Press release from Business Wire India
Source: World Bank Institute
Monday, February 21, 2011 04:30 PM IST (11:00 AM GMT)
Editors: General: Consumer interest, Economy, People; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology, Major diversified industrial groups
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Record Participation from Social Entrepreneurs at 2011 India Development Marketplace
New Delhi, Delhi, India, Monday, February 21, 2011 -- (Business Wire India) -- A World Bank grant programme aimed at garnering social-entrepreneur participation has shown record results.
2011 India Development Marketplace (DM), a World Bank Group grant programme, received 264 proposals seeking finance to scale or replicate inclusive and sustainable business models in Bihar, Rajasthan and Orissa.
"We are pleased with the overwhelming response to this year's edition of 2011 India Development Marketplace. The platform successfully captures the attention of social entrepreneurs with inclusive and sustainable business solutions addressing crucial development needs in the three focus states," says Mr Anil Sinha, General Manager, International Finance Corporation (IFC) South Asia Advisory Services.
The submitted proposals outlined activities in targeted states fairly evenly -- Orissa (33%), Rajasthan (30%) and Bihar (27%). Nearly 16% of the proposals targeted more than one state, while the majority addressed 2 sectors: livelihood support (32%) and agriculture (22%).
Following a rigorous process of screening and online assessment, 30 short-listed proposals will make it to the final round. Reviewed by an expert panel, which includes technical specialists, social and mainstream investors, and the greater development community, proposals will be judged according to social impact, sustainability, growth potential and innovation.
The names of the 30 finalists will be announced on March 7, 2011 on the 2011 India DM website: www.dm-india.com.
Next, finalists will present their proposals to a high-level jury at an event in early April 2011. From this process, 2011 India Development Marketplace will identify and support 13 of the most-innovative proposals (from for-profit and not-for-profit enterprises) with the highest potential for scaling up in a financially sustainable manner.
Each winning project will receive USD50, 000 (about Rs 2, 247,500) in two installments over 24 months. Disbursements will be monitored by IFC Advisory Services.
Over the years, the Development Marketplace has hosted numerous competitions around the globe. But this year's programme represents a departure from the past. Rather than merely providing grants, the 2011 India Development Marketplace is now being built out as a platform for sustained collaboration between social entrepreneurs, foundations, investors, the World Bank, IFC and others.
With an aim to link early-stage social enterprises to next-stage financial aid through targeted grant support and advisory services, 2011 India Development Marketplace is being developed as an instrument for organizations to refine and build their business models with a view toward long-term impact for the greater social good.
The Development Marketplace is a key component to the World Bank Group's support to India's effort in tackling poverty. Over time, the programme seeks to add value to the growing network of social entrepreneurs delivering public goods and services at the base of the economic pyramid.
About Development Marketplace
Development Marketplace is a pioneer in supporting the testing of early stage products and processes. Housed in the World Bank Institute, the DM has, since its inception in 1998, significantly increased the supply of social goods and services by awarding more than $ 60 million grants to more than 800 innovative projects identified through country, regional and global competitions. Partners have included the Bill and Melinda Gates Foundation, the Rockefeller Foundation, International Fund for Agriculture Development (IFAD) and the United Kingdom Department for International Development (DFID) and the Global Environment Facility (GEF). For more information on the overall programme visit: www.development.marketplace.org. And for more information on the programme in India DM 2011, please visit www.dm-india.com. For any further queries, please contact dm-india-support@ifc.org.
About World Bank Institute
The World Bank Institute (WBI), part of the World Bank Group, is a global connector of knowledge, learning and innovation for poverty reduction. WBI connects practitioners, networks and institutions to help them find solutions to their development challenges. With a focus on the 'how' of reform, WBI links knowledge from around the world and scales up innovations. WBI works with and through global, regional and country-based institutions and practitioner networks, and helps them develop responsive customized programmes. WBI connects globally and delivers locally. For more information, visit www.worldbank.org/wbi .
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. It creates opportunity for people to escape poverty and improve their lives. It does so by providing financing to help businesses employ more people and supply essential services, as well as by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org .
About IFC in South Asia
To grow opportunities for the under-served, IFC in South Asia has concentrated on low-income, rural, and fragile regions while building infrastructure and assisting public-private-partnerships; facilitating renewable energy generation; promoting cleaner production, energy and water efficiency; supporting agriculture and sustainable forestry; creating growth opportunities for small businesses; reforming investment climate; increasing access to finance among the underserved; encouraging low-income housing; and making affordable healthcare accessible. For more information, visit www.ifc.org/southasia/.
CONTACT DETAILS
Mansi Molasi, IPAN Hill and Knowlton, mmolasi@ipanhillandknowlton.com, +91 9650215869
KEYWORDS
CONSUMER, ECONOMY, PEOPLE, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, GROUPS
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