While there may be many institutions currently present for funding as later-stage support, startups in the social enterprise space sorely lack early stage hand-holding.”Support in the early stage is missing and that is part of our interest in terms of getting the School for Social Entrepreneurs (SSE) to India,” says Jaivir Singh, vice-chairman of PwC India Foundation. The foundation is the corporate social responsibility arm of the global tax advisory giant.
Supported by PwC, SSE brings together and equips people with the technical knowledge and business support to take forward their enterprises in the social sector. This includes startups tackling urgent issues like poverty, education, inequality and health, among others. The India school is part of a chain of 11 similar ones across the United Kingdom, Canada and India.”
However, even as the nation strengthens its position as the third-largest startup ecosystem globally, the level of support and interest from venture capital firms for social enterprises are yet to match those that have been witnessed for their counterparts in other segments.
Under the Companies Act, 2013, implemented by the corporate affairs ministry, there are strict norms for ensuring good corporate governance practices besides requiring certain class of profitable companies to shell out a minimum amount towards CSR activities. Provisional figures for 2016-17 suggest 6,286 companies incurred Rs 47,19 billion worth of expenditure.(Story courtesy business-standard.com)