New Delhi, April 11, 2011—IFC,
a member of the World Bank group, and World Bank Institute have announced
14 winners of the 2011 India Development Marketplace, a competitive
grant program that identifies and supports innovative social enterprises
demonstrating a high potential for development impact. The competition
was launched in December 2010 in Bihar, Orissa, and Rajasthan.
The theme for this year’s competition
was Supporting Inclusive Business Models to Scale. As many as 264
applications received were evaluated on the parameters of social impact,
sustainability, growth potential, and innovation. Proposals with the highest
potential to scale up made it to the shortlist of 30.
The 14 award-winning business models
will receive a grant of $50,000 each. The prize money will be disbursed
in two installments over 24 months. IFC will supervise the grant implementation
over the entire duration. The funds will be used to invest in all activities
and assets necessary to establish the viability of the business model such
as testing, quality assurance, certification, consulting services, and
test marketing services.
Sanjay Pradhan, Vice President, World
Bank Institute, said, "This competition marks the beginning of a multi-year
World Bank collaboration with Indian social entrepreneurs and the national
and state-level government to connect social entrepreneurs with a growing
pool of external investors, external funders, and providers of capacity
A high-level jury panel reviewed the
30 finalists’ proposals on parameters such as social impact, sustainability,
growth potential, and innovation.
“Through the 2011 India Development
Marketplace, IFC is able to reach out and make needed advice and funds
accessible to micro and small entrepreneurs with innovative ideas. A professional
and strategic approach will help make their unique business models sustainable
and impactful,” said Thomas Davenport, IFC Director for South Asia.
Linking early-stage social enterprises
to next-stage financial aid through targeted grant support and advisory
services is the key focus of India Development Marketplace. The
initiative helps grassroot organizations refine and build their business
models to ensure sustainable impact over the long term.
2011 India Development Marketplace
has evolved as a platform to encourage collaboration between social entrepreneurs,
foundations, investors, the World Bank, IFC, and others beyond providing
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing capital for private enterprise,
and providing advisory and risk mitigation services to businesses and governments.
Our new investments totalled $18 billion in fiscal 2010, helping channel
capital into developing countries during the financial crisis. For more
information, visit www.ifc.org.
About World Bank Institute
The World Bank Institute or WBI, part of the World Bank Group, is a global
connector of knowledge, learning, and innovation for poverty reduction.
WBI connects practitioners, networks, and institutions to help them find
solutions to their development challenges. With a focus on the ’how’
of reform, WBI links knowledge from around the world and scales up innovations.
WBI works with and through global, regional, and country-based institutions
and practitioner networks, and helps them develop responsive customized
programmes. WBI connects globally and delivers locally. For more information,
About Development Marketplace
Development Marketplace is a pioneer
in supporting the testing of early-stage products and processes. Housed
in the World Bank Institute, the Development Marketplace has, since its
inception in 1998, significantly increased the supply of social goods and
services by awarding more than $60 million grants to more than 800 innovative
projects identified through country, regional, and global competitions.
Partners have included the Bill and Melinda Gates Foundation, the Rockefeller
Foundation, International Fund for Agriculture Development, the United
Kingdom’s Department for International Development and the Global Environment
Facility. For more information, visit www.development.marketplace.org,
and for more information on the program in India, visit www.dm-india.com.