Context: Recently, Union Social Justice Minister launched the Ambedkar Social Innovation and Incubation Mission(ASIIM) under Venture Capital Fund for SCs, with a view to promoting innovation and enterprise among SC students studying in higher educational institutions.
About the scheme 

• The chief objective of the mission is to promote innovation and enterprise among SC students studying in higher educational institutions.
• Under this mission, 1000 initiatives of SC youth would be identified and in convergence with the Technology Business Incubators (TBIs) and be funded with up to Rs. 30 lakhs in a three year period as equity.
• Successful ventures would further qualify for venture funding of up to Rs. 5 Crore from the Venture Capital Fund for SCs.
• The purpose is to encourage innovative students to take to innovation and entrepreneurship without seeking jobs.

Eligibility: The following SC/PH youth would be eligible for support under ASIIM

• Youth who have been identified by the TBIs being promoted by the Department of Science & Technology.
• 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 the Ministry of Education.
• Innovative ideas focusing on the socio-economic development of the society identified in the TBIs.
• Start-ups nominated and supported by corporates through CSR funds.

Objectives of ASIIM

• To promote entrepreneurship among the SC youth with special preference to physically-handicapped.
• To support 1,000 innovative ideas till 2024 through a synergetic work with the TBIs set up by DST.
• To support, promote, hand-hold the start-up ideas until they reach the commercial stage by providing liberal equity support.
• To incentivise students with an innovative mindset to take to entrepreneurship with confidence.

About Venture Capital Fund for Scheduled Castes (VCFSC)

• VCFSC was launched by the Ministry of Social Justice in 2014-15 with a view to developing entrepreneurship amongst the SC/PH youth and to enable them to become ‘job-givers’.
• The objective of this fund is to provide concessional finance to the entities of the SC entrepreneurs.
• Under this fund, 117 companies promoted by SC entrepreneurs have been sanctioned financial assistance to set up business ventures.