The SBI Foundation, through its SBIF LEAP (Livelihood and Entrepreneurship Accelerator Program), has unveiled the “Innovators for Bharat” initiative. This endeavor aims to bolster high-impact incubators that support startups addressing critical developmental challenges in India. In collaboration with Villgro, a renowned social enterprise incubator, the program, titled ‘Innovators For Bharat: Climate Resilient Agricultural Livelihoods,’ seeks to assist up to 15 promising startups. These startups will focus on improving agricultural livelihoods, mitigating the agricultural sector’s climate footprint, and enhancing smallholder farmers’ resilience to climate change.
The program is designed to accelerate the growth of agricultural startups by offering equity seed funding, grant capital, and incubation support. This customized incubation support includes strategic mentoring for business expansion, opportunities for field trials, access to rural distribution networks, guidance on quantifying and evaluating climate impact, and technical assistance for developing carbon projects. Additionally, the initiative will concentrate on helping startups establish financially sustainable business models and access debt financing to support their growth. Furthermore, the program will serve as a platform to raise awareness about startup innovations through various channels.
Villgro and SBI Foundation will jointly provide financial support amounting to INR 3.25 crores through a combination of grants and equity. Villgro will play a pivotal role in designing and implementing the program. This includes selecting startups through rigorous evaluation and due diligence, providing ongoing incubation support, and advocating for startup success. SBI Foundation will offer financial support to the selected startups and provide access to its network of banking experts for mentorship, civil society organizations, and other key stakeholders.
Sanjay Prakash, Managing Director of SBI Foundation, expressed the organization’s commitment to fostering innovation in the agricultural sector, stating, “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.”
Maithili Rege, Associate Lead for Agriculture at Villgro, emphasized the program’s significance for climate-resilient agriculture, saying, “The 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.”
The program is open to startups in the early MVP stage or more mature enterprises in the growth stage, with a primary focus on themes such as climate-resilient agriculture, reducing post-harvest losses, waste-to-value, and carbon impact and measurement. Women entrepreneurs are encouraged to apply. The application window is open until October 11, 2023. The startup selection process will commence in October 2023, with the announcement of selected startups scheduled for November 2023. The incubation period is planned to run from February 2024 to July 2025.
