HIGHLIGHTS:
• The government is planning to introduce “mentorship” programme
• This initiative has been designed to assist individuals in starting their own businesses
• The IFCI Venture, will appoint prominent CEOs, businessmen, and financial institution veterans as ‘mentors’
The government is planning to introduce a programme to assist ambitious entrepreneurs from SCs and OBCs who have been denied venture capital funding (VCF).
The purpose of this programme is to
This initiative has been designed to assist individuals in starting their own businesses through a “mentorship” programme that will bring in experienced managers and business owners to guide and assist them along the process.
This scheme will also strive to provide a bridge for all of the country’s SC youngsters who, despite the VCF scheme managed by the Ministry of Social Justice and Empowerment, have obstacles in terms of finance mobilisation and skills.
Working of this programme
The IFCI Venture, which is the VCF manager, will appoint prominent CEOs, businessmen, and financial institution veterans as ‘mentors’ under this mentorship programme. When aspirants apply for money under the VCF programme, the IFCI will pair them with “mentors” who would assist them in building prototypes using cutting-edge technology while instilling a solution-oriented mindset. They will also receive information on leadership and start-up ecosystems.
