2011 India Development Marketplace (DM), a World Bank Group grant programme, received 264 proposals seeking finance to scale or replicate inclusive and sustainable business models in Bihar, Rajasthan and Orissa.
Mr Anil Sinha, General Manager, International Finance Corporation (IFC) South Asia Advisory Services said, “ We are pleased with the overwhelming response to this year’s edition of 2011 India Development Marketplace. The platform successfully captures the attention of social entrepreneurs with inclusive and sustainable business solutions addressing crucial development needs in the three focus states,” .
Business Proposals Submitted
The submitted proposals outlined activities in targeted states fairly evenly — Orissa (33%), Rajasthan (30%) and Bihar (27%). Nearly 16% of the proposals targeted more than one state, while the majority addressed 2 sectors: livelihood support (32%) and agriculture (22%).
Following a rigorous process of screening and online assessment, 30 short-listed proposals will make it to the final round. Reviewed by an expert panel, which includes technical specialists, social and mainstream investors, and the greater development community, proposals will be judged according to social impact, sustainability, growth potential and innovation.
The names of the 30 finalists will be announced on March 7, 2011 on the 2011 India DM website: www.dm-india.com.
Next, finalists will present their proposals to a high-level jury at an event in early April 2011. From this process, 2011 India Development Marketplace will identify and support 13 of the most-innovative proposals (from for-profit and not-for-profit enterprises) with the highest potential for scaling up in a financially sustainable manner.
Each winning project will receive USD50, 000 (about Rs 2, 247,500) in two installments over 24 months. Disbursements will be monitored by IFC Advisory Services.
Over the years, the Development Marketplace has hosted numerous competitions around the globe. But this year’s programme represents a departure from the past. Rather than merely providing grants, the 2011 India Development Marketplace is now being built out as a platform for sustained collaboration between social entrepreneurs, foundations, investors, the World Bank, IFC and others.
With an aim to link early-stage social enterprises to next-stage financial aid through targeted grant support and advisory services, 2011 India Development Marketplace is being developed as an instrument for organizations to refine and build their business models with a view toward long-term impact for the greater social good.
The Development Marketplace is a key component to the World Bank Group’s support to India’s effort in tackling poverty. Over time, the programme seeks to add value to the growing network of social entrepreneurs delivering public goods and services at the base of the economic pyramid.