Initiative to catalyze investments in social ventures in the poorest states in India; Host a Regional Summit in Patna in October 2012
Online PR News – 12-September-2012 – Maharashtra – Intellecap, DFID India, and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH recently announced their collaboration to launch the Sankalp Forum-Samridhi Social Enterprise Recognition to bring forth sustainable and scalable businesses in eight low-income states (Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa, Rajasthan, Uttar Pradesh and West Bengal). The initiative would focus on creating an enabling and inclusive ecosystem for early-stage enterprises that are impacting the poor in the selected states. The regional forum would further catalyze a host of services and investments in the under-served region by bringing together several partners and regional stakeholders.
The Sankalp Forum-Samridhi initiative has been established in collaboration with the Sankalp Forum which is India's largest impact investing platform [www.sankalpforum.com] promoted by Intellecap; the Department for International Development (DFID, UK); and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH under the framework of Indo-German Cooperation funded by the German Ministry of Economic Cooperation and Development (BMZ). Recognizing the immense potential that the eight Low Income States holds for the growth of social enterprises, the forum aims to unlock the potential at the "Bottom of the Pyramid" by supporting high impact small and growing businesses in the region.
The Sankalp Forum-Samridhi Social Enterprise Recognition is currently inviting nominations from businesses in sectors like clean energy, agriculture and food, and provision of basic services. The initiative has announced a cash grant of INR 5 Lacs to an enterprise that showcases social impact alongside a strong business and an additional cash grant of INR 2 Lacs to an enterprise that produces maximum positive impact for women. The enterprises will be recognized at a Regional Summit scheduled for October 2012 in Patna, Bihar.
Since 2009, the annually held Sankalp Forum has created a community of over 10,000 stakeholders comprising social entrepreneurs, impact investors, corporations, academics and policymakers to catalyze the flow of capital to sustainable and scalable enterprises in India. With the Sankalp Forum-Samridhi Social Enterprise Regional Summit, the forum will bring together active stakeholders to deliberate on and promote a more inclusive ecosystem for social enterprises in the underserved regions. Participating enterprises will have the opportunity to get capacity-building inputs, strategic advice and mentoring from industry experts as well as get exclusive access to key impact investors.
The initiative is supported by DFID through its Samridhi Fund/ Poorest States Inclusive Growth Programme (PSIG) that aims to improve income, and reduce vulnerability, of poor people and small producers in the eight states, by expanding their access to finance and markets. Meenakshi Nath, Deputy Head DFID India said, "The eight low income states face a shortage of infrastructure and their economies have yet to generate sufficient jobs to lift millions out of poverty. Investment in social impact enterprises supports inclusive growth and benefits the poor as consumers, producers or workers to deliver jobs, basic services and infrastructure. We are delighted that Sankalp Forum-Samridhi Initiative will support and encourage those businesses that help the poor people of society."
The initiative is also supported by GIZ (alongside DFID) with the purpose of strengthening the eco-system and support services for small businesses that want to create social impact in areas away from the metros like Delhi and Mumbai. Through its support, GIZ would like to strengthen long-term systematic interventions through partnerships with key stakeholders to source, identify, recognize, capacity-build and help scale, and promising for-profit social enterprises.
"India needs innovators who address some of the most pressing social and environmental challenges in the country. GIZ together with Small Industries Development Bank (SIDBI) and other partners works towards strengthening the support infrastructure for these small businesses through improving access to capital and incubation services. It is important to move in India's regions and deepen the efforts to strengthen the business environment," states Manfred Haebig, Head of the Private Sector Programme. One of the intended outcomes for GIZ in this partnership is to support SIDBI Venture Capital Limited, one of SIDBI's subsidiaries, in sourcing a pipeline of investable social enterprises.
The nominations for Sankalp Forum-Samridhi Social Enterprise Recognition are currently open for businesses operating in the 8 low income states. To apply or for more information, please write to firstname.lastname@example.org.
Ms. Aparajita Agrawal
T: +91-98704 96991
Department for International Development (DFID)
DFID leads the UK government's fight against world poverty. DFID works with national and international partners to eliminate global poverty and its causes, as part of the UN 'Millennium Development Goals'. DFID also responds to overseas emergencies. Since its creation, DFID has helped more than 250 million people lift themselves from poverty and helped 40 million more children to go to primary school. More information at www.dfid.gov.uk
Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
The services delivered by the Deutsche GesellschaftfürInternationaleZusammenarbeit (GIZ) GmbH draw on a wealth of regional and technical expertise and tried and tested management know-how. As a federal enterprise, we support the German Government in achieving its objectives in the field of international cooperation for sustainable development. We are also engaged in international education work around the globe. GIZ currently operates in more than 130 countries worldwide. For further information, please visit- www.giz.de
GIZ in India
Germany has been cooperating with India by providing expertise through GIZ for more than 50 years. To address India's priority of sustainable and inclusive growth, GIZ's joint efforts with the partners in India currently focus on the following areas:
Energy- renewable energy and energy efficiency
Sustainable Urban and Industrial Development
Natural Resource Management
Private Sector Development
Financial Systems Development
For more details, http://www.giz.de/en/worldwide/368.html
About Sankalp Forum
The Sankalp Forum is holistic ecosystem designed to catalyze impact investments into sustainable and scalable social enterprises globally. Our mission is to create an enabling platform that supports socially relevant small and medium enterprises. We provide year-round access to investment opportunities, capacity building, knowledge and crucial networks. We connect over 400 social enterprises, over 400 investors and funders, and 10,000 other stakeholders from across the world. In the past three years, more than two dozen of our enterprises have received investments, and over 160 others have been made investment ready through mentoring and capacity building programs. Sankalp Forum in an initiative by Intellecap, an advisory firm that works in underserved markets.
For more details, www.sankalpforum.com
Intellecap is a pioneer in providing innovative business solutions that help build and scale profitable and sustainable enterprises dedicated to social and environmental change. Intellecap provides a broad range of Investment Banking, Consulting and Knowledge Services to clients around the world.
Our unique positioning at the intersection of social and commercial business sectors allows us to attract and nurture intellectual capital that combines the business training of the commercial world with the passion and commitment of the social world to shape distinctive solutions. Founded in 2002, we have worked with more than 60 clients on over 250 engagements across 15 countries. For more details, www.intellecap.com