A champion of social business and a pioneer in the field of social entrepreneurship, Muhammad Yunus, has been building successful ventures in India’s neighbor, Bangladesh, for decades. Yunus has looked globally, set up three international joint ventures, and is now looking next door to India. He first collaborated with IIM-Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE), who work with Grameen Creative Lab (GCL) in Mumbai. Now targeting Indian industrialists and philanthropic foundations, Yunus hopes to raise Rs 50 crore to seed social businesses.
The Economic Times reports:
The CIIE and Yunus will collaborate to create a strong mentoring network, an incubation program to be designed by GCL to help entrepreneurs identify and build viable social business options.
The strategy for the fund is to garner the interest of India’s top industrialists, although according to the article, no one has responded yet. Given the number of incubators and networks, it will be interesting to see whether another seed fund is what it will take to catalyze social businesses.