In a first of its kind initiative, the IIMB is all set to extend its business prowess to social ventures by expanding its entrepreneurial activity hub. New organisations working in the areas of education, health, livelihood, and financial inclusion can expect professional guidance on funding, legal services, and operations.
Its NS Raghavan Centre for Entrepreneurial Learning (NSRCEL) will house ‘NSRCEL Social’. It will be the first IIM to offer incubation in the social space. Organisations working on social issues will be incubated for two years.
Since 2002, the centre has incubated over 15,000 entrepreneurs and 67 ventures, creating 4,500 jobs and standing at a billion dollar valuation cumulatively in 2016.
‘NSRCEL Social’, which is being launched in collaboration with the Michael and Susan Dell Foundation (MSDF), will see angel investors, software professionals, chartered accountants, and founders of non-governmental organisations play mentors along with an advisory committee comprising non-profit and business leaders from areas such as investment banking, IT, advertising, and social sector, who will all pitch in along with the IIMB faculty.
Rajiv Sawhney, Chief Operating Officer, NSRCEL, IIMB, told The Hindu that expanding the scope of activities of NSRCEL to address social venture needs was a natural next step as it has been successfully incubating ventures in business for over a decade.
“We expect to incubate six ventures in the initial phase. IIMB will leverage its wide mentor panel to address the commercial issues faced by ventures. The mentor panel is being expanded to include mentors with experience in the social space. A blend of the two will help ventures in channelling their ideas. We expect ventures to chisel their ideas and get clarity. Also, the incubation would help them detail out their solution and prepare for scale,” he added.
Details are available on https://goo.gl/forms/U0Jvo4GUG9qvmrhI2 .
