Samriddhi – Scheme for Scheduled Caste/Scheduled Tribe Students for Setting Start-Ups

DETAILS The scheme "Samriddhi – Scheme for Scheduled Caste/Scheduled Tribe Students for Setting Start-Ups" was launched by the All India Council for Technical Education. The scheme aims to provide opportunities for Scheduled Caste/Scheduled Tribe students to design, launch, and run their own business or startup after formal education is completed or during their final year of education. The scheme provides a limited one-time financial assistance of ₹20,00,000/- (of which ₹1,00,000/- per year is a recurring grant) to the institute, which then selects nine registered startups of Scheduled Caste/Scheduled Tribe students and provides ₹2,00,000/- seed money to each startup. BENEFITS Total funding provided is ₹20,00,000/-. Limited one-time financial assistance of ₹20,00,000/- is provided to the Institute. Seed money of ₹2,00,000/- per startup will be given, and this amount is non-refundable. Funding is allocated for nine startups of Scheduled Caste/Scheduled Tribe students. ₹2,00,000/- will be given to the institute specifically for meeting the expenditure associated with the selection procedure. ₹1,00,000/- per year shall constitute a recurring grant portion of the total funding. Other Details The total duration of the Scheme shall be for a period of 2 years. 100% of non-recurring funds are released at the time of the award of the scheme. ₹1,00,000/- each is released as recurring funding for two consecutive years. The seed money is provided to passed out or present students for starting their own enterprise after completion of the formal education from the same institute. Conditions The Institute must set up a committee to select nine already registered startups of Scheduled Caste/Scheduled Tribe students. It is essential that the center has dedicated faculty serving as the Principal Coordinator and dedicated support staff to ensure smooth functioning and effective meeting of its objectives. The Institute must devise a feedback mechanism to assess the importance of the program. Feedback shall be obtained after each program from each of the beneficiaries. If deemed necessary based on feedback, the Institute can update its curriculum for these programs. Exclusions from Benefit Startup beneficiaries who are already receiving benefits from other schemes of the All India Council for Technical Education or the Government of India will not be entitled to this scheme. ELIGIBILITY The applicant must be an All India Council for Technical Education (AICTE) approved institute or an All India Council for Technical Education approved University Department. The applicant (Institute/University Department) must have been in existence for a period of at least 10 years. The applicant (Institution) must possess a good incubation center. The incubation center's activities must have been happening for at least 5 years. The applicant (Institute) must have a minimum of 50 Scheduled Caste/Scheduled Tribe students enrolled on average during the last 3 years. The applicant (Institute) must comply with the guidelines of the Tribal Sub Plan and the Scheduled Caste Sub Plan of the Government of India. Student Eligibility (For selection by the Institute) The applicant (Student) must be in the final year of their degree or diploma course. The applicant (Student) must have a registered company or startup in their name.