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IIM Bangalore's NSRCEL has collaborated with Sanjeevini, Karnataka State Rural Livelihood Promotion Society, to launch a programme aimed at developing and supporting women-owned non-farm companies in rural Karnataka. Know more details here!
New Delhi: The NSRCEL, the startup incubator of the Indian Institute of Management Bangalore (IIM-B), and the Karnataka State Rural Livelihood Promotion Society jointly launched the Swavalambane project on October 12, 2023, to support rural women entrepreneurs in Karnataka.
The program by IIM Bangalore intends to bring together 150 rural women entrepreneurs under one roof, providing networking opportunities and financial assistance for business growth and success. It is supported by the World Bank's National Rural Livelihood Mission (NRIM) as part of the National Rural Economic Transformation Project.
The program also aims to scale existing women-led microbusinesses in Karnataka's tier 2 and tier 3 landscapes by providing them with access to a support ecosystem that will enable them to engage with larger markets, become financially sustainable, generate local employment, and transform into successful, scalable, and sustainable businesses.
The program's goals include assisting businesses in becoming formal and legal entities, increasing revenue by 15% for each enterprise, and developing a replicable business model that can be replicated across Karnataka and states participating in the National Rural Economic Transformation Project (NRETP).
Participants in this program will be assisted in developing crucial skills and knowledge to successfully traverse entrepreneurial issues through program module training and individual/group mentoring sessions.
The NSRCEL received over 4,000 submissions and selected 150 businesses after a rigorous process that included venture profiling and a challenge fund competition. These selected firms were recognised and offered financial assistance in the form of grants and soft loans based on their business pitches, assessed requirements, and the scope of their unique enterprises.
Anand Sri Ganesh, CEO of the NSRCEL at IIM Bangalore, commented on the launch, saying, "Karnataka's entrepreneurial landscape is renowned for its tech-led innovation and incredible grassroots entrepreneurship. Areas like silk, toys, jewellery, and food products are all well-known all over the world and women have been at the forefront of this.
The Swavalambane project helps women entrepreneurs grow by providing resources, money, skill development, mentorship, and networking opportunities. We will establish a methodology that can be reproduced across the country to assist the development of a vibrant entrepreneurial ecosystem for economic growth in collaboration with The National and State Livelihood Missions.''
Syed, who sells handcrafted toys and hails from Channapatna, said, “We anticipate that the incubation programme will assist us in marketing our products. We lack marketing and financial resources as entrepreneurs from tier 2 and tier 3 cities. Our livelihood was severely harmed, particularly after Covid-19. Platforms like these will allow us to earn a respectable living while also exposing us to the best entrepreneurship practices.”
The program was launched on October 11 and 12, 2023 at IIM Bangalore in a two-day event. Charanjit Singh, Additional Secretary, Rural Livelihoods, Ministry of Rural Development, Government of India, Dr Ragapriya R-1AS, Mission Director, Sanjeevini KSRLPS, Karnataka government, Swati Sharma, Joint Secretary NRLM, Anupama K, Karnataka government, Prof Srivardhini Jha, Chairperson, the NSRCEL and Associate Professor-Entrepreneurship, IIM Bangalore, and others attended.
The panel discussed topics such as perspectives on rural entrepreneurship, transforming the lives of rural women through entrepreneurship, the scope of women entrepreneurship in India, creditworthiness for small businesses, the importance of branding and marketing for small businesses, and awareness of legal rules and regulations for running a business, among others.
These discussions were held in order to encourage female entrepreneurs and gain useful insight into the problems and potential of entrepreneurship in the state of Karnataka.
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