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New Delhi, April 11, 2011—
IFC, a member of the World Bank group, and World Bank Institute have announced 14 winners of the
2011 India Development Marketplace
, a competitive grant program that identifies and supports innovative social enterprises demonstrating a high potential for development impact. The competition was launched in December 2010 in Bihar, Orissa, and Rajasthan.
The theme for this year’s competition was
Supporting Inclusive Business Models to Scale
. As many as 264 applications received were evaluated on the parameters of social impact, sustainability, growth potential, and innovation. Proposals with the highest potential to scale up made it to the shortlist of 30.
The 14 award-winning business models will receive a grant of $50,000 each. The prize money will be disbursed in two installments over 24 months. IFC will supervise the grant implementation over the entire duration. The funds will be used to invest in all activities and assets necessary to establish the viability of the business model such as testing, quality assurance, certification, consulting services, and test marketing services.
Sanjay Pradhan, Vice President, World Bank Institute, said, "This competition marks the beginning of a multi-year World Bank collaboration with Indian social entrepreneurs and the national and state-level government to connect social entrepreneurs with a growing pool of external investors, external funders, and providers of capacity building services."
A high-level jury panel reviewed the 30 finalists’ proposals on parameters such as social impact, sustainability, growth potential, and innovation.
“Through the
2011 India Development Marketplace
, IFC is able to reach out and make needed advice and funds accessible to micro and small entrepreneurs with innovative ideas. A professional and strategic approach will help make their unique business models sustainable and impactful,” said Thomas Davenport, IFC Director for South Asia.
Linking early-stage social enterprises to next-stage financial aid through targeted grant support and advisory services is the key focus of
India Development Marketplace
. The initiative helps grassroot organizations refine and build their business models to ensure sustainable impact over the long term.
2011 India Development Marketplace
has evolved as a platform to encourage collaboration between social entrepreneurs, foundations, investors, the World Bank, IFC, and others beyond providing grant support.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totalled $18 billion in fiscal 2010, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
About World Bank Institute
The World Bank Institute or WBI, part of the World Bank Group, is a global connector of knowledge, learning, and innovation for poverty reduction. WBI connects practitioners, networks, and institutions to help them find solutions to their development challenges. With a focus on the ’how’ of reform, WBI links knowledge from around the world and scales up innovations. WBI works with and through global, regional, and country-based institutions and practitioner networks, and helps them develop responsive customized programmes. WBI connects globally and delivers locally. For more information, visit
www.worldbank.org/wb
i
About Development Marketplace
Development Marketplace is a pioneer in supporting the testing of early-stage products and processes. Housed in the World Bank Institute, the Development Marketplace has, since its inception in 1998, significantly increased the supply of social goods and services by awarding more than $60 million grants to more than 800 innovative projects identified through country, regional, and global competitions. Partners have included the Bill and Melinda Gates Foundation, the Rockefeller Foundation, International Fund for Agriculture Development, the United Kingdom’s Department for International Development and the Global Environment Facility. For more information, visit
www.development.marketplace.org
, and for more information on the program in India, visit
www.dm-india.com
.
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