Ambedkar Social Innovation & Incubation Mission (ASIIM)

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.

Primary Objectives of ASIIM

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

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

Important Features of ASIIM

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.

Eligibility Criteria to Apply for ASIIM

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.

How to Apply for Ambedkar Social Innovation and Incubation Mission Online?

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.

Important Documents Required for ASIIM Application

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.

Frequently Asked Questions

✓ When did the ASIIM launch?

The Ministry of Social Justice & Empowerment Ministry launched ASIIM on 30th September 2020.

✓ What is the selection process of ASIIM?

Here is a brief description of the selection procedure of ASIIM -

TBI selected start-up ideas developed by SC, or SC Divyang students are automatically qualified for incubation.
Applications received from other SC or SC Divyang’s start-ups are selected according to the funds’ guidelines.