Bengaluru-based non-profit The Nudge Foundation is planning to launch the first-ever incubator to support non-profit ventures working towards poverty alleviation. The foundation plans to invest over $7.3 Mn(INR 50 Cr) to incubate and support over 100 non-profit startups through the programme over the next five years.
The initiative, called N/Core, aims to build a ‘Collective’ of 100 leaders, with very rich and diverse experiences, to spend time mentoring and guiding the individuals that the programme will select. Over 30 senior leaders have agreed to be a part of the `Collective’ – which reportedly include people who have either worked in or are working in companies and institutions like Twitter, Flipkart, SAIF Partners, InMobi, Practo, HelpAge, MagicBus, Goonj, GiveIndia, Azim Premji Philanthropy Initiatives, Deshpande Foundation, Wadhwani Foundation, Nilekani Philanthropies, and Aspiring Minds.
Founder Atul Satija stated, “Not one single person we have approached has said `no’ to our request to be mentors.” Atul was previously a top executive at InMobi.
Backed by Nandan Nilekani, Tata Trusts and a host of industry stalwarts such as Kiran Karnik, ex-President, NASSCOM; Hugo Barra, VP, Xiaomi; Naveen Tewari, Founder and CEO, InMobi; Vijay Shekhar Sharma, Founder; and Neeraj Arora, VP, WhatsApp, The Nudge currently runs residential gurukuls that economically empower underprivileged youth through various programmes. The foundation has set its target to lift 1 Mn people out of poverty through its initiatives.
As per Atul, the first batch of the six-month incubation programme will commence in July this year and would incubate 10 startups. Prior to that, in April 2017, it will hold a 15-day intensive boot camp to encourage entrepreneurs and familiarise them with the opportunities of starting a non-profit venture. The incubation programme can even go up to two years and the objective would be to ensure a product-market-fit.
N/Core will aim to mentor non-profit incubatees, providing them with seed grants, coworking space, and the right connections to help them scale. Ventures could be in areas such as education, healthcare, employability, access to finance, agriculture, water, sanitation, energy, gender equality, human rights, and disaster management.
[This development was first reported in ET.]