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India inclusive innovation Fund Details

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India inclusive innovation Fund Details

  1. 1. National Innovation Council The India Inclusive Innovation Fund June 2013
  2. 2. Vision • Innovation is needed to address India’s developmental challenges – Healthcare, Nutrition, Education, Energy,Water, Livelihoods, • Grant & Charity based funding is needed for the poorest of the poor but is not scalable or self sustaining • We need an inclusive innovation ecosystem which harnesses the dynamism of enterprise to innovatively solve the problems of the base of the economic pyramid in a scalable, sustainable way • IIIF will leverage a proven concept that has worked for the affluent & attract the brains in the world to apply it to solve the problems of the poor, providing investors with models financial returns coupled with measurable social returns • It will also help create an inclusive innovation ecosystem by creating / augmenting / partnering with mentoring networks, incubators & by conducting skilling / training workshops for this purpose
  3. 3. Objectives • Drive inclusive growth by igniting innovative entrepreneurship that addresses Bottom of the Pyramid needs • Mobilise capacity to identify and scale innovative solutions that will address problems of the disadvantaged • Create an ecosystem of innovative solutions, business models and approaches that reach beyond IPs/Patents • Balance social and financial returns, simultaneously achieving social good and economic sustainability • Employment / livelihoods creation at the bottom of the pyramid will be a key bias for the fund’s investments • Mentor, develop skills, build capacity : create dedicated support networks and education programmes for socially focused entrepreneurs • Pool innovators and entrepreneurs focused on the bottom of the pyramid: partner with incubators, entrepreneurship cells, angel networks, VC Funds, etc.
  4. 4. Identifying Entrepreneurs /Ventures 4 Online Offline Others Technology Platform (IIIF) CSIR, DRDO, NINC, etc Events Techpedia Foundations - Gates, Dell, Wipro, CSF Conferences & Forums Angel List Incubators (IAN, unLTD, 500 Startups, Villgro, IIM-A, RTBI, etc) Business Networks Honey Bee Network Angel Investors (IAN, Other Angel groups, Dasra, Ennovent, SELCO, etc) Publications Social Media (Facebook, LinkedIn, Twitter, Quora) Venture Funds (Omidyar Network, Acumen, Matrix, Aavishkar, Unitus, Lok Capital, Khosla Impact Fund), SIDBI, etc. Competitions (Mahindra Rise, Power of Ideas, Tata Social Enterprise Challenge, etc.) Your Story, Plugged In, Head Start, VC Circle TiE, NEN, NASE, Action for India, BYST, Stanford Biodesign, HBS, etc. IFC, World Bank, UNIDO, FICCI - USAID Millennium Alliance
  5. 5. Structural / Management Aspects • SEBI registered Category I AIF – first close Rs. 500 crores, maximum Rs. 5,000 crores • GoI investment 20%, balance from Public / Private institutions, domestic and overseas • Fund life : 9 years extendable by up to 2 years • Target gross IRR of 12% before taxation and management charges • Trustee would be IDBITrusteeship Services,AMC Section 25 not for profit company • Fund would be professionally managed by successful serial entrepreneurs and experienced fund managers, aligned with fund thesis • Investment committee will comprise successful professionals with background of entrepreneurship, investment, domain knowledge, top management experience • Governing Council of eminent individuals with experience across public / private sector in entrepreneurship, management, finance,investment, etc. will have oversight and ensure that investmentsare in accordance with the thesis
  6. 6. Status & Next Steps • Commitments of Rs. 475 crores received (including GoI Rs. 100 crores) • Pipeline of over 300 target investments • EFC screening over • SEBI registration would be obtained post cabinet approval • Chairman NINC to take necessary steps for creation & operation of the Fund, in collaboration with PMO and Planning Commission
  7. 7. National Innovation Council Thank You