The social entrepreneurship students of the Tata Institute of Social Sciences (TISS),keen on starting their venture at a time when the economy is volatile,now have a back-up.
The institute has introduced a scheme this year to fund and mentor students pursuing masters in social entrepreneurship for three years.
The student selection process is currently underway. Around 17 students have applied this year. The market conditions are still unstable and the scheme will help students pursue their dreams without worrying about the risks associated with it. The main objective is to encourage the entrepreneurial spirit among students,while creating a social impact, said Prof Satyajit Majumdar,chairperson,Centre for Social Entrepreneurship,TISSs School of Management & Labour Studies.
The scheme has various funding options,which includes seed/start-up funding,research funding and running capital funding for stabilising operations and generating new revenue streams among others.
The funding will be flexible and need-based. To spread the message of social entrepreneurship among students across the country,some funds will also be set aside for outreach activities, he said.
The scheme is being supported by the DBS Bank.
After the first round of selection the application process may be repeated again.
Besides the fourth batch of social entrepreneurship,students the previous three batches can also avail of the scheme.
To provide necessary mentoring,infrastructure and facilities to the students,an incubation centre has also been set up at the institute.
Global studies show that 80 per cent of the ventures fail in the first two years due to various reasons. Hence,we will support the students for three years, he said.