The Indian Institute of Bangalore's (IIM-B) NSRCEL startup incubator, in collaboration with the Karnataka State Rural Livelihood Promotion Society, launched the Swavalambane Program on Thursday to empower rural women entrepreneurs in Karnataka.
Around 150 rural women entrepreneurs will be provided networking opportunities and financial assistance for advancing their businesses. This program is supported by the World Bank's National Rural Livelihood Mission (NRIM) as a part of the National Rural Economic Transformation Project.
The Women-led microbusinesses in Karnataka's tier 2 and tier 3 landscapes will also be supported by providing them with a support ecosystem where they can engage with larger markets and become financially sustainable, generate local employment, and transform into successful and sustainable businesses.
The main objectives of this program are, guiding businesses in becoming formal and legal entities, increasing revenue by 15 per cent for every business, and developing a replicable business model that can be replicated across Karnataka and states participating in the National Rural Economic Transformation Project (NRETP).
Development of key skills and knowledge by individual or group mentoring sessions will also be provided.
Over 4,000 applications have been received by NSRCEL and 150 businesses have after a rigorous process that includes venture profiling and a challenge fund competition. The businesses that have been selected were provided financial support by grants and soft loans based on their pitches, needs, and scope to advance.
CEO of the NSRCEL at IIM Bangalore, Anand Sri Ganesh stated that Karnataka is renowned for its entrepreneurial landscape and tech-led innovation and also incredible grassroots entrepreneurship. Women have played a vital role in manufacturing toys jewelry, food products, and silk. This initiative will help women entrepreneurs develop themselves and their businesses by receiving funds, mentorship, resources, and networking opportunities. He further said that they will collaborate with The National and State Livelihood Mission to create a methodology that will help in the development of a robust entrepreneurial ecosystem for economic growth.
Important discussions were held during the panel that included perspectives on rural entrepreneurship, the scope of women entrepreneurship in India, transforming the lives of rural women through entrepreneurship, the importance of branding and marketing, and also the awareness of legal rules and regulations for running a business.
