The next three years will witness a boom in Dalits startups, thanks to a government initiative in the pipeline. Aiming to create 1,000 startups of professionals belonging to the Scheduled Castes, the center intends to facilitate the transformation of these startup ideas to take shape into commercial launches with the best conducive technological facilities.
Titled, ‘Ambedkar Social Innovation Incubation Mission’ (ASIIM), the social justice and empowerment ministry program will nurture these entrepreneurial plans of ambitious young Dalit techies. The move will be a radical change in the professional aspirations of those from these marginalized sections. With this opportunity, the new generation of youth can pursue their professional interests and indulge in innovation and entrepreneurship.
A total budget of Rs. 308.8 crores have been allocated for ASIIM, which will run from 2020-24. The funds will be directed through the social justice ministry’s ‘Venture Capital Fund for SCs’, managed by the IFCI Venture Capital Fund Limited.
The program will run with the creation of a ‘national social innovation hub’, which will harness entrepreneurial initiatives of central ministries and state governments and plan the extension policies for the proposals. Government bodies, chambers of industry, CSR departments, social enterprises, multilateral aid agencies, and international incubation centers will be approached to support and generate resources.
A separate ‘business incubator hub’ will provide support with innovation and finance for the startup ideas of these Dalit startups. It will associate with technology business incubators in leading tech institutions worldwide to expand upon the ideas under ASIIM.
A team of specialized service providers such as chartered accountants, digital marketers, and legal advisors will be assembled in the final stages to help launch the initiatives. Commercial banks, Venture Capital Funds, Angel Investors will help in providing financial assistance.
The progress of a country depends upon all sections of its society, and ASIIM is an encouraging move in the direction of providing a fillip to the Dalit techies in India. Much of India’s talents lie in these untapped sections, who perhaps remain undiscovered for want of financial aid and security. Government efforts such as ASIIM will hopefully see the rise of the nation’s economy with more equitable representation of the population.