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Risk capital fund for young entrepreneurs
Wednesday April 17, 2013 10:31:00 PM,
IANS
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Mumbai: Young
entrepreneurs from low income groups can now look forward to
getting funds to start sustainable enterprises.
An initiative by Going to School, a not-for-profit organisation,
announced the launch of Be! Fund that provides new access to
risk-capital (up to $10,000/INR 500,000) to young entrepreneurs, a
representative of the organisation said Wednesday.
"By 2020, there will be over 200 million unemployed young people
below the age of 30. The youth unemployment crisis cuts across all
industries and development sectors. We need new heroes to solve
India's greatest problems," said Lisa Heydlauff, Director of Going
to School, in Mumbai.
"These heroes we need to find are the poorest, youngest people in
India, who by pioneering new sustainable business models that
create jobs and solve problems become role models to inspire
millions of young people to change the world around them by
choosing to become entrepreneurs," she added.
How it all began: Be! Fund started in Bangalore, with a seed
capital from entrepreneurs Phaneesh Murthy and Dev Roy, who
believe that the poorest young people in India are worth investing
in to change the world - they have the answers to the problems
their communities face, all they need is a group of people to
listen to them and be open enough to take a risk to invest in
their ideas to make them a reality. After the success in
Karnataka, new investors in Be! Fund decided to take this
'made-in-India' model to Mumbai and the rest of India.
With philanthropic capital and voluntary business skill support
from Deutsche Bank, UBS & USAID, Be! Fund plans to find, support,
and invest in over 30 young heroes in 2013, out of which 15 hero
entrepreneur investments will be in women.
Ten of the investments will be in renewable energy and agriculture
anywhere in India, and 20 across Maharashtra alone.
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