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Govt to fund, promote startups by Scheduled Caste students

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New Delhi: Aiming to boost entrepreneurship among students from socially disadvantaged groups, the Centre is set to announce a Rs 100 crore plan to fund implementation of innovative start up ideas by Scheduled Caste category and physically disadvantaged students in the country’s higher education institutes. A thousand SC category students will be selected under the new plan, over five years, starting with this academic session 2020-21 with a 100 students.

The start up ideas that gets a go ahead with be funded to the tune Rs 30 lakhs in three years to help translate innovative start up ideas into commercial ventures, ET has learnt. The move comes amid increasing unemployment and considerable discussion within the government on the need to generate new jobs and ‘job creating’ enterprises for a growing young population.

The new mission – christened-Ambedkar Social Innovation Mission is looking to help those from disadvantaged backgrounds to set up enterprises rather than seek jobs. Three ministries will effect the plan starting next month – Ministry of Education, Ministry of Social Welfare and Empowerment and the Department of Science and technology. The eligibility for the funding will be mainly based on the recommendation of the Technology Business Incubator run under the aegis of the Department of Science & Technology or reputed private TBIs.

Students 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 and Start-ups nominated and supported by corporates through CSR funds will be considered for the funding. Various technology and management schools will also be contacted to identify potential young entrepreneurs besides calling fro interest from possible candidates.

The start-up ideas presented by SC/Divyang students which are selected by the TBIs will be automatically selected for incubation. Other applications/proposals received from various Scheduled Castes and Divyang Start Ups will be taken up as per the funding guidelines.

Selected innovative ideas from SC students will be granted equity assistance up to Rs. 30 lakhs over a period of 3 years and also be supported and mentored where necessary.

During the incubation period of 3 years, the entrepreneurs will not have to make any financial contribution except the expenses required for forming a company which would be borne by the entrepreneurs or TBIs. Financial assistance to these start up initiatives will be released to the entities promoted by these young SC entrepreneurs.

The funding for the mission will flow through the Venture Capital Fund for SCs (VCF-SCs) set up in 2016 with a Rs 500 crore corpus.

The Social Welfare and Empowerment ministry, under whose aegis the VCF-SC was set up, has already modified the relevant government guidelines to ensure equity support to entities/companies of young SC entrepreneurs working on innovative and technology-based ideas.





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These money and investing tips can help you with stock and bond strategies to whip inflation

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These money and investing tips can shine some light through the stock market’s ‘June gloom’

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