TechnoServe launches Business Accelerator program for women-led small & growing businesses in Mumbai
Program supported by the Blackstone Charitable Foundation
Mumbai, June 5, 2015: TechnoServe, with the support of the Blackstone Charitable Foundation, announces the launch of Empowering Women Entrepreneurs, its Business Accelerator program for women-led small and growing businesses in Mumbai and invites applications for its inaugural batch of 2015-16 ventures.
The program will help businesses run by women entrepreneurs scale up into successful enterprises and reach their full potential by providing them with ten months of training, mentorship and advisory, free of cost.
Forty businesses carefully chosen from the applications will undergo training in weekly sessions over eight weeks. Training activities will include self-assessment of business, case-study based approach to covering business basics including growth, and expansion of business and fine-tuning business plans. During this training period, TechnoServe consultants will assist and help business owners to broadly identify the problems their ventures are facing and counter them.
Twenty businesses that demonstrate the highest growth potential during the training period will be selected for the next phase where we will support entrepreneurs with hands-on business advisory support on a day-to-day basis for approximately nine months. This intensive advisory phase will aim to address the issues faced by the business and drive the growth of the enterprise, leveraging the help of mentors, lawyers, banks, accountants, etc.
“We are delighted to have this opportunity to champion the capacity-building of women entrepreneurs in Mumbai. The diversity of enterprises offers great scope to encourage some unique ventures, enabling women’s empowerment and their ability to support their families and add value to their neighborhoods,” said Punit Gupta, Country Director, TechnoServe India.
The deadline for applications is June 30, 2015. Businesses should have an annual turnover exceeding Rs. 5 lakh, a minimum of two employees, and at least two years of business presence in order to be eligible. Women-led social enterprises are also encouraged to apply.
The Business Accelerator Program is being implemented with funding from the Blackstone Charitable Foundation through the third annual Blackstone Innovation Grants Program. Started in 2011, Blackstone Innovations Grants are given in coordination with the Blackstone Charitable Foundation’s efforts to spur entrepreneurship around the world.
“Through our Entrepreneurship Initiative, the Foundation is committed to strengthening and supporting entrepreneurs and entrepreneurial ecosystems globally through programs that enable the most promising new companies to remain and grow in their local economies,” said Amy Stursberg, Executive Director of the Blackstone Charitable Foundation.
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TechnoServe is a nonprofit organization that develops business solutions to poverty. We work with enterprising men and women in 30 developing countries to build competitive farms, businesses and industries. By linking people to information, capital and markets, we help them create lasting prosperity for their families and communities. With more than 12 million people positively impacted by TechnoServe’s work since 1968, we believe in the power of private enterprise to transform lives.
For nine straight years, TechnoServe has earned a 4-star rating from Charity Navigator, placing us in the top 1 percent of all its rated nonprofits.
About the Blackstone Charitable Foundation
The Blackstone Charitable Foundation was founded at the time of Blackstone’s IPO in 2007 with substantial commitments from the Firm’s employees. Influenced by the enterprising heritage of the firm and its founders, The Blackstone Charitable Foundation is directing its resources and applying the intellectual capital of the firm to foster entrepreneurship in areas nationwide and globally. Through its investment expertise across several asset classes and geographies, Blackstone has a unique perspective on the global economy and a heightened understanding of how entrepreneurial activity is often the crucial catalyst in the growth of successful businesses, industries and communities. For more information, see blackstone.com/foundation.