Entrepreneur organization TiE Hyderabad will deploy a social impact fund of $ 200-300 million at the upcoming TiE Sustainability Summit, to help global social entrepreneurs grow their businesses, a senior group representative said.
With this corpus, the social enterprise will have a total pool of funds of up to $ 400 million during the three-day summit that begins on Monday. In addition, the TiE Hyderabad summit will provide businesses with the opportunity to participate in TiE Global’s $ 100 million fund for social entrepreneurs, said Manohar Reddy TSS Global Chair and Chairman TiE Hyderabad. PTI.
“We have a commitment of around $ 200 million from entrepreneurs to fund startups and businesses that create social impact on the ground. The rest of the fund is expected from various governments, mostly in the form of grants. Grants will depend on the nature of the business and the impact the business creates on the ground, ”Reddy said.
He said the TiE Hyderabad Chapter Social Impact Fund is in addition to the Global TiE Fund for Sustainable Development Companies.
“We are proud to have launched this initiative to recognize the thankless work of social enterprises and entrepreneurs who work for the betterment of society, build innovative technological solutions, take the unexplored path to solve societal problems,” said Reddy said.
The selection of eligible companies will be made at the TSS.
“We have received over 33,000 applications from social enterprises to participate in TSS. We expect them to reach 40,000 by Monday. We will screen companies out of around 40,000 applicants and then invite them to the pitch.
“We can go down to 50-100 companies. We will increase the number if we meet more qualifying companies. Funds will not be an issue as we move forward,” Reddy said.
At the summit, there will be TSS Social Enterprise Awards to recognize social enterprises that create a deep and tangible impact on society, communities, animals, nature and the planet through innovative business processes and technologies while pursuing the United Nations Sustainable Development Goals (SDGs).
Reddy said the TiE Hyderabad social impact fund will not have geographic boundaries and the investment can go to incorporated businesses anywhere in the world.
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Posted on: Sunday October 03, 2021 2:18 PM IST