Today we had the opportunity to see the other side of social entrepreneurship when we met with two organizations that invest in social entrepreneurs. Our meeting was at the UnLtd India offices where we met with both UnLtd staff as well as Acumen Fund. The UnLtd offices also act as the Bombay HUB. The HUB is a “laboratory and co-working space for social change” and allows for meetings like ours (with two different social investment organizations) to take place in one neutral location. This idea of sharing space really fosters partnerships throughout the city of Mumbai and provides a home base for those wanting to change the world.
Pooja Warier, co-founder and Director, introduced us to the concept behind UnLtd India as an incubator for social entrepreneurships. Their mission is to create a support system for people to make a social impact – and they’ve really built their organization to do so. One of the main challenges mentioned in starting a social organization is being able to implement the idea for three years. Once you make it through those first three years you’re more able to prove your effectiveness as an organization and find funding. Therefore, UnLtd India gives start-up organizations assistance during those extremely crucial first three years. They provide various stages of financial support as well as non-financial support in the form of mentoring and guidance for sustaining a successful social organization.
We heard different stories of social entrepreneurs that came to UnLtd India with an idea and have been able to create successful organizations. The story that stuck with me the most was that of the “The Bee Lady”. Having researched the issues farmers face in India, The Bee Lady implemented a hybrid business model in which she gave farmers bee-boxes, trained them how to use the bee-box, and then set up an organizations to buy the farmers’ honey and remarket the product to the public. As I think about my own business model for this class, her story really helped provide an interesting template for a successful social business. UnLtd India is doing really exciting work – giving those with the ideas an opportunity to make a difference through long-term financial and non-financial support during the most difficult years for a start-up organization.
Members from the Acumen Fund team came next to meet with us about their organization. Acumen recognized the need for a different type of capital for social organizations and understanding how social organizations differ as well. It was interesting to hear their selection process for funding and how they evaluate their investees over years. They’re looking for ideas that tackle basic concepts for social change and then innovation around those ideas. I was most interested in hearing of their investments within their healthcare portfolio and that healthcare access and products are the two most needed aspects of healthcare. They gave an example of a maternity hospital that provides services for vaginal delivery, c-sections, and hysterectomies at a low price for the impoverished community. I liked the point of doing a few things very well in order to maintain a successful organization.
It was exhilarating to hear this side of social entrepreneurship. It really opens up the business side of the field and broadens the scope of the opportunities within social entrepreneurship.
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