BWI: 2011 India Development Marketplace Competition Announces 14 Winners

Press release from Business Wire India
Source: World Bank Institute
Thursday, April 07, 2011 04:32 PM IST (11:02 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Healthcare, biotechnology & pharmaceutical, Information technology, Major diversified industrial groups
--------------------------------------------------
2011 India Development Marketplace Competition Announces 14 Winners
Each winning social enterprise wins $ 50,000 grant amount

Jaipur, Rajasthan, India, Thursday, April 07, 2011 -- (Business Wire India) -- 2011 India Development Marketplace Competition - Supporting Inclusive Business Models to Scale, a competitive grant program jointly organized by IFC, a member of the World Bank Group and the Development Marketplace Program, has announced 14 winners from 30 finalists. These finalists are making significant on-the-ground impact in the Indian states of Rajasthan, Bihar and Orissa where the competition ran this year. (Please refer to Annexure-I for winner's list)

Following a rigorous process of screening and online assessment of 264 proposals received this year, 2011 India Development Marketplace has announced the 14 award winning business models at a ceremony hosted to honor the winning social enterprises who will receive grant of US$50,000 (about Indian Rs 2,247,500) each.

The event convened senior officials from The World Bank Group namely -- Mr. Sanjay Pradhan, Vice President, World Bank Institute; Thomas Davenport, IFC Director for South Asia and Mr. Hubert Nove-Josserand, Operations Adviser, World Bank India Office.

Sanjay Pradhan, Vice President, World Bank Institute said, "This competition marks the beginning of a multi-year World Bank collaboration with Indian social entrepreneurs and the national and state-level government to connect social entrepreneurs with a growing pool of external investors, external funders and providers of capacity building services."

The prize money will be disbursed in two installments over 24 months while IFC will supervise the grant implementation over the entire duration. The funds will be used to invest in all activities/assets necessary to establish the viability of the business model such as testing, quality assurance, certification, consulting services, and test marketing services.

"Through 2011 India Development Marketplace, IFC is able to reach out and make needed advice and funds accessible to micro and small entrepreneurs with innovative ideas. A professional and strategic approach will help make their unique business models sustainable and impactful," said Thomas Davenport, IFC Director for South Asia.

A high-level jury panel comprising of the following reviewed the 30 shortlisted proposals on parameters including social impact, sustainability, growth potential, and innovation during their presentation at the Marketplace event :-

-- Mr. Bharat Wakhlu, Resident Director, Tata Services Limited
-- Ms. Bharati Rao, Ex-Deputy Managing Director, SBI
-- Mr. Don Mohanlal, President and CEO, The Nand & Jeet Khemka Foundation
-- Ms. Lakshmi Pratury, Host, The Ink Conference
-- Ms. Namita Vikas, Principal Consultant, Marico Innovation Foundation
-- Mr. Noshir Colah, Executive Director, Aavishkar Venture Management Services
-- Mr. Parmesh Shah, Lead Rural Development Specialist, World Bank
-- Mr. Paul Basil, Chief Executive Officer and Founder, Villgro

The 14 most innovative and inclusive social enterprises with highest potential to succeed were selected. The winning business models outlined activities to address vital development needs in Rajasthan, Bihar and Orissa while the majority addressed two sectors: Handicrafts and Education and skills training.

Linking early-stage social enterprises to next-stage financial aid through targeted grant support and advisory services is the key focus of India Development Marketplace. The initiative will support grassroot organizations to refine and build their business models to ensuresustainable impact over the long term.

2011 India Development Marketplace has evolved as a platform to encourage collaboration between social entrepreneurs, foundations, investors, the World Bank, IFC and others, beyond providing grant support.

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 International Finance Corporation

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/.

To view the Annexure and photographs, please click on the links given below:

Annexure I- Winners 2011 India DM

(L-R)Mr. Aleem Walji, Mr. Anil Sinha and Mr. Arvind Gupta

14 Winning Social Enterprises of 2011 India Development Marketplace Competition
For picture(s)/data to illustrate this release click below:

http://www.BusinessWireIndia.com/attachments/Annexure(2).pdf
Annexure(2).pdf
http://www.BusinessWireIndia.com/attachments/Pic_1(421).JPG
Pic_1(421).JPG
http://www.BusinessWireIndia.com/attachments/Pic_2(181).JPG
Pic_2(181).JPG


CONTACT DETAILS
Mansi Molasi, IPAN Hill and Knowlton, +91 9650215869, mmolasi@ipanhillandknowlton.com

KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, HEALTHCARE, IT, GROUPS

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com