On September 30, 2020, the Minister of Social Justice and Empowerment Minister Thaawarchand Gehlot launched Ambedkar Social Innovation and Incubation Mission for the Scheduled Castes under Venture Capital Funds. The mission aims to promote innovation among the SC students in the country.
Key Features
- To promote entrepreneurship among SC students with special preference to disabled
- To support innovative ideas till 2024 through synergetic work with Technology Business Incubators that are set up by the Department of Science and Technology
- To promote, support, and hand-hold start-up ideas till they reach commercial stage. This is to be sone by providing liberal equity support.
- To incentivize students with innovative mindset to take entrepreneurship with confidence.
Venture capital Fund
The Venture Capital Fund for the SCs were launched in 2014-15 to develop entrepreneurship among the SCs and enable them to become job givers. The main objective of the fund is to provide concessional finances to the SC entrepreneurs. Under the fund, more than 117 companies were sanctioned financial assistance to set up business ventures.
The Venture Capital is a type of private equity financing provided to startups or emerging companies. The
Benefits
- Around 1,000 SC youths are to be identified under the mission in the next four years. The identified persons will be those with start up ideas through technology business incubators in higher educational institutions.
- The youths are to be provided with 30 lakh rupees in three years. This is to be provided as equity funding. This will help to transfer their start-up ideas into commercial ventures.
- The successful ventures are qualified for the funding up to Rs 5 crores.
Census 2011: Youths in India
According to Census 2011, around 41% of population of India are below the age of 20. Half of India’s population are between the age of 20 and 59.