IIMB's entrepreneurship and innovation hub had launched its social ventures incubator in April this year
The eight early-stage organizations selected by IIM Bangalore's N. S. Raghavan Centre for Entrepreneurial Learning (NSRCEL), under the social ventures program for incubation over the next 18 months, were inducted on September 15 (Friday), 2017, in the presence of IIMB faculty, mentors and NSRCEL members. The entrepreneurship and innovation hub of IIM Bangalore - NSRCEL - had launched its social ventures incubator in April this year, to nurture early stage non-profit organizations.
"A review system will be in place for periodic intervention to monitor your progress. We need to get into a far more frequent Q&A mode. There will be many speaker sessions and workshops to engage you in high gear. Access to online platforms will help boost interaction with a larger community. To make you successful is our own test as well," Rajiv Sawhney, Chief Operating Officer, NSRCEL said.
Through this initiative, NSRCEL Social aims to address the lack of an effective support system for early stage NGOs that are offered little or no technical assistance for fund raising, legal issues and operational challenges, said a statement from IIM Bangalore.
One of the first social incubators of India exclusively for non-profit organizations, it aims to help create a pool of high-performing organizations that can create large-scale social impact.
The social ventures incubation program is currently supported by the Michael & Susan Dell Foundation.
These selected ventures will be incubated for a period of 18 months and given financial support of INR 18 lakhs.
The goal of the NSRCEL Social Ventures Program is to help the ventures build a mindset to scale and impact.
NSRCEL will put in place an M&E framework to periodically track progress of the ventures through joint goal setting efforts of mentors and ventures and enable a three pronged mechanism of self, peer to peer and mentor review system in place. NSRCEL also intends to foster cross learnings and sharing of best practices through the mix of programs and other incubatees under its fold.
The selection process for the program started early April this year. The centre received over 160 applications, out of which 24 were selected spanning diverse sectors like education, livelihood, financial inclusion, etc. The 12-week pre-incubation program for these ventures included mentoring, classroom sessions on critical strategies, field visits, boot camp, networking and intensive review sessions.
Professor Sourav Mukherji, Dean of Academic Programmes at IIMB and one of the mentors, congratulated the incubatees for having taken up, what he described as, 'the bold and difficult journey of entrepreneurship'.
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