Facebook stated the initiative will incubate and speed up, early stage girls led non-profits which are working within the areas of ladies entrepreneurship and to drive consciousness and adoption of know-how amongst girls in India. This is part of the Corporate Social accountability mandate by the Government, the place Facebook will work in collaboration with N/Core. The social media big stated Facebook Pragati will award 4 grants of as much as Rs 50 lakh for every non-profit to scale their work.
Ajit Mohan, vp and managing director, Facebook India stated: “The relative variety of companies in India run by girls entrepreneurs continues to be very low. We are dedicated to serving to girls entrepreneurs succeed by means of better entry to digital platforms, funds and mentorship. Our CSR focus with Facebook Pragati will likely be to empower girls to set-up and develop their companies, and contribute to creating the nation economically and socially stronger.
“N/Core believes in the massive potential of women entrepreneurs to drive innovation, create jobs, unlock the power of technology, and fuel India’s economic growth. We are excited to partner with Facebook in launching Pragati and taking a significant step towards bridging the deficit for providing essential support for women entrepreneurs.” added Akshay Soni, managing director, N/Core Accelerator.
Each of the non-profits chosen for Facebook Pragati initiative will get entry to direct grant as sources to construct a company and scale operations for a better affect, mentorship by an N/Core Partner – Kamakshi Rao (Partner, Ankur Capital); Okay R Lakshminaraya (Chief Endowment Officer of Azim Premji Foundation) and S Okay Jain (Co-founder, WestBridge Capital) amongst others.
Facebook stated the startups may even obtain hands-on help in areas like know-how, advertising and human sources from famend consultants and trade leaders together with Facebook’s management workforce and worker volunteers apart from help in enhancing the fund elevating methods. The eligibility standards consists of nonprofits which are lower than three years outdated and have not less than one girl founder and demonstrating a viable marketing strategy, working within the house of ladies entrepreneurship and selling use of know-how in India.
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