IFCI launches competition for entrepreneurs in SC community

IFCI Venture Capital Funds, a subsidiary of IFCI, on Thursday launched a competition for aspiring entrepreneurs from the Scheduled Castes to encourage innovative ideas among the youth in the community.

The first edition of the Ambedkar Young Entrepreneurs League 2022 (AYE League), held on the birth anniversary of B R Ambedkar, saw the felicitatation of several young entrepreneurs from the Scheduled Caste (SC) community. The entrepreneurs were also granted in-principle sanction for up to Rs 30 Lakh to pursue their ideas.

Social justice minister Virendra Kumar also launched a portal www.aye-mentor.in during the event.

This portal is a first of its kind digital application designed solely to support SC entrepreneurs who are at the start of their entrepreneurial journey, and assists them in easily identifying and networking with relevant mentors, Kumar said.

The national level competition, which was organised in coordination with Dalit Indian Chamber of Commerce and Industry (DICCI) and in partnership with eight IITs and two IIMs, sought to discover the most innovative ideas fostered by SC youths, with grant of in-principle sanction of Rs 30 lakh as financial assistance to winners.

The other component of the AYE League included felicitation of the best banks and financial institutions supporting SC entrepreneurship and recognition of the accomplishments of SC entrepreneurs with existing businesses across 9 categories.

In the category of business excellence to recognise established SC enterprises, 20 winners were felicitated.

Banks that have supported SC entrepreneurs were recognised at the event. Three Public Sector Banks -- Canara Bank, Punjab National Bank, Bank of India-- and one private sector bank Jana Small Finance Bank were felicitated for the same.

Speaking at the event IFCI managing director Manoj Mittal emphasided the role of the government Venture Capital Fund for Scheduled Castes (VCF-SC) and Ambedkar Social Innovation Incubation Mission (ASIIM), an initiative under VCF-SC, in mainstreaming SC entrepreneurs.

IFCI Venture has been partnering with the Ministry of Social Justice & Empowerment (MoSJE) in managing this fund.

Till date, this fund has supported over 150 companies promoted by SC entrepreneurs.

DICCI founder chairman Milind Kamble said that encouraging innovation among the Dalit youth with such a force is going to attract a lot of aspiring youths towards setting up their own businesses.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)