Mphasis and IIM Bangalore join Hands to incubate ‘for profit’ Social Ventures. NSRCEL is the start-up incubation center at Indian Institute of Management (IIM) Bangalore and the hub of entrepreneurial activity at IIMB.
Mphasis, an IT services and solutions provider specializing in cloud and cognitive services enable enterprises to directly address the pressing need to become fast, innovative, and personalized in their response to digital disruption.
They bring incubated start-ups, co-working ventures, industry mentors, eminent academicians, and researchers together at our center. This unique ecosystem thrives on continuous interaction between theory and practice.
Recently, Mphasis has partnered with NSRCEL, IIMB, as part of its Social Venture Incubation Program, to support ‘early-stage social ventures. The program aims to incubate and support ‘for profit’ social ventures and comprises start-ups that have been in operation for one to three years, said a statement from the B-School.
The program’s focus is on helping start-ups build financially sustainable and scalable models working in the education, livelihood and disability space. The program at IIMB received more than 550 applications from social ventures out of which 16 promising ventures were selected to go through a three-month pre-incubation program.
Following the pre-incubation, shortlisted ventures were given an opportunity to pitch before an advisory council for selection in the incubation program which will be for a period of 12-18 months. Selected TAX SHEes include TAXSHE Services Private Limited, ECONUT Coconut Producer Company Limited, Blink Research, and Services Private Limited, ThinkZone and Rural Caravan Private Limited.
They would receive an entrepreneurial grant and will be supported through a series of curated events and workshops aimed at addressing specific challenges and areas of assistance required, said IIMB statement. Additionally, these ventures will also be able to avail on-site infrastructure as well as expand their network through interactions with ecosystem partners, IIMB faculty, alumni and subject matter experts.
Srikanth Karra, Chief Human Resources Officer, Mphasis, said, “The talent present in the startup ecosystem in India has been visibly increasing over the past few years. However, support to social enterprises is still limited. It is essential that social enterprises also get the right kind of support in mainstream incubators to ensure they can make telling contributions within the industry space.
Our partnership with IIMB is aimed at addressing this issue and through the facilities and mentorship support. We hope to enable the selected social ventures to achieve their highest potential,” about the partnership with NSRCEL.
, “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 is to create a playbook and template for social enterprises incubation.