The foundation said it will invest over Rs 50 crore to incubate and support over 100 non-profit startups through the programme over the next five years.
The initiative, called N/Core, intends to build a ‘Collective’ of 100 leaders, with very rich and diverse experiences, to spend time mentoring and guiding the individuals that the programme will select.
Already, over 30 senior leaders have agreed to be part of the `Collective’. These include those who have either worked in or are working in companies and institutions like Twitter, Flipkart, SAIF Partners, InMobi, Practo, HelpAge, MagicBus, Goonj, GiveIndia, Azim Premji Philanthropy Initiatives, Deshpande Foundation, Wadhwani Foundation, Nilekani Philanthropies, and Aspiring Minds.
“Not one single person we have approached has said `No’ to our request to be mentors,” said The Nudge founder Atul Satija. Satija was previously a top executive at InMobi. The Nudge currently runs residential gurukuls that economically empower underprivileged youth through various skilling programmes. The foundation has set a goal to lift 1 million people out of poverty through its initiatives.
Satija said the first batch of the six-month incubation programme will commence in July and that would incubate 10 startups. Prior to that, in April, The Nudge will hold a 15-day intense boot camp to encourage entrepreneurs and get them acquainted with the opportunities of starting a non-profit venture.
He said the incubation programme can even go up to two years and the objective would be to ensure a product-market fit. N/Core will mentor non-profit incubates, providing them with seed grants, co-working space, and the right connections to help them scale up.
The ventures could be in areas such as education, healthcare, employability, access to finance, agriculture, water, sanitation, energy, gender equality, human rights, and disaster management.
The objective is to build high-impact and scalable non-profit ventures that look at poverty alleviation through a different lens. “India’s largest non-profit is not even $50 million. Dhaka-based Brac that works in the areas of nutrition, water and sanitation is $650 million, while Kenya-based OneAcre Fund is $69 million,” Satija said.
Anantha Padmanabhan, CEO, Azim Premji Philanthropic Initiatives, said the ambition and scale of N/Core are unmatched in the sector.
“The team at The/Nudge has the capabilities to pull off this audacious project. Moreover, the roster of mentors and leaders who have come together at N/Core is sure to make any non-profit feel welcome. N/Core will inject startup philosophy into the sector and could very well mark a turning point in the way non-profits are conceptualized and built,” he said.
Source: ET Tech