Social enterprises are skyrocketing as the engines of world economies are powered by sustainability. Social enterprises are action-oriented movers and shakers of this twenty-first century. A grand vision of improving society drives them. They recognize and solve different societal problems through technology and innovation. They handle everything beautifully from feeding the hungry to educating the illiterate, reaching healthcare in the most isolated corners of the globe to cure diseases, resolving injustices, or even protecting the environment. They always try to help the needy be it an organization or an individual. Their local acts impact globally.
Social enterprises in India have been playing a pivotal role in eradicating societal problems. iKure, an incredible Indian social enterprise, delivers preventive health services, primary healthcare, wellness in urban, semi-urban, and rural areas and has treated over 2.5 million people across 6,400 villages. They reach where doctors usually don’t come. Similarly, Thaely, a social enterprise founded by Ashay Bhave, a 21-year-old Amity University’s former student, a fabric shoe manufacturer, started his journey with waste plastic bags. Each pair of shoes utilizes 22 bottles and 15 plastic bags that are sourced from waste collection zones and scrap processing supermarkets. Thaely is building wealth out of waste and resolving the societal problem with recycled plastic. Likewise, Dinesh, founder of incrEDIBLE, mass-produced edible. From where? Well, it’s from 100 million plastic utensils utilized daily in the U.S.
Social-entrepreneur-led Social enterprises have been solving many problems encountered by living beings. However, they too are facing one major challenge, lack of funding. Though self-funding is the only way for most social entrepreneurs and their enterprises during inception, they encounter growth challenges because of the limited funds. 50% of all social enterprises have reported that funding is the number one business challenge in the industry. In comparison, 31% have said that they have faced challenges in attracting middle and senior management.
TiE Sustainability Summit has been arranged to solve both problems. TSS 2021, hosted by TiE Hyderabad, is being held from Oct 4 to 6, 2021, through a fantastic virtual platform. This summit will leverage its unique technology platform to facilitate funding for these great social enterprises. TiE is confident of promoting funding for at least 50 to 100 social enterprises during this summit. That’s because the social entrepreneurs will get a chance to pitch to nearly 200 global investors. TiE is confident of facilitating funding through its brilliant technology platform to a tune of about $100 million in the long term and $20 million in the short term for those promising social enterprises that can create a profound impact on animals, human society, and nature. Various large businesses and social impact investors will invest in social enterprises that promise future growth and profits. TiE will play the significant role of a facilitator. This summit will help the most suitable social enterprises reach their inherent funding partners.
Manohar Reddy, President TiE Hyderabad and TSS Global Chair, said, “We see social enterprises as the world’s change agents. They will play a crucial role in molding the world economy’s future. Now they can reach their prospective investors (social enterprises) easily. We have designed a “Match Making’ Technology Platform At TSS for potential social impact investors. Social enterprises who have the ability and promise to provide not only a high return on investment but also create a deep social impact will be able to utilize this platform.”
Mahavir Sharma, Immediate past Global Chairman of the Board, TiE Global, and Co-Founder Rajasthan Angel, further echoed the thought and said, “Social enterprises are the world’s future unicorns. They have the potential to build a trillion-dollar economy. At TiE, we stay committed to fulfilling the requirements of social entrepreneurs who face the challenges of funding and attracting talent. We will solve these challenges by partnering with large businesses and social impact funds to help them fund $100 million in the long term. It’ll spread across a few phases based on their ability to create societal impact, business viability, and make a high return on investment. Secondly, we will help those social enterprises find suitable board members and mentors who can serve as guiding forces by producing business modeling, strategic inputs, go-to-market strategies, and connect them with other potential ecosystem players.”
