The Kalinga Institute of Social Sciences (KISS) Deemed to be University hosted a session under the Institution’s Innovation Council, Ministry of Education, Government of India on 8th August , 2024. The session, coordinated by Dr. Priyoneel Basu and Mr. Atul Nag, was designed to inform and inspire a diverse audience of aspiring entrepreneurs, including faculty members and research scholars from various disciplines. The focal point of the meeting was the introduction of the Government of India’s Venture Capital Fund for Scheduled Tribe (VCF-ST), a pioneering initiative launched by the Ministry of Tribal Affairs.
The meeting featured distinguished speakers Mr. Tarun Verma and Mr. Arindam Roy from the ICFI Venture Capital Fund Limited. Their presentation was aimed at elucidating the opportunities and mechanisms of the VCF-ST, which stands as a first-of-its-kind venture capital initiative dedicated to supporting entrepreneurial ventures by Scheduled Tribes in India. The VCF-ST seeks to address the financial barriers faced by tribal entrepreneurs and foster innovation and economic development within these communities.
Mr. Tarun Verma commenced the session with an overview of the VCF-ST, emphasizing its significance in promoting inclusive growth and entrepreneurship among Scheduled Tribes. He highlighted that the fund is structured to provide not only financial support but also mentorship and strategic guidance to ensure the success of the ventures it supports. The fund’s objective is to empower tribal entrepreneurs by offering them the necessary resources to transform their innovative ideas into viable businesses.
Mr. Arindam Roy followed with a further detailed explanation of certain aspects of the funding schemes available under the VCF-ST. He outlined the application process, eligibility criteria, and the types of support that can be accessed. The schemes are designed to cater to a broad range of entrepreneurial activities, from seed funding for start-ups to expansion capital for established businesses. Mr. Roy also provided insights into the criteria for evaluating proposals, underscoring the importance of innovation, feasibility, and social impact. Responding to a query form would-be entrepreneurs, he highlighted the need for developing a well-defined business model with clarity on means for securing financial gains.
The meeting included an interactive Q&A session, where attendees had the opportunity to clarify doubts and seek advice on how to leverage the VCF-ST for their ventures. Both Mr. Verma and Mr. Roy addressed queries related to the practical aspects of applying for and managing venture capital, further enhancing the attendees’ understanding of the fund’s potential benefits.
Dr. Priyoneel Basu, in his closing remarks, expressed his gratitude to Mr. Verma and Mr. Roy for their valuable input and emphasized the importance of such initiatives in bridging the gap between innovative ideas and successful entrepreneurial outcomes. He encouraged the attendees to take full advantage of the VCF-ST to drive their ventures forward.
Mr. Atul Nag, Convener of the Institution’s Innovation Council, also discussed with the scholars the role of the council in supporting entrepreneurial initiatives and fostering a culture of innovation at KISS-DU. He reaffirmed the institution’s commitment to nurturing talent and facilitating access to resources that can help translate academic and research expertise into impactful entrepreneurial ventures.
In summary, the meeting was a fruitful exchange of ideas and information, providing valuable insights into the Government of India’s VCF-ST and its potential to empower tribal entrepreneurs. The collaboration between KISS-DU and the ICFI Venture Capital Fund Limited marks a significant step towards enhancing entrepreneurial opportunities and fostering economic development within tribal communities.
