubation Mission" was launched on 30th September 2020, by the Department of Social Justice and Empowerment, Ministry of Social Justice and Empowerment, Government of India. The scheme aims to promote innovation and enterprise in Scheduled Caste students studying in higher educational institutions and to support 1,000 innovative ideas through synergistic work with the Technology Business Incubators (TBIs) set up by the Department of Science and Technology (DST). The scheme provides equity support to young Scheduled Caste entrepreneurs so they can translate their start-up ideas into commercial ventures, with successful ventures potentially qualifying for venture funding. The scheme is implemented by the Venture Capital Fund for Scheduled Castes (VCF-SC). The applications are accepted online.

Benefits:
Provision of equity assistance up to ₹30,00,000/- over a period of 3 years for identified innovative ideas from Scheduled Caste students in Technology Business Incubators (TBIs).
The assistance covers costs toward Technology Business Incubator (TBI) accommodation cost, Hardware, Software, Fellowship, Travel and marketing, Intellectual Property (IP) filing, Tool-room expenses, and Co-workers.
Successful ventures would further qualify for venture funding up to ₹15,00,00,000/- from the Venture Capital Fund for Scheduled Castes (VCF-SC).
The Venture Capital Fund for Scheduled Castes (VCF-SC) shall extend all support in the form of hand-holding, guidance, and mentoring.
Disbursement Details
The maximum capital of ₹30,00,000/- is disbursed at ₹10,00,000/- every year over a period of 3 years.
The fund infused shall be in the form of Equity, Optionally Convertible Preference Shares (OCPS), or Compulsorily Convertible Preference Shares (CCPS).
The tenure of financial assistance under Ambedkar Social Innovation and Incubation Mission (ASIIM) is 10 years, starting from the date of the first disbursement.
Conditions
The equity assistance is subject to satisfactory evaluation of the progress by the concerned Technology Business Incubator (TBI).
The financial assistance shall be released to the entities/Companies promoted by these young Scheduled Caste entrepreneurs.
Selected participants must form or have a private limited or limited company where the Scheduled Caste entrepreneur holds at least 51% shareholding.
The entrepreneurs must bear the expenses required for forming a company during the 3-year incubation period.
The entity must maintain the 51% Scheduled Caste shareholding along with management control until the assistance under the Ambedkar Social Innovation and Incubation Mission (ASIIM) is present in the company.
The conversion of shares provided as funding to equity will be a maximum of 49% stake and will occur only after 3 years, differing on a case-to-case basis.
Proprietary Firms, Partnership Firms, One Person Company (OPC), Limited Liability Partnerships (LLPs), or any other establishment incorporated under any law in force should convert itself into a Private Limited or Public Limited company before receiving assistance under the fund.


Eligibility Criteria:
***The following SC / SC Divyang youth would be eligible for support under ASIIM:***

- Youth who have been identified by the TBIs, Atal Incubation Centers (AICs), Technology / Industrial 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 India.
- 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 or private sectors.
- Start-ups nominated and supported by corporates through CSR funds.