Nudge Foundation's  start-up funding for poverty alleviation

Nudge Foundation's start-up funding for poverty alleviation

Posted by Vivek Nama on July 19th 2017

A Bengaluru based non-profit  organisation - The Nudge Foundation is launching what could be  the first ever incubator to support non-profit start-ups/ventures working towards poverty alleviation. 

The foundation is said to be supported by several corporate bodies in the county including Nandan Nilekani Foundation , Tata Trusts Maruti, Cisco, Mphasis, Godrej, Target, Wells Fargo and Social Venture Partners, among others. Financial support for the incubator, is coming from Paytm’s Vijay Shekhar Sharma, Dr Reddy's Foundation, McKinsey & Co director Ramesh Mangaleswaran along with a number of others.
 
The foundation's founder Atul Satija, who was a top executive at InMobi and who worked at Google and Adobe prior to starting this poverty alleviation non-profit, said that at the end of six months, the ventures would be showcased to the world and would be supported for fund-raising pitches. 
 
Objective
The objective is to build high-impact and scalable non-profit ventures that look at poverty alleviation through a different perspective.
 
Funding amount & details 
-The Nudge Foundation, will offer Rs 10-lakh seed-grant to each selected start up. 
-An Intensive six-month incubation program with about 10 non-profit organisations in each batch. 
-It will invest over Rs 50 crore to incubate and support over 100 young nonprofit firms through its incubator called N/Core over the next five years. Incubation will take place from September 2017 – March 2018.
 
Each start up will be assigned to a partner. They will be assisted by a newly formed Corporate Social Entrepreneurship (CSE) council of some nine members from various industries and foundations. 
 
Focus Areas
Education, healthcare, employability,financial inclusion,agriculture,water,sanitation, energy,gender equality,human rights,disaster management
 
Application details
Applications have just been opened up for the first batch. Screening will be complete by the end of August, and the incubation program, called N/Core, is expected to start in the first week of September 2017. (inputs from Times of India & Nudge Foundation website)
 
N/1 applications are  open and the  Deadline is August 6, 2017.

For more details about the funding process and application requirements, click on http://ncore.thenudge.org/application0.html
 

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