A National Level Initiative Of IFCI Venture Capital Funds Ltd.

IFCI Venture Capital Funds Ltd. (IFCI Venture) and IFCI Ltd. along with Dalit Indian Chamber of Commerce & Industry (DICCI) organized a national level event “Ambedkar Young Entrepreneurs League 2022 (AYE League)” on the occasion of Ambedkar Jayanti at Dr. Ambedkar International Centre, Janpath, New Delhi, to encourage & felicitate Young Schedule Caste (SC) Entrepreneurs and also to provide further impetus to entrepreneurship in the SC Community.

The event was graced by Dr. Virendra Kumar, Hon’ble Union Minister of Social Justice & Empowerment as Chief Guest. Shri Arjun Ram Meghwal, Hon’ble Minister of State for Parliamentary Affairs, Shri R. Subrahmanyam, Secretary, Department of Social Justice & Empowerment, Ministry of Social Justice & Empowerment (MoSJE), Government of India also graced the event with his presence.

Dr Virendra Kumar shared his joy on witnessing such passion and success of young SC entrepreneurs and appealed the people to take inspiration from them. India is on the path of being Atmanirbhar and this event has sowed trust in the society to encourage more entrepreneurs and support Prime Minister Modi’s dream of Átmanirbhar Bharat’ in true sense. In the coming times the government will plan to increase the number of such entrepreneurs through strong mentorship and monetary support’. He further congratulated IFCI Ltd. IFCI Venture and DICCI for strongly assisting the SC entrepreneurs throughout their journey.

At the outset, Shri Manoj Mittal, Chairman, IFCI Venture and MD & CEO, IFCI Ltd.  welcomed the Hon’ble Union Minister. Shri Mittal while addressing the gathering, emphasized the role of Government of India’s Venture Capital Fund for Scheduled Castes (VCF-SC) and Ambedkar Social Innovation Incubation Mission (ASIIM), an initiative under VCF-SC, in mainstreaming Schedule Caste entrepreneurs. IFCI Venture, a subsidiary of IFCI Ltd., has been partnering with the Ministry of Social Justice & Empowerment (MoSJE) in managing this fund.

The Venture Capital Fund for Scheduled Castes (VCF-SC) is a scheme initiated by MoSJE, to provide concessional financial support to ventures promoted by SC entrepreneurs. Till date, this Fund, managed by IFCI Venture, has supported over 150 companies promoted by SC entrepreneurs and continues to do so. To further promote entrepreneurship amongst talented youth from the SC community, including those associated with Technology Based Incubators (TBIs), the MoSJE launched the Ambedkar Social Innovation and Incubation Mission 

(ASIIM) on September 30, 2020 under the aegis of VCF-SC. Under ASIIM, companies promoted by SC youth are extended financial assistance of Rs 30 lakhs over a period of three years (Rs 10 lakhs per annum) to meet the running cost associated with their innovations at TBIs.

In order to give the required impetus to identify SC Youth with support worthy innovative business ideas, IFCI Venture organized a national level competition for SC Youth by the name AYE LEAGUE, in coordination with Dalit Indian Chamber of Commerce and Industry (DICCI) and in partnership with 8 IITs & 2 IIMs. The rigorous and robust evaluation process followed to identify the winners was designed and supervised by MDI Gurgaon, Knowledge Partner for the event.

AYE League comprised:

1. A national level competition to discover the most innovative ideas fostered by the Nation’s SC Youth, with grant of in-principle sanction of Rs.30 lakh as financial assistance to winners
2. Felicitation of the best Banks and Financial Institutions supporting SC entrepreneurship.
3. National level recognition of the accomplishments of SC entrepreneurs with existing businesses across 9 categories.

In this flagship event, the response had been overwhelming. In the first category above, recognising SC youth, over 1000 innovative business idea applications were received. These went through a rigorous evaluation process in stages. 229 applicants made it to the stage 2 of the process, which was evaluated by an eminent jury. Stage 2 of the process was conducted in 10 major cities in India. Thereafter, 86 most innovative business ideas were selected for evaluation by the screening and investment committee of IFCI Venture, which culminated in announcing 67 winners. During the event, these SC entrepreneurs, from across the length and breadth of our country, were felicitated for their innovative ideas and granted in-principle sanction for funding up to Rs 30 Lakh to pursue their ideas.

Further, in the category recognising Business Excellence of established SC businesses, over 1450 nominations were received. These went through a similar rigorous evaluation process designed by our knowledge partner. 72 applications made it to stage 2, which were evaluated by an eminent jury. Thereafter, 20 winners were felicitated at the event for their success and excellence in business.

The contribution of Institutions/ Banks who have significantly supported SC entrepreneurs was also recognised at the event. Three Public Sector Banks viz. Canara Bank, Punjab National Bank, Bank of India and one private sector bank Jana Small Finance Bank were felicitated.

A portal www.aye-mentor.in was also launched 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. It assists them in easily identifying and networking with relevant

mentors with proven experience and expertise in transforming ideas into reality. First 1000 registrations would be provided with free mentorship hours.

Secretary, MOSJE on the occasion apprised the gathering that सबका साथ, सबका विकास, सबका विश्वास और सबका प्रयास has been the guideline on which the Government has started many programs for the welfare of the scheduled caste and other marginalized sections, so that they become not the job seekers but the job givers. He also said, IFCI Venture Capital Funds Limited has done a lot of work spreading the message among the marginalized youth across the country.

Dr Milind Kamble, Founder Chairman, DICCI in his address said that this is a unique initiative and a step towards affirmative action. 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. The event was attended by more than 1000 stakeholders including SC youth, established SC entrepreneurs, senior executives from banks & NBFCs and senior government functionaries, among others, from different parts of the country.

We believe that this recognition will help millions of SC youth and entrepreneurs not only to come into the mainstream but also to dream big and fulfil their aspirations. This is just a small step towards creating a demonstration effect in the presence of all the relevant stakeholders.