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ISB iDiya announces seed funding for social ventures

ISB iDiya, a social ventures competition organised by students of the Indian School of Business (ISB) here, has announced opportunities for seed funding for aspiring social entrepreneurs.


A press release from the organisers of the event, said the combined funding amount of Rs 45 lakhs had been contributed by GiveIndia, cKinetics and Villgro and would be made available to winners of the competition.


It said the objective of iDiya was to promote social entrepreneurship in India by inviting ideas from working professionals for profitable business models with measureable social impact.


Ideas can be submitted online at www.isb.edu/iDiya. The deadline for submissions is 19September 2010.


According to the release, the iDiya investing partners will evaluate teams in focused verticals to assess their suitability for funding.


cKinetics, a venture accelerator in the sustainability space, has offered to provide seed funding of up to Rs 10 lakhs for the best Environmental Sustainability idea at the ISB iDiya boot camp.


Villgro will provide incubation services for the best business ideas in Agriculture, Energy, Water and Dairy sector which have the potential to impact rural households.


The best business idea that can transform rural households will win a chance to receive Rs 25 lakhs through the Villgro Incubation Programme. Incubation services include seed funding, pilot marketing services, support in Board formation, providing talent and support in raising external investments.


The release said GiveIndia would provide seed funding of up to Rs 10 lakhs for the best not-for-profit idea in the Philanthropy and Fundraising space. Winning ideas may additionally benefit from the opportunity of being incubated /supported by the GiveIndia team and its volunteers. This investment opportunity is restricted to non-profit ventures.


Winners of the iDiya competition will also be eligible to apply to the Entrepreneurship Development Initiative at the Wadhwani Centre for Entrepreneurship Development (WCED) at the ISB.


The release said that, to be eligible for these opportunities, teams must have a viable, self-sustaining and profitable plan entered in the ISB iDiya challenge. Only teams that are selected for the iDiya bootcamp are eligible.


The ISB iDiya Challenge is organised by the Net Impact Club at the Indian School of Business, Hyderabad.


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