TiE Hyderabad chapter plans USD 200-300 mn fund for social enterprise

PTI | New Delhi | Updated: 03-10-2021 13:00 IST | Created: 03-10-2021 12:44 IST
TiE Hyderabad chapter plans USD 200-300 mn fund for social enterprise
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Entrepreneurs body TiE Hyderabad will roll out a USD 200-USD 300-million social impact fund at the upcoming TiE Sustainability Summit, to support global social entrepreneurs in scaling up their business, a top representative of the group said.

With this corpus, social enterprise will have a total pool of up to USD 400 million funds at the three-day summit starting Monday. Besides, the TiE Hyderabad summit will provide an opportunity for firms to participate in the USD 100-million fund of TiE Global meant for social entrepreneurs, Manohar Reddy TSS Global Chair and President TiE Hyderabad told PTI.

''We have a commitment of around USD 200 million from entrepreneurs to fund start-ups and businesses that create social impact on the ground. The rest of the fund is expected from various governments that are mostly in the form of grants. The scale of grants will depend on the nature of the business and the impact the business is creating on the ground,'' Reddy said.

He said TiE Hyderabad chapter social impact fund is in addition to TiE Global Fund meant for sustainability business.

''We are proud to have launched this initiative to recognize the thankless work by social enterprises and entrepreneurs who work towards the betterment of society, build innovative technology solutions, tread on the unchartered path to solve the societal problems,'' Reddy said.

The screening of the eligible firms will be done at the TSS.

''We have received over 33,000 applications from social enterprises for participation in TSS. We expect it to reach 40,000 by Monday. We will filter businesses from about 40,000 applicants and then we will invite them for the pitch.

''We may come down to 50-100 enterprises. We will increase the number if we come across more eligible firms. Funds will not be an issue as we proceed,'' Reddy said.

At the summit, there will be TSS Social Enterprise Awards to recognize social enterprises that are creating a deep and tangible impact on society, communities, animals, nature, and the planet through innovative business processes and technologies while pursuing the UN sustainable development goals (SDGs).

Reddy said TiE Hyderabad social impact fund will have no geographical boundaries and the investment can go into firms incorporated anywhere in the world.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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