The World Bank Development Marketplace (DM) held its annual business plan competition for social enterprises in India again this year, with a focus on the states of Madhya Pradesh, Chhatisgarh, and Jharkhand.
DM 2013 will provide grants between $50,000 and $100,000 to the winning social enterprises to assist them to replicate/scale projects/business models with demonstrated operational viability/proof of concept and financial sustainability, to deliver public goods and services to poor. DM grant support would fund enterprises to meet expenditures of goods and services in the nature of preliminary, operational, and capacity building expenses. This will be a 15-month incubation/acceleration process. Once entrepreneurs are ready with credible, sustainable projects, DM and its partners would also facilitate entrepreneurs in contacting and connecting with other potential funders for the next stage of growth.
With over 190 proposals submitted, DM shortlisted twenty social enterprises and will bring them together on May 1, 2013 in Bhopal, Madhya Pradesh. The social enterprises are diverse, focusing on issues from education to health to adolescent girl trafficking. Seven are for profit models, twelve are non-profit, and one is a hybrid. The May 1st event will focus on challenges and opportunities with social enterprise business models, access to working capital, integrating technology for development, and more.