Entrepreneurial inspiration from Nagaland

Entrepreneurial inspiration from Nagaland

Posted by P. Charitha on November 3rd 2016

India's north-eastern states may not be a hub of serious  entrepreneurial activity and according to a report by the International Finance Corporation the seven states that make up the northeast, collectively called the 'Seven Sisters' have only 200,000 micro, small and medium enterprises (MSMEs), accounting for less than 3% of the country's total MSMEs. The region has remained disconnected from the rest of the country in many aspects for a number of years, but there is one gentleman who has come forward to break that image and has actually helped create 15,000 jobs across the North East by training the Youth to become entrepreneurs. 
Neichute Doulo, a former lecturer in Economics at Baptist College in Nagaland quit his job and started the Entrepreneurs Associates (EA) to train the students and educated youth of Nagaland in basic skills, provide start-up capital and marketing network for initiating small enterprises. To cut the long story short he & his team started out small with an initial capital of Rs 7,500 from their own pockets, raised a few lakh rupees by selling belts & wallets, took donations from people as investment and now provide financing at 16% interest to youth who want to start their own small businesses. 
Now they also have RBI approval as a lending institution and have channelized over Rs 150 Crore of loans with 100 % recovery to banks. The result being over 2,700 successful enterprises and more than 3,500 farmers on sustainable livelihood cultivation with direct support from EA.  In recognition of his yeomen services to uplift the youth in the North-East region , Schwab Foundation, which works closely with the World Economic Forum has awarded Neichute Doulo the 'Social Entrepreneur of the Year Award 2016’, for his services in social entrepreneurship. 
Truly deserving for a man who embarked on a journey to handhold the youth of North East and create & investible ventures in this region!


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