TiE Sustainability Summit to enable $ 100 million in funding for social enterprises
Social enterprises are rapidly emerging as drivers of sustainability in global economies. They are driven by a vision to improve society. They identify and solve societal problems through innovation and technology. They feed the hungry, solve injustices, educate the illiterate, provide health care in the most remote corners of the world to cure disease and protect the environment. Social enterprises are the engines and agitators of the 21st century – they are action-oriented, they have helped the needy (whether they are organizations or individuals). They act locally but have a global impact.
Indian social enterprises have played a key role in eliminating societal problems. iKure, an Indian social enterprise, provides primary health care, welfare and prevention services in rural, semi-urban and urban areas and has treated 2.5 million people in 6,400 villages. They get where no doctor reaches. Likewise, Thaely, founded by AshayBhave, a 21-year-old alumnus of Amity University, makes shoes from fabrics from used plastic bags. Each pair of shoes uses a total of 15 plastic bags and 22 bottles from scrap metal processing supermarkets and waste collection areas. Thaely creates wealth from waste and solves the societal problem by recycling plastic. Likewise, Dinesh, who founded IncrEDIBLE, mass-produces edibles from the 100 million plastic utensils used every day in the United States.
Social enterprises run by social entrepreneurs solve the problems facing living things on planet Earth, but they too face a major challenge – and that is funding. Although most social entrepreneurs self-finance their businesses early on, they face growing challenges due to the limited availability of funds. According to industry reports, around 50% of all social enterprises indicated that financing is their main business challenge, while 31% face challenges in attracting senior and middle managers.
TiE Sustainability Summit plans to address both of these issues. TSS 2021 hosted by TiE Hyderabad will be held from October 4-6, 2021, via a virtual platform, will leverage its technology platform to facilitate the financing of social enterprises. TiE is confident to fund at least 50 to 100 social enterprises during the summit, where social entrepreneurs will advocate with around 200 global investors. Through its technology platform, TiE is confident of facilitating funding in the amount of $ 20 million in the short term and approximately $ 100 million in the long term to promising social enterprises capable of creating a profound impact on human society, animals and nature. Investments will be made by social impact investors and large corporations who find a social enterprise with the promise of future growth and profits. TiE will play the role of facilitator to help the most suitable social enterprises to meet their potential financial partners.
Manohar Reddy, Global Chairman of TSS and Chairman TiE Hyderabad said, “We see social enterprises as the agents of change in the world and will play a key role in shaping the future of the global economy. At TSS, we have designed a “Match Making” technology platform for potential social impact investors to meet their potential investors (social enterprises) who have the ability and promise not only to deliver a high return on investment, but also to create a profound social impact. “
This thought was taken up by Mahavir Sharma, Former Global Chairman of the Board of TiE Global and Co-Founder of Rajasthan Angel, who said, “Social enterprises are the future unicorns of the world. They will build a trillion dollar economy. At TiE, we remain committed to meeting the needs of social entrepreneurs who face funding challenges, attracting talent – we will solve both of these issues by partnering with social impact funds and large corporations to fund them up to the mark. of $ 100 million in the long term spread over a few phases based on the viability of the company and its ability to create societal impact and generate a high return on investment. Second, we will help them find suitable mentors and board members who can serve as a guiding force in providing strategic inputs, business models, go-to-market strategies, connecting them with other players in the market. the ecosystem. “