Ambedkar Social Innovation and Incubation Mission (ASIIM)
State: Central
Ministry: Ministry Of Social Justice and Empowerment
Department: Department of Social Justice & Empowerment
Category: Business & Entrepreneurship, Skills & Employment
Beneficiary Type: null

The scheme aims to boost entrepreneurship and innovation among SC students and SC differently-abled youth by providing focused support to translate innovative, technology-oriented business ideas into successful commercial enterprises. It offers equity funding and hand-holding support.

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._

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Eligibility:
***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 &amp; 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.

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Application Process:
[Online]
RegistrationNavigate to the official link for online application. Click on "Create an Account". You will be taken to the registration page. Fill in all the mandatory fields and register. 
*If required, verify your Email ID and Mobile Number via OTP.
*If you are prompted to create a password, ensure the password meets security requirements.
ApplicationStep 1: Navigate to the official link for online application. Use the credentials you created during registration to log in. Navigate to the online form of the scheme you intend to apply for.
Step 2: In the form, fill in all the mandatory fields and upload all the mandatory documents in the specified format and size. Carefully review all the information provided and the documents uploaded. Make any necessary corrections.
Step 3: Acknowledge and agree to the terms and conditions, declaration, and privacy policy (if any) by ticking the designated checkbox. Click "Submit" to submit your application. You'll receive a confirmation message.
Post-Application ProcessesStep 1: Recommendation and Submission of Proposals
To identify potential entrepreneurs, Technology Business Incubators (TBIs) (set up under the aegis of the Department of Science and Technology) shall be contacted and informed to recommend potential young Scheduled Caste entrepreneurs for assistance.
Other Technology and Management Schools shall also be contacted and informed for the purpose of recommending potential young entrepreneurs working in their Incubation Centres.
Other applications/proposals received directly from various Scheduled Castes and Scheduled Caste Divyang Start-ups will also be taken up as per the guidelines of the fund.
Step 2: Selection and Automatic Incubation
The start-up ideas presented by Scheduled Caste (SC)/Scheduled Caste Divyang students that have been selected by the Technology Business Incubators (TBIs) will be automatically selected for incubation under the Ambedkar Social Innovation and Incubation Mission (ASIIM).
Step 3: Company Formation and Compliance
Prior to receiving assistance, selected participants who are not already incorporated must convert their Proprietary Firms, Partnership Firms, One Person Company (OPC), Limited Liability Partnerships (LLPs), or other establishments into a Private Limited or Public Limited company.
The incorporated company must ensure that the Scheduled Caste entrepreneur maintains at least a 51% shareholding, along with management control, which must be sustained until the assistance under the Ambedkar Social Innovation and Incubation Mission (ASIIM) remains in the company.
Fund Disbursement and MonitoringFinancial assistance, provided as equity, Optionally Convertible Preference Shares (OCPS), or Compulsorily Convertible Preference Shares (CCPS), shall be released to the Companies promoted by these young Scheduled Caste entrepreneurs.
The disbursement of equity assistance, which totals ₹30,00,000/- over 3 years (₹10,00,000/- annually), is contingent upon the satisfactory evaluation of the progress by the concerned Technology Business Incubator (TBI).
Grievance Redressal / Help & SupportOfficial contact details for the Investment Manager, IFCI Venture Capital Funds Limited, are provided: 16th Floor, IFCI Tower, 61, Nehru Place, New Delhi – 110019.
Applicants can call 011 - 4173 2507/09/18/67/70/76/81/82/90 or 011 - 26453359/46/19/43.
The official email address for queries regarding the Ambedkar Social Innovation and Incubation Mission (ASIIM) is asiim@ifciventure.com.
Additionally, a Grievance Redressal portal is available.

Documents Required:
Proof Of Scheduled Caste Status Or Scheduled Caste Divyang Status (To Validate Eligibility).
Company Incorporation Documents (Private Limited Or Public Limited Company) (Required Before Disbursement).
Shareholding Pattern Document (To Prove At Least 51% Scheduled Caste Shareholding And Management Control) (Required Before Disbursement And Maintained Thereafter).
Proof Of Identification/Selection By Technology Business Incubators (TBIs) / Atal Incubation Centers (AICs) / Technology / Industrial Parks / Science And Technology Parks Of India (STPI) / Reputed Private TBIs / Corporates Through Corporate Social Responsibility Funds (To Validate Eligibility Pathway).
Proof Of Award Under Smart India Hackathon Or Smart India Hardware Hackathon (If Applicable).
Proposal/Project Document For Innovative Idea Focusing On Socio-Economic Development (If Applicable).