Mphasis, an IT services and solutions provider and specialist in cloud and cognitive services, has entered into a partnership with NSRCEL, the start-up incubation centre at the Indian Institute of Management Bangalore (IIMB). The collaboration is part of its Social Venture Incubation Programme, thatrenders support and aid to germinating social ventures.
The objective of the programme is to incubate and support ‘for profit’ social ventures. According to a press release, it covers start-ups that have been operatingfor one to three years.
The programme will help and supportstart-upsestablishfinancially sustainable and scalable models in the education, livelihood and disability sectors.
While existing talent in the start-up ecosystem in the country has been on the rise over the past few years, social enterprises still end up receiving limited aid and help.
In order to ensure that social enterprises make a significant contribution to the industries it is essential for them to receive the right kind of support in mainstream incubators. The Mphasis–IIMB tie-up will address this issue and theirfacilities and mentorship support, will helpthe chosen social ventures accomplish their goals and potential.
More than 550 applications were received by the programme from various social ventures. Of these, 16 were chosento undergo a three-month pre-incubation programme. After this, the shortlisted ventures were given a chance to pitch before an advisory council for selection in the incubation programme, which will last 12 to 18 months.
TAXSHE Services, ECONUT Coconut Producer, Blink Research and Services, ThinkZone and Rural Caravan are some of the selected ventures, which will not only get a grant but also support via a series of curated events and workshops. These ventures will also benefit from the infrastructure available to expand their network through interactions with varioiuspartners, IIMB faculty, alumni and subject matter experts.
“NSRCEL has been helping early stage ventures since 2002. Leveraging this experience and expertise, the Social Venture Incubation Program was launched in 2017. NSRCEL Social Ventures is the first-of-its-kind incubator of the country with an ascertained focus to create a playbook and template for incubation of social enterprises,” said Suresh Bhagavatula, professor and chair, NSRCEL at IIMB.