Missions that Matter
Wednesday, March 19, 2008
The Hyderabad round of the Global Social Venture Competition was, writes Kamalika Bhattacharya, all about using expertise to innovative for the greater social good.
The Global Social Venture Competition is an unprecedented partnership that brings together the academic and financial worlds to support the creation of sustainable social ventures. The GSVC awards go to business plans or models that represent the highest, most integrated financial and social returns.
Each year, teams from around the world compete for over $45,000 in cash and travel prizes. Last year, Revolution Foods from the USA, which raised $600,000 from the JP Morgan Bay Area Equity Fund, won first place. After winning, the company – which provides healthy, low-cost, organic meals for Bay Area schools – secured its own kitchen and tripled its customers. In second place was Verdacure from Thailand, which developed an innovative chewing gum that treats and prevents periodontal disease.
This year, the grand prize of $25,000 will be awarded to the plan that achieves both the best economic and social returns. The Asia round of the GSVC, hosted by the Indian School of Business, Hyderabad, on 8-9 March 2008 aspired to encourage and support teams from around the region. Two top teams from Asia were selected for the global finals that will be held at the Haas School of Business in Berkeley, USA, on 17-18 April this year.
The Hyderabad round of the Global Social Venture Competition was, writes Kamalika Bhattacharya, all about using expertise to innovative for the greater social good.
THE Global Social Venture Competition is an unprecedented partnership that brings together the academic and financial worlds to support the creation of sustainable social ventures. The GSVC awards go to business plans or models that represent the highest, most integrated financial and social returns.
Each year, teams from around the world compete for over $45,000 in cash and travel prizes. Last year, Revolution Foods from the USA, which raised $600,000 from the JP Morgan Bay Area Equity Fund, won first place. After winning, the company ? which provides healthy, low-cost, organic meals for Bay Area schools ? secured its own kitchen and tripled its customers. In second place was Verdacure from Thailand, which developed an innovative chewing gum that treats and prevents periodontal disease.
This year, the grand prize of $25,000 will be awarded to the plan that achieves both the best economic and social returns. The Asia round of the GSVC, hosted by the Indian School of Business, Hyderabad, on 8-9 March 2008 aspired to encourage and support teams from around the region. Two top teams from Asia were selected for the global finals that will be held at the Haas School of Business in Berkeley, USA, on 17-18 April this year.
“The purpose of the GSVC is to actively support and promote the creation and growth of successful social ventures around the world. We define a social venture as an enterprise that has both financial and social goals integral to its purpose. We strive to elevate the visibility of the field and the quality and quantity of new ventures through our annual business plan competition,” said ISB dean M Rammohan Rao. “Each year our competition rewards a number of social ventures that are most likely to succeed in accomplishing financial and social missions. Since its inception in 1999, GSVC has awarded more than $300,000 to emerging social ventures and has introduced early-stage social entrepreneurs to the investment community. Nearly 25 per cent of our past entrants are now operating companies.”
This year also ISB invited business plans from established and renowned B School students/alumni from across the Asian region. In addition to mentoring the participants, the GSVC provides an opportunity for B School students to meet venture capitalists, potential investors and academicians who support social ventures.
“Our focus at the Base of the Pyramid Lab at the ISB is to encourage entrepreneurship, especially with a social cause”, said Reuben Abraham, professor of entrepreneurship at the ISB and Cornell University.
At the Asia round in Hyderabad, team AccessAbility, representing Symbiosis Institute of Business Management India, planned to work as a disability employment specialist empowering organisations to welcome, engage and service diversity by helping them create an inclusive and barrier-free environment. It offered a range of professional services such as access audits and appraisals, implementation of strategy planning, policy auditing, disability employment and post-employment services, workplace adaptations and disability sensitisation training.
