There seems to be no better time than now to be an entrepreneur for social good in India, with the number of new incubators, hubs and mentoring institutes that are popping up all over the country. For example, the Center for Social Innovation and Entrepreneurship (CSIE) at IIT-Madras, the recent new social innovation hub in Thiruvananthapuram, the social innovation incubator and seed-funding organizations Villgro and Ennovent, amongst several others.
Yet another such initiative was launched by the DBS Bank and the Tata Institute for Social Sciences (TISS), who formed a strategic partnership to launch the ‘DBS-TISS Social Entrepreneurship Programme’ to promote social entrepreneurship in India. They will provide new social enterprises with mentorship, seed funding, business guidance, and a host of other services. In addition, they will set research challenges, initiate programs to measure social impact of these enterprises. Speaking on need for social innovation in India, Mr. S. Parasuraman, the Director of TISS, said:
There is a fundamental shift in the way development strategies are presently being approached. Developmental funding is now viewed as a social investment with financial sustainability being as important as social impact. Building capabilities of marginalized and excluded communities with initiatives such as facilitation through market linkage; timely funding and appropriate information is the new way for development. Social entrepreneurship thus emerges unique, as it deploys technological, managerial and social knowledge and skills to create desired social change.