Jubilant Bhartia Foundation (JBF), the promoters of Jubilant Group which owns the Domino's Master Franchise in India have announced an incubation and accelerator program for 15 start-ups.
The start-ups have been selected from various sectors including agriculture, healthcare, waste management, rural livelihoods & enterprises, inclusive development and climate action. As part of the initiative, a two-day boot camp has been launched on January 15 where start-ups will receive training and mentorship from industry stalwarts.
Speaking about the initiative, Deepak Jain, CEO & MD, Jubilant Ingrevia Limited (one of the listed entities of the Jubilant Bhartia Group) told Outlook Business that while the foundation has supported and recognised social entrepreneurs over the years, the impact was limited to a select few. Last year, the team decided to create a broader platform to engage more start-ups in social entrepreneurship.
Jain believes that start-ups focused on the social sector, can also be profitable. “With proper support, these startups can scale and demonstrate how monetization and social impact can go hand in hand. The first cohort has shown promising potential, and the hope is that some will grow significantly in the coming years,” added Jain.
Just to give some context, Jubilant Bhartia Foundation’s (JBF) Bhartia Impact initiative has announced the selection of 15 social impact start-ups through its Impact Quest Program for an incubation and accelerator program for nine months.
Bharat Impact is an initiative of the Jubliant Bhartia Foundation that has been established with the intent to make lasting social impact by nurturing and promoting entrepreneurship. IIM-Ahmedabad Ventures is serving as the Strategic Partner for the initiative, while the Schwab Foundation, a sister concern of the World Economic Forum, is the Global Outreach Partner.
The initiative aims to bridge the funding gap during the initial period when these start-ups are not yet profitable. “This is where CSR funding plays a critical role. Through CSR, we can provide the necessary risk funding to support social enterprises and NGOs, enabling them to build sustainable businesses or enterprises,” said Vivek Prakash, Senior Vice President and Head Corporate Social Responsibility at Jubilant Ingrevia Ltd.
Next year, JBF plans to increase the number of start-ups for its Impact Quest program to 25. Over the next five years, their target is to support 200 social enterprises, invest in at least 100 of them. The initiative is currently focused on developing an incubation center in Noida, designed to accommodate approximately 100 individuals. This center will feature technology infrastructure, presentation equipment, seating areas, and access to expert mentorship. Construction is slated for completion by March, with the first cohort of 15 start-ups set to benefit from the facility.
Along with a two-day boot camp, the start-ups that have been selected will get other benefits such as grant of up to Rs 5 lakh, mentorship, investor network and more.
