Bangalore, October 6, 2023. SBI Foundation, through its SBIF LEAP (Livelihood and Entrepreneurship Accelerator Program), has introduced the 'Innovators for Bharat' initiative. This initiative aims to support high-impact incubators that provide incubation and acceleration services to start-ups addressing critical development challenges in India. SBI Foundation has partnered with Villgro, a leading social enterprise incubator, to launch the 'Innovators For Bharat: Climate Resilient Agricultural Livelihoods' program. The program will assist up to 15 promising start-ups in making a significant impact on agricultural livelihoods, reducing agriculture's climate impact, and bolstering the resilience of smallholder farmers to climate change.
The program will facilitate the sustainable scaling of agricultural start-ups by offering them equity seed funding, grant capital, and tailored incubation support. This support encompasses strategic business mentoring, opportunities for field trials, access to rural distribution networks, guidance on quantifying and assessing climate impact, and technical aid for developing carbon projects. Additionally, the program will focus on assisting start-ups in establishing financially stable business models and accessing debt financing to support their growth. Furthermore, it will serve as a platform to promote awareness of start-up innovations through various channels.In a joint effort, Villgro and SBI Foundation will provide financial support totalling INR 3.25 crores, combining grants and equity investments. Villgro will assume a central role in this initiative by devising program implementation, selecting start-ups through rigorous evaluation and due diligence, offering ongoing incubation support, and advocating for startup success. SBI Foundation will extend financial assistance to the selected startups and facilitate access to its network of banking experts for mentorship, civil society organizations, and other key stakeholders.
"As the funding and implementation partner, SBI Foundation is wholly devoted to empowering startups and cultivating an innovative culture within the agricultural sector. In collaboration with Villgro, our shared goal is to create a meaningful and enduring impact. Our dedication extends to driving substantial environmental transformations, with particular emphasis on waste recycling/upcycling, CO2 emissions reduction and removal, and the sustainable management of land and resources. With this program, we aim to improve the lives of 10,000 people in two years, including creating jobs for many of them," says Sanjay Prakash, Managing Director, SBI Foundation.
Sharing about the program, Maithili Rege, Associate Lead, Agriculture, Villgro, said, “Climate resilience in agriculture has become crucial due to unpredictable weather, extreme events, and shifting climate conditions. The vulnerability of traditional farming practices to these climate-related disruptions leads to crop failures, reduced yields, and economic instability for farmers. The Innovators for Bharat program is a fantastic opportunity to harness innovation to improve the livelihoods of smallholder farmers while making agriculture more environmentally sustainable. The program stands out by offering strong go-to-market support to enterprises, enhancing startups' readiness for debt financing, and providing dedicated advocacy for startup success. Villgro is dedicated to making the world better through social entrepreneurship, and we are excited to be part of this program as it aligns with our vision to nurture impactful startups that can make a big difference.”
The program invites startups at various stages of development, from early MVP stage to more mature enterprises in the growth phase. Agritechstartups, Agri Fintech startups, and Climate Tech Startups with a primary focus on themes such as climate-resilient agriculture, reducing post-harvest losses, waste-to-value solutions, and carbon impact and measurement are encouraged to submit their applications.The program particularly encourages women entrepreneurs to apply. The selection of startups for the program will be based on the innovativeness of their solutions, the current stage of their enterprise, business viability, team composition, and potential to create a significant impact on a larger scale.
The application window will remain open until October 11, 2023. For applications and more information, please visit: https://villgro.org/current-programs/#cause-20. The startup selection process is scheduled to commence in October 2023, with the announcement of selected startups expected in November 2023. The incubation period is planned to run from February 2024 to July 2025.
