Early-stage entrepreneurs focused on creating jobs for those in extreme poverty in India are encouraged to apply
BANGALORE, India - September 9, 2021 — Upaya Social Ventures (Upaya) and Yunus Social Business Fund Bengaluru (YSB) today announced the launch of their 2022 Accelerator Program to help small and growing businesses (SGBs) in India scale and create jobs to lift people out of extreme poverty. Upaya and YSB will bring together their combined expertise in building businesses to offer a program that brings essential knowledge, capacity, and networks to early-stage entrepreneurs, equipping them with the tools to access investment, grow their ventures, and build business resilience.
Millions of people in India have lost their livelihoods during the Covid-19 pandemic. The second wave, alone, accounted for 10 million job-losses, as per the Centre for Monitoring Indian Economy (CMIE), and 87% informal workers lost their livelihoods over 2020-21. Despite the challenges, small and growing businesses continued to provide hope for India’s socio-economic development by employing from and/or catering to low-income and marginalised communities. In the road to recovery—to rebuild and to resume normalcy—the case for supporting small and growing businesses is stronger than ever before. SGBs have always been major contributors to India’s socio-economic development, and are still in a unique position to fill the gap created by the pandemic through innovation and socially-driven business models.
United in the shared vision of creating scalable livelihood opportunities by supporting social businesses, Upaya and YSB are partnering to launch the 2022 Accelerator Program. The partnership aims to optimize both organizations' rich experiences and expertise to develop a rigorous, hands-on acceleration program for early-stage social businesses.
“At Upaya, we have always focused on growing the enterprises that have the highest potential to create jobs to lift families out of poverty,” said Kate Cochran, CEO of Upaya Social Ventures. “As we look to a post-Covid future, there is nothing more urgent than helping entrepreneurs grow their businesses so they can create jobs at scale, enabling individuals to earn dignified and reliable livelihoods.”
Upaya has been running its accelerator program for six years and brings to the partnership its learnings and hands-on expertise in building investment readiness capacity for early-stage businesses. YSB brings to this partnership its long-standing experience of financing and capacity building of social businesses across India, East Africa, and Latin America as well as a global network of experts and mentors.
“Social Businesses over the last year have faced severe hardships, despite which they have not drifted from their mission of sustainable job-creation,” said Suresh K Krishna, MD & CEO, Yunus Social Business Fund Bengaluru. “Creating jobs that are pandemic-proof will be the key to economic recovery, and YSB’s mission is to support social businesses creating these jobs via financial and non-financial support”
Both organisations work with early-stage entrepreneurs to create new jobs or livelihood opportunities for people in need, and, through the Upaya & YSB 2022 Accelerator, will position the cohort entrepreneurs to take on investment and scale their businesses. Taking place over five months, the program will unite industry experts, business leaders, and investors to equip participants with the knowledge and tools to access investment and grow their ventures. Participants will also receive tailored training in strategy, fundraising, investment readiness, and impact management, as well as customised individual support from the Upaya and YSB teams.
“Upaya is thrilled to have joined hands with a mission-aligned partner in Yunus Social Business for the upcoming 2022 Accelerator Program,” said A B Chakravarthy, India Country Director at Upaya Social Ventures. Upaya and YSB have complementary expertise and networks to offer in nurturing and growing early-stage businesses. We believe that early-stage enterprises who are going to be part of the program will immensely benefit from the global perspectives and India experience that both organisations possess.”
As part of the program, entrepreneurs will have the opportunity to pitch their businesses to investors. Up to three participating enterprises will have the opportunity to raise USD 50,000 from Upaya. In addition, YSB will screen participating businesses for potential debt investment of up to USD 150,000.
The Upaya & YSB 2022 Accelerator cohort will consist of eight to 12 entrepreneurs who are leading early-stage enterprises in India that are focused on creating livelihood opportunities for people living in extreme poverty. The selection criteria will identify revenue-generating for-profit companies that show traction and market potential but have raised no more than USD $50,000. The companies should show potential to scale and create 1,000 jobs over seven years. Applications for the program will be accepted through www.upayasv.org/accelerator from September 15 to October 15, 2021.
ABOUT UPAYA SOCIAL VENTURES
Upaya Social Ventures is fighting extreme poverty through dignified jobs. Founded in 2011, Upaya provides investment and consulting support to early-stage businesses aimed at creating jobs for the poorest of the poor. Upaya’s continually growing portfolio of impact investments has created over 24,000 lasting, dignified jobs. Endorsed by ImpactMatters as a high-impact, cost-effective nonprofit, Upaya’s teams in Seattle and Bangalore are committed to a goal of helping entrepreneurs create jobs for 50,000 people in India by 2023. To support its mission, Upaya runs an annual Accelerator Program in India focused on investment readiness for early-stage businesses creating jobs and livelihoods to lift people out of extreme poverty.
ABOUT YUNUS SOCIAL BUSINESS
Yunus Social Business (YSB) is a social business fund and corporate social innovator, harnessing the power of business to end poverty and the climate crisis. Co-founded in 2011 by Peace Nobel Laureate Prof. Yunus, YSB Funds finances and grows social businesses in East Africa, Latin America & India, while Yunus Corporate Innovation transforms corporations into a force for good. To date, social businesses in YSB’s portfolio have impacted the lives of 13 million people and provided higher incomes to 50,000. Investment Readiness Programmes form part of YSB’s wider ambition to contribute to building the ecosystem in the geographies in which YSB is active.
CONTACTS
Heather Targosz
Upaya Social Ventures
htargosz@upayasv.org
Manasi Parvatikar
Yunus Social Business
manasi.parvatikar@yunussb.com
