IIM Bangalore and Goldman Sachs Partner to Launch Women Startup Programme
First customized programme to offer online and classroom training, as well as business incubation, to support the next generation of women entrepreneurs
November 16, 2016 – The NS Raghavan Centre for Entrepreneurial Learning (NSRCEL) at the Indian Institute of Management Bangalore (IIMB), with the support of Goldman Sachs, a leading global investment bank and active investor in India, today announced the official launch of the Women Startup Programme. This announcement was made at WEConnect International’s ThinkBig Summit 2016, Asia’s largest women’s entrepreneurship empowerment platform connecting women-owned businesses with public and private sector opportunities, which is being supported by the State Government of Karnataka. The programme, which will be offered at no cost and is open to all aspiring women entrepreneurs, seeks to encourage and support women to start their own businesses through a customized, three-phase model which incorporates online and classroom training as well as business incubation. The coursework will teach both entrepreneurial and managerial skills, provide mentoring and networking opportunities, and access to capital to help empower women navigate their early ventures as well as equip them with tools to strategize and grow their businesses.
The Three Phases:
Available at http://www.nsrcel.org/Women_Startup_Programme, Phase One is a five-week course offered online to enable learning which is expected to be accessed by more than 2,000 aspiring women entrepreneurs across India. Participants will develop and test their business ideas systematically through lectures, interactive sessions, exercises, peer to peer interactions, and interviews with successful entrepreneurs. At the end of the course, participants will submit their final business idea and compete for a chance to participate in the second phase of the programme.
Phase Two is a three-week on-campus experience. Participants with the top 50 business ideas from the first phase will receive fellowships to participate in training on IIMB’s campus between January and February 2017. Participants will acquire functional business knowledge while continuing to work on their business idea. Classroom sessions will include courses on developing a business plan, understanding costing and pricing, sales and marketing, and negotiation skills. They will also interact with mentors, including current and former students, and be able to seek guidance from an extensive alumni network of established entrepreneurs. Participants will also have an opportunity to attend multiple startup events that IIMB hosts.
Phase Three includes a business plan competition where the top 12 startup entrepreneurs will win an opportunity to be incubated at NSRCEL for 12 months to help further develop their business idea, ultimately resulting in an entrepreneurial venture providing a successful product or service. Post the incubation, potential participants will be provided with a funding of up to INR 25 lakhs to support their ventures after meeting the necessary criteria.
Suresh Bhagavatula, Chairperson of Entrepreneurial Ecosystem Development at NSRCEL, said, “We have designed this course by combining the latest research on entrepreneurial methods and best practices. With the support of Goldman Sachs, we hope this programme will be an opportunity and entrepreneurial channel for motivated women to systematically work through their ideas and ultimately start their ventures.”
NSRCEL has a long history of actively engaging and supporting women entrepreneurs for the past decade through their Management Programme for Women Entrepreneurs, including Babitha Jaishankar of Wsol, Meera K of Citizen Matters, Aparna Sharma of Minjar, Priya Maheshwari of Properji (acquired by Magic Bricks) and Malini Gowri Shankar of F5 Travels. The Centre also has proven track record of incubating startup companies, including PParke, Amagi, Mango Technologies, and Just Books.
“Goldman Sachs is committed to investing in communities and is honoured to support IIMB in their efforts to educate the next generation of women entrepreneurs in India,” said Sonjoy Chatterjee, Chairman and Co-CEO of Goldman Sachs (India). “As a firm, through the 10,000 Women initiative, we have long invested in the potential of women entrepreneurs to fuel economic growth and help build stronger communities globally. In India, we are pleased to extend that learning and support to IIMB’s Women Startup Programme.”
Since 2008, Goldman Sachs has committed in excess of $1.6 billion to philanthropic initiatives, globally to academic partners and nonprofit organizations, including in India. As part of the firm’s “Community TeamWorks” initiative, Goldman Sachs engages extensively with local non-governmental organizations around the world. To date, since 2005, Goldman Sachs in India has partnered with more than 100 non-profit organizations to engage in approximately 1,900 community-building initiatives.
In 2004, Goldman Sachs opened its office in Bengaluru. Today, as an integral part of the firm’s global activities, the Bengaluru office with more than 5,000 professionals is the firm’s second largest office in the world. In 2014, the firm broke ground on a new campus in Bengaluru and will invest approximately INR 1,200 crore (US$200 mm) on the construction and the completion of a state-of-the-art complex, which is expected to open in 2019.
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