Social Entrepreneurship Gains Traction in India

MUMBAI, INDIA - A one-day interactive panel discussion on ‘Sustainability through Social Entrepreneurship’ was jointly organised by World Trade Centre (WTC) Mumbai and All India Association of Industries (AIAI) on March 17, 2016. Mr. James Rajanayagam, Project Consultant, Centre for Social Innovation & Entrepreneurship, IIT Madras said, that there is tremendous opportunity to make profitable business venture in social sectors. Various investors like venture capitalists, private equity fund raisers and development organizations like World Bank, philanthropic bodies like Bill and Melinda Gates Foundation are eager to fund viable business ideas in social sectors.

Ms. Mrinalini Kher, Honorary Secretary & Trustee, Kherwadi Social Welfare Association opined that social entrepreneurship is a lucrative profession where people can earn a decent living while also contributing considerably to the welfare of the society and environment.

Ms. Mamta Borgoyary, Chief Executive Officer of FXB India Suraksha said that the biggest challenge for social enterprises is accessing long-term capital. Social outcomes like skilling rural women, generating employment opportunities for them takes several years and hence investors cannot expect returns in a short period of time. This provides developmental assistance to marginalized children, families and communities in rural and urban India.

She said that Social enterprise is a long gestation business and hence it needs investors who can commit capital without expecting quick returns. Launching business ventures in social sectors is akin to sowing the seeds for a better society in future.

Mrs. Nirmala Kandalgaonkar, Chairperson, Vivam Solid Waste Management Pvt Ltd. pointed out how she provided livelihood to hundreds of uneducated rural women by setting up solid waste collection and processing facilities in several villages of Maharashtra.

Dr. Madhav Sathe, Jt. Hon.Secretary, The Bombay Mothers & Children Welfare Society explained how social businesses can become profitable by adopting innovative financing model and cost-effective business strategy. Also, he suggested that the central and state government must invest on capacity building for the officials at gram panchayat so that they can effectively collaborate with social entrepreneurs in devising viable business models.

Ms. Aarti Wig, India Country Director, Yunus Social Business opined that social entrepreneurship is all about finding a middle path between profitability and sustainability of the planet.

Ms. Rupa Naik, Director-Projects, MVIRDC World Trade Centre said that social entrepreneurs have a direct impact on society for a specific cause which benefits large sections of society. They have a mission which is very noble but a vision which is large”.

Ms. Chhaya Sehgal, Founder and Chief Executive Officer, The Winning Edge moderated the panel discussion.

On the occasion a Handbook ‘Sustainability through Social Entrepreneurship’ was released.

PHOTO (L-R): Ms. Rupa Naik, WTC Mumbai, Dr. Madhav Sathe, The Bombay Mothers & Children Welfare Society and Ms. Chhaya Sehgal, The Winning Edge releasing the Handbook at the Social Entrepreneur event at WTC Mumbai.