The NS Raghavan Centre for Entrepreneurial Learning (NSRCEL) at the Indian Institute of Management Bangalore (IIM-B) and Goldman Sachs selected 15 women entrepreneurs-in-the-making and their ideas for incubation over the next year as the final phase of the ‘Women start-up programme’. It is a customised online and classroom training programme designed to grow the next generation female entrepreneurs.
The 15 women selected will receive a fellowship of ₹40,000 per month while they develop their business idea with the goal of starting a successful venture.
Launched in November 2016, the ‘Women start-up programme’ drew more than 1,700 aspiring female entrepreneurs from across the country for a five-week online course focused on encouraging women to systematically identify and test their business ideas. Afterwards, 50 women entrepreneurs were selected to attend a three-week boot camp at IIM-B to enable each participant to develop a robust problem-solution methodology for comprehending the success and sustainability of their ventures.
The final round culminated in a one-on-one demo day on February 25 where participants presented to a panel of entrepreneurs, Goldman Sachs professionals, and business leaders, including PC Mustafa, founder and CEO of ID Fresh Food; Manish Singhal, founding partner of Pi Ventures; and Abhay Hanjura, founder and CEO of Licious.
“Since 2008, through our ‘10,000 women initiative’, Goldman Sachs has been investing globally and in India in the economic empowerment of women through education and access to capital,” said Sonjoy Chatterjee, chairman and co-CEO of Goldman Sachs (India). “The innovative business ideas developed through this mass outreach online and classroom programme reflect the entrepreneurial talent in India and the tremendous potential of women entrepreneurs,” he added.
Suresh Bhagavatula, Programme Director at IIM-B and Chairperson, Entrepreneurial Ecosystem Development, NSRCEL at IIM-B, said, “Technology, either as the core business idea or using technology to scale, was a key theme in the programme. Many ideas also focused on community. Through the boot camp, our women entrepreneurs-in-the-making were able to learn and apply business acumen and technology expertise to help their ideas continue to grow into a viable business.”
The 15 selected ideas ranged across a variety of topics, including matching volunteers to social causes, specialised healthcare systems, and customised social networks.
Boot camp
The three-week boot camp, which was offered at no cost, provided 50 participants with an opportunity to network with successful women entrepreneurs, venture capitalists, MBA students from IIM-B, and Goldman Sachs professionals. Participants also received classroom instruction on developing a business plan, understanding costing and pricing, sales and marketing, and negotiation skills. Participants travelled from as far as Srinagar to take part. The average age of the class was 34, with the youngest women being 22 and the oldest being 53.
Shreya, a homemaker for over 10 years, who previously had a boutique selling designer wear for women, participated in the programme and said, “I have benefited immensely from this IIM-B boot camp. After taking the time to focus on my family for the past decade, this residential boot camp format with like-minded women has exposed me to the tools, processes and mentorship necessary to translate my concept into a working idea. Most importantly, it has instilled in me the ambition, energy and confidence needed to launch my own business. My life has transformed in the last two months.”