*India's first customized online and classroom startup programme for women enters final phase
*Three-week boot camp completed for 50 startups initiated by women entrepreneurs-in-the-making
Bengaluru, India, February 26, 2017: The NS Raghavan Centre for Entrepreneurial Learning (NSRCEL) at Indian Institute of Management Bangalore (IIMB) and Goldman Sachs, a leading global investment bank and active investor in India, selected 15 women entrepreneurs-in-the-making and their ideas for incubation over the next year as the final phase of its Women Startup Programme, India's first customized online and classroom training programme designed to grow the next generation of female entrepreneurs.
The 15 women selected to incubate at IIMB will receive a fellowship of 40,000 rupees per month, while they further develop their business ideas with the goal of starting a successful venture. Their ideas range across a variety of topics, including matching volunteers to social causes, specialized healthcare systems, and customized social networks.
Launched in November 2016, the Women Startup Programme drew more than 1,700 aspiring female entrepreneurs from across the country for a five-week online course focused on encouraging women to systematically identify and test their business ideas. Afterwards, 50 women entrepreneurs were selected to attend a three-week boot camp at IIMB to enable each participant to develop a robust 'problem-solution' methodology for comprehending the success and sustainability of their ventures. The final round culminated in a one-on-one demo day on February 25 where participants presented to a panel of entrepreneurs and Goldman Sachs professionals. Business leaders, including PC Mustafa, Founder & CEO of ID Fresh Food; Manish Singhal, Founding Partner of pi Ventures; and Abhay Hanjura, Founder & CEO of Licious, participated in a fireside chat.
"Since 2008, through our 10,000 Women initiative, Goldman Sachs has been investing globally and in India in the economic empowerment of women through education and access to capital," said Sonjoy Chatterjee, Chairman and Co-CEO of Goldman Sachs (India). "The innovative business ideas developed through this mass outreach online and classroom programme reflect the entrepreneurial talent in India and the tremendous potential of women entrepreneurs," he added.
Prof. Suresh Bhagavatula, Program Director at IIMB and Chairperson, Entrepreneurial Ecosystem Development, NSRCEL at IIMB, said “Technology, either as the core business idea or using technology to scale, was a key theme in the programme. Many ideas also focused on community. Through the boot camp, our women entrepreneurs-in-the-making were able to learn and apply business acumen and technology expertise to help their ideas continue to grow into a viable business.”
The three-week boot camp, which was offered at no cost, provided 50 participants with an opportunity to network with successful women entrepreneurs, venture capitalists, MBA students from IIMB, and Goldman Sachs professionals. Participants also received classroom instruction on developing a business plan, understanding costing and pricing, sales and marketing, and negotiation skills. Participants traveled from as far as Srinagar from Jammu and Kashmir to take part. The average age of the class was 34 with youngest women being 22 years old and the oldest being 53.
Shreya, a homemaker for over 10 years, who previously had a boutique selling designer wear for women, participated in the programme and said, “I have benefited immensely from this IIMB boot camp. After taking the time to focus on my family for the past decade, this residential boot camp format with like-minded women has exposed me to the tools, processes and mentorship necessary to translate my concept into a working idea. Most importantly it has instilled in me the ambition, energy and confidence needed to launch my own business. My life has transformed in the last two months.”
About IIMB & NSRCEL
The Indian Institute of Management Bangalore (IIMB) builds leaders and entrepreneurs through holistic, transformative and innovative education. An-EQUIS accredited business school, IIMB is an acknowledged hub of academic activity in India and across the globe. IIMB’s research centers include the Centre for Public Policy, the Nadathur S Raghavan Centre for Entrepreneurial Learning, the Centre for Financial Markets & Risk Management, the Centre for Corporate Governance & Citizenship, the Centre for Software & Information Technology Management and the Centre for Supply Chain Management. The N S Raghavan Centre for Entrepreneurial Learning (NSRCEL) incubates start-ups and provides free mentoring for budding entrepreneurs. NSRCEL currently incubates 18 start-ups – perhaps the largest number for an incubation center in an academic institution. Through its rapidly growing open mentoring initiatives, it is conservatively estimated that NSRCEL may have directly impacted in excess of 10,000 entrepreneurs, aspiring entrepreneurs or other participants in the ecosystem since it was established in 2000.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Goldman Sachs has been serving Indian clients since the early 1990s and established an onshore presence in India in December 2006 following a ten-year joint venture. Today, it serves leading corporate and institutional clients through corporate finance (investment banking), equity sales and trading and fixed income securities businesses, as well as by providing macro-economic and investment research. Goldman Sachs is also an active investor in India, deploying more than US$2.5 billion in capital since 2006.
In 2004, Goldman Sachs opened its office in Bengaluru. Today, as an integral part of the firm’s global activities, the Bengaluru office with more than 5,000 professionals is the firm’s second largest office in the world. In 2014, the firm broke ground on a new campus in Bengaluru and will invest approximately INR 1,200 crore (US$200 million) on the construction and the completion of a state-of-the-art complex, which is expected to open in 2019.
Since 2008, Goldman Sachs has committed in excess of $1.6 billion to philanthropic initiatives, globally to academic partners and nonprofit organizations, including in India. As part of the firm’s 'Community TeamWorks' initiative, Goldman Sachs engages extensively with local non-governmental organizations around the world. To date, since 2005, Goldman Sachs in India has partnered with more than 100 non-profit organizations to engage in approximately 1,900 community-building initiatives.