Archive for April, 2010

In case you forgot, Sankalp – Intellecap’s long-awaited social enterprise forum – is next week, on May 4th and 5th in Mumbai. Last year Sankalp was an immense success in connecting investors and entrepreneurs and generally building a stronger network in the social enterprise space. Of course, none of this would be possible without our partners, including Artha Initiative, our Associate Partner.

In the run-up to the event, Beyond Profit recently spoke with Dr. Audrey Selian, Director, Artha Initiative.

Beyond Profit (BP): What is the driving philosophy behind the Artha Initiative?

Dr. Audrey Selian (AS): The driving philosophy behind the Artha Initiative is centered on the principle of sustainability. Sustainable enterprises are defined as those capable of achieving financial, organizational and (ideally) environmental break-evens.  The word “Artha” itself is a Sanskrit term that refers to ‘purpose’, ‘prosperity’ and the ‘pursuit of wealth’.   The objective of this program is to apply the rigor of commercial thinking to the challenge of development throughout India, particularly in poor rural communities and villages. The Artha program strives to support those who are validating the market niche for providing goods and services to the ‘bottom of the pyramid’, with an emphasis on agriculture and water.

BP: How do you define impact-measurement parameters for social enterprises?

AS: On the basis of a mix of qualitative (which cover specific social dynamics around the enterprise impact, enterprise dynamics vis-a-vis the community and stakeholders it serves, and scalability and environmental considerations) and quantitative indicators (including transaction terms i.e., the ability to absorb commercial capital and generate returns, and measurable beneficiary outcomes if any).

BP: Does the Artha Initiative prescribe maximum or minimum investment amounts? Is there scope for co-investments in India?

AS: Yes we do; investments range from $30K to about $500K.  And yes, there is major scope for co-investments. For those interested, please see the ArthaPlatform.com, a system we have built to help facilitate these for those of who seek to build portfolios of small deals in India.

BP: What does the Indian social entrepreneurship sector need most right now – either from the investor or entrepreneur point of view – to ensure continued expansion and greater impact?

AS: The sector needs Better supported enterprises and higher quality deal flow.  More coordination and knowledge on the investor side so that the time of entrepreneurs is not wasted speaking to the wrong investors.

BP: Do you see any future trends emerging in the impact investing sphere? How can more efficient links be made between investors and entrepreneurs?

AS: More efficient links can be established through continued industry events and conferences.  But the communities that take shape at annual events need to have infrastructure to support them over time and post-event, so that people can bear at the top of mind that there are constantly ways to collaborate. The Artha Platform is designed for impact investors interested in both best practices from around the world and in finding ways to move capital into emerging market SMEs more effectively. The Platform offers a portal to facilitate ‘double/triple bottom line’ enterprise deal flow to investors, while lowering the transaction costs of conducting due diligence by creating mechanisms for better signaling and information sharing. Three distinct groups have access to this platform: investors, entrepreneur support organizations, and 3rd parties (in-country) capable of conducting due diligence and capacity building.   We believe this is one way of supporting the sector.

BP: How do you think platforms like Sankalp can help consolidate and impact the sector? How has Artha benefited from the partnership?

AS: Sankalp is a fantastic convener for this industry.  Pushing even deeper to unearth the deals that the investor community hasn’t already seen will be one major value-add for Sankalp over time.  Artha has benefited from its association largely because the networking opportunities afforded by it are unparalleled.

On April 1, 2010, India joined a league of 135 nations by making education a fundamental right. The Right of Children to Free and Compulsory Education Act, 2009, was finally passed in Parliament (perhaps unsurprisingly) seven years after its introduction. The Act ensures compulsory admission, attendance, and completion of elementary education to every child between the ages of 6 and 14—a massive undertaking in a country of 1.2 billion.

There are 300 million Indians under the age of 15 and according to ministry sources, 10 million of these children don’t attend school. These out-of-school children are mostly employed in unorganized markets and work under grave conditions. However, data from the 2001 census shows this number to be eight and a half times larger at 85 million and an industry report* puts it even higher at 142 million.

While the intentions of the Indian government in passing this act are noble, the success of the Act will depend on the effectiveness of its implementation. Will the cause go down the drain because of corrupt state machinery or will it end breaking more barriers to development than the National Rural Employment Guarantee Act? This remains to be seen.

For many years, the education sector in India has been the focus of NGOs—with the ever-present Pratham and SMILE Foundation working at the national level (with international recognition). Large corporations have shown interest in the sector as well, especially with their CSR initiatives. The Azim Premji Foundation, established by software giant Wipro, focuses primarily on education. Their initiatives run across 13 states in India and range from implementing competency-based examinations to developing a comprehensive syllabus for teachers and piloting it in partnership with state governments, developing education content for computer-aided learning (they have 119 titles in 18 languages, including 3 tribal languages and reaching out to 2.5 million children), and developing workbooks to improve teaching.

However, a new breed of social enterprises is entering the sector attracted by the huge demand for a wide array of educational products and services. These range from innovative learning techniques to technology solutions for the differently-abled, and affordable private schools. For this reason, Sankalp 2010 will feature a track on Inclusive Education. » Continue reading “Education for All – Translating the Dream into Reality”

These days India looms large in the global consciousness – and for good reason. Along with China, it is zipping past developed countries in terms of economic growth and, with population of more than 1.1 billion people, it is home to 16% of the world’s population. The sheer scale of India, in terms of economy and population, presents huge challenges – but also great opportunities.

Such is the story of clean energy in India. Pollution and energy shortages are big (and I mean ‘India big’) problems. But the potential scope for clean energy uptake is equally large. Finding sustainable ways to power India’s growth is one of the country’s most pressing issues, and one that the public sector cannot handle on its own. In this high-stakes game, innovative entrepreneurs have stepped in to present viable solutions powered by clean energy. At Sankalp, we will be featuring some of these green gurus that are helping to change the course of India’s development for the better.

Energy demand in India has been rising at a compound annual growth rate of 4.8% for the 10 years leading up to 2008, on the back of an ever-swelling population and an average GDP growth rate of about 8%. It is currently the sixth largest consumer of energy in the world, accounting for 3.4% of global usage. This is only set to grow – the government estimates energy consumption will quadruple over the next 25 years.

India depends on its cheap and plentiful stock of coal to power the country. It is the third largest producer of coal in the world and more than half of its energy production comes from burning coal. Fossil-fuel guzzling industries are helping to drive GDP growth, and, meanwhile, the country’s thirst for oil is increasing as the middle class expands and greater numbers of personal vehicles hit the road. The net result of all of this is, of course, alarming and unsustainable levels of air and water pollution, particularly in densely packed urban areas.

Accessibility to electricity also remains a huge issue. Despite the fact that India ranks third in electricity production from fossil fuels, behind the United States and China, with an annual output of 549 terrawatt hours (TWh), the country faces a chronic power shortage and an estimated 400 million Indians live without electricity. While some outside observers view India as being synonymous with urbanization, the country, in fact, remains largely rural with only 30% of the population living in cities. Of those that live in rural areas, only half have access to electricity.

Besides hydroelectric power – which accounts for about 16% of production – renewable energy options don’t feature heavily in India’s power portfolio, even though it is the fifth largest producer of wind power in the world. Yet, the climate and geography of the country are naturally suited to renewable energy sources like solar and wind power. In a testament to the sheer potential of clean energy in India, the sector has been receiving a lot of attention of late from multinational investors.

The recent initial public offering (IPO) from the Orient Green Power Company, for example, was bought up mostly by foreign investment firms. Big names like Goldman Sachs and Ernst & Young are calling attention to the immense growth potential in solar and wind power in the Indian market.

The Indian government also has helped to clear the way for private clean energy initiatives. It offers various subsidies and tax schemes for developers and has effectively levied a tax on coal to cut carbon emissions.

However, there is much work to be done and most of the momentum seems to be coming from small-scale social entrepreneurs. Community solar power systems, for example, are electrifying ‘off-grid’ villages around the country. Insightful innovations are constantly driving down the price of renewable energy, encouraging uptake among BoP customers. For urban India, new options, led by social enterprises, are emerging in the field of low-cost electric and hybrid vehicles. Given the sheer scale of the problem, the possibilities seem endless and, without a doubt, social entrepreneurs can be expected to be the ones at the forefront of the movement.

Beyond Profit “On the Spot” with Paul Christensen at the Global Engagement Summit from Beyond Profit on Vimeo.

Beyond Profit spoke with Paul Christensen at the Global Engagement Summit, April 14-18. The Global Engagement Summit at Northwestern University in Chicago brings together young change-makers to workshop and discuss their personal social enterprises. Christensen is currently a senior lecturer at Northwestern’s Kellogg School of Business, but has worked previously for a private microfinance investment firm. Christensen spoke to Beyond Profit about the future of microfinance and some common myths surrounding the industry.

Let us play a word association game. I say a word, you tell me what comes to mind. OK, first word – “agriculture.” What pops into your head? I think of rolling fields in the American midwest, where, in the words of Rogers and Hammerstein in their first musical, Oklahoma!, “the corn is as high as an elephant’s eye, An’ it looks like it’s climbin’ clear up to the sky.” You, on the other hand, may think of an Indian farmer, toiling under the sun, to produce one of his three yearly harvests of rice. Someone else, something else. Nonetheless, agriculture is a huge business. It’s one that we all know. After all, every country needs to feed its people, whether by growing or importing its food.

Yet in India, despite the fact that 65% of the population is engaged in agriculture and allied activities, agriculture accounts for only 18.5% of the country’s GDP, down from 32% two decades ago. This statement, often used by economists and academics alike, truly emphasizes the importance of agriculture in an economy such as India’s. While the country’s economy has grown by more than 8% in the past few years (except in 2008), growth in the agriculture sector has seriously reduced, hovering around 4%. The achievements of the “Green Revolution” of the 1970s are now passé, and India is on the verge of facing an agrarian crisis due to the lack of adequate capital investments, credit, and infrastructure support to agricultural enterprises. India is feeling the pinch to achieve another urgent breakthrough, like the “Green Revolution” and this will have to be fueled not only with scientific and technological advancements, but also by the creation of innovative, sustainable, and profitable business models.

For all of these reasons, Sankalp 2010 will feature a track on Agriculture, Food, and Rural Business. There is a huge need to recognize businesses that are taking pioneering and innovative steps to face today’s challenges and that are writing the “Great Indian Rural Story.”

Among the multitude of challenges faced by Indian farmers are the lack of credit delivery to small and marginal farmers, rising pressures of population on agricultural land, harvest losses due to supply chain inefficiencies, and the lack of market information, which limits the farmers’ bargaining power. The focus in the sector is increasingly shifting to producer groups instead of individual producers – reaching out to individual producers through the medium of producer collectives can be an effective way to create higher impact. » Continue reading “Sharing the Agri-Pie”

Monday, April 19, 2010 – Friday, April 23, 2010

On April 1, India’s “Right to Education Act” came into effect, making education free and compulsory for children aged 6 to 14. But huge gaps remain in the actual provision of education, especially for rural, low-income and specialty groups. Social entrepreneurs are thus stepping in where the efforts of the government and the private sector have proved inadequate, to build a more inclusive education environment. In anticipation of the long-awaited Sankalp Forum (May 4 – May 5!!!), we bring you a selection of applicants to the Inclusive Education category.

Monday, April 19, 2010

Social Enterprise of the Day – Hole-In-The-Wall Education

India; For-Profit

What happens when you leave a freely accessible, internet-connected computer in the middle of a New Delhi slum? An education revolution, apparently. In 1999, Dr. Sugata Mitri, Chief Scientist at NIIT, cut a hole in the wall that separated the NIIT premises from the adjoining Kalkaji slum and placed a computer in it, allowing residents free and unrestricted access. Dr. Mitri, who had toyed with the idea for years, found that the most enthusiastic users were local children. This social experiment that started off with one computer has since blossomed into Hole-In-The-Wall Education, a nation-wide educational initiative with more than 100 computer stations in disadvantaged rural and urban areas. The computer stations act as a ‘learning playground’ for children, where they can share ideas, collaborate and explore together. Such freedom encourages them to think for themselves and, hopefully, light the spark of learning that can be so elusive in conventional schooling environments.

Tuesday, April 20, 2010

Social Enterprise of the Day – Forklift Academy of India

India; For-Profit

If you’ve ever been to India, you’ve seen the ad-hoc, wait-for-no-one style of traffic that results when rickshaw- and taxi-wallahs learn by on-the-job-training. Apply that same ‘learn-by-doing’ ethos to industrial workplaces, which employ automobile drivers as forklift operators, and it is no surprise that the forklift accident fatality rate is 90% in India. The Forklift Academy of India (FAI) is the first and only enterprise in India to fill this niche training gap. The prospects for growth and impact are encouraging: India’s industrial output is set to increase at 9% and there is huge scope for growth in the industrial safety sector, which remains under-developed. FAI aims to make India a forklift-accident free country, increasing both workplace efficiency and worker safety.

Wednesday, April 21, 2010

Social Enterprise of the Day – Solar Cinema

India; For-Profit

“Can we really achieve gender equality without engaging men?” This is the question off which Solar Cinema bases its work. By using an informal, cinema-centric education strategy, the program aims to tackle one of gender equality’s root causes: men’s attitudes toward women. Currently in operation in Pune, Solar Cinema provides a forum for issues of gender and community that are often taboo in public society in India. The program combines popular movies that local men pay to see and public service announcements to encourage reflection and debate on wider community and sex issues. Facilitators work to bring the men, aged from 14-20 and usually minimally educated, into a six-week program that encourages discussion and teaches new communication skills. With informal research showing that less than 5% of development organizations work regularly and exclusively with men, Solar Cinema, is at the very least, a novel and unique approach to creating gender parity.

Thursday, April 22, 2010

Social Enterprise of the Day – Verve

India; For-Profit

India has yet to develop a comprehensive support structure for those with learning disabilities, even though a conservative estimate puts the number of students with disabilities at 75 million. Verve, a multi-modal center for children with learning disabilities, seeks to address this service gap. It acts as a diagnosis, counseling and remediation center for learning-disabled children, as well as their parents. Verve, which was established eight years ago by Veena Basu, a special education expert, serves about 100 students in Mumbai, with supported centers in Ahmedabad, Indore and Nagpur. Verve’s model is unique in that it also targets students that are not disabled, but may face some difficulties within the established school system; have missed significant periods of class; or, are just slow-learners. With low start-up costs and a definite need for more comprehensive special education services, the plan is to expand Verve’s network through franchises around the country.

Friday, April 23, 2010

Social Enterprise of the Day – Pipal Tree

India; For-Profit

Each year, an estimated 27 million young Indians drop out of the formal schooling system, thereby confining themselves to the often exploitative unskilled labor market. Meanwhile, as India’s infrastructure continues to rapidly expand, there is a marked need for skilled construction labor. Pipal Tree Ventures is looking to redress both these problems with one solution – vocational training for rural youth. With two training centers – one in Andhra Pradesh and one in Uttar Pradesh – Pipal Tree, currently the only for-profit private enterprise in the vocational space, reaches 300 students, mainly young unemployed men in rural areas. They hope to expand this reach to 50,000 – 100,000 in the next five years, feeding off high demand from construction companies. They focus on construction skills training, along with an expanded suite of services including microfinance school loan provisions, post-graduation job placement, and workplace monitoring. With their newly attained skills, these men can not only find a sustainable livelihood and higher wages, but are also integrated into the country’s rapidly developing economy. Meanwhile, construction companies can tap a newfound source of skilled labor, without absorbing the costs of training – a classic win-win situation.

By Rachel Zedeck

To start with the climax – last Wednesday evening, my friend and colleague, Sara, and I were hijacked by 10 men with machetes. Yes, a machete is a big knife used to cut through the bush in Africa.  In a split second, I watched a gang of men emerge from 2 meter high grass, surround our car, and violently rob us. In a moment of complete clarity, I believed we were going to die. These incidents have been spiraling out of control here in Kenya over the last 9 months, culminating in more than 300 kidnappings along with rape, maiming, and murder. This was highlighted by a story in the Washington Post last October focusing on the abduction of two international women held for ransom.

We had spent a glorious day in Meru visiting a group of single mothers, part of our new farming pilot program.  Sara offered to come and take professional photos of the meeting.  We left at 6am and picked up Rosemary Muthomi, MD of Mt. Kenya Gardens, the essential cog in the value chain. Fifteen years ago, she started with a 3 acre shamba (food garden) and now manages more than 7,000 out-growers producing paw paw (papayas), bananas, and green beans. Rosemary is not only a farmer but speaks practically about the realities of working with rural farmers in Africa. Without practical management of a commercialized value chain, most schemes working with small landholder farmers are doomed to failure. I hope to help her expand this network by more than 5,000 farmers in the next 12-18 months, focusing on 100% women participation. » Continue reading “The Dark Side of Working with Farmers in Africa”

Monday, April 12, 2010 – Friday, April 16, 2010

The statistics on potable water and sanitation, while oft repeated, remain jarring nonetheless. Take, for example, the fact that contaminated water kills more people every year than all forms of violence, including war. With governments around the world either failing to address or unable to provide for such pressing issues of community health, social enterprises are tackling the matter with notable success. Continuing our countdown to the Sankalp Forum (a mere two weeks to go!), Beyond Profit is proud to present some of the Sankalp applicants in the health, water and sanitation category.

Monday, April 12, 2010

Social Enterprise of the Day – Cherish Life Products

India; For-Profit

In a country plagued by extreme rates of child malnourishment (India has 42% of the developing world’s underweight children) and common birth defects, the maternal health market remains relatively undeveloped. Cherish Life Products, based in Bangalore, is one of the few companies aiming to provide maternity apparel, pre and post-natal health education, and infant supplies at affordable prices. Cherish Life plans on partnering with NGOs to deliver maternity wear – sourced from local materials and artisans – along with pre-natal vitamins and nutritional education to low-income mothers around the country. Nutritional supplements taken during pregnancy are considered a crucial means of preventing birth defects and under-weight infants, which could lead to graver health problems in the future.

Tuesday, April 13, 2010

Social Enterprise of the Day – TARA (Technology and Action for Rural Advancement)

India; For-Profit

TARA – the large-scale implementation arm of Development Alternatives, a research facility and think tank – takes a very ‘home-grown’ approach to clean water provision in rural India. The Jal-TARA water purification system is based on sand filtration, which means it can be cheaply assembled using local sand and other basic materials. Moreover, it generates income opportunities as the system’s delivery and maintenance model integrates local entrepreneurs. TARA experts install the system, but it is actually owned and operated by a local entrepreneur. The company helps entrepreneurs to secure funding to acquire the system; provides training to run it; and, absorbs the delivery and initial set-up costs. Sustainable profits come from a per-liter charge to local residents.

Wednesday, April 14, 2010

Social Enterprise of the Day – micro Home Solutions

India; For-Profit

Adequate shelter is a basic requirement for living conditions that are conducive to good health. Innovative housing solutions are needed to lift millions of the underserved out of unsanitary, slum-like living conditions. This is where companies like micro Home Solutions (mHS) come into the picture. mHS uses low-cost, high-design architectural principles to build inexpensive, sustainable and efficient structures aimed at reaching the homeless, slum-dwellers and low-to middle-income brackets in India. The projects are eco-friendly (many built of local bamboo materials) and operate on a modular principle, so basic one-room structures can be expanded with kitchen or bathroom modules, depending on the need. While mHS was only founded last year, it managed to deliver its first project of homeless shelters by December, and is currently working to serve the 82 million urban poor in India that are living in informal settlements.

Thursday, April 15, 2010

Social Enterprise of the Day – Sarvajal

India; For-Profit

Sarvajal – the branded name of Piramal Water – means “water for all”. It operates on the principle of franchise ownership in rural areas in several states across India and currently uses reverse-osmosis filtration, as per WHO standards. There are several for-profit providers in the clean water space in India, but Sarvajal offers the lowest price point at 25 paise (less than one US cent) per liter, without subsidies. The company’s efficient business model, based on scalable delivery solutions undertaken by local entrepreneurs, contributes to this attractive price point. After making an initial investment, local operators enter into a profit-sharing scheme with Sarvajal, which in turn covers capital and maintenance costs. Entrepreneurs are therefore incentivized to bring clean water to as many people in the community as possible, instead of focusing on system maintenance. As it continues to evolve its model, possible future developments include “ATM-like” water kiosks placed in convenient locations and fully automated refinery systems.

Friday, April 16, 2010

Social Enterprise of the Day – Swas Healthcare

India; For-Profit

India is well-known for a rich medical and scientific history. In modern times, it has found a thriving international market for medical tourists looking for traditional ayurvedic medical treatments. While low- to middle-income Indians favor traditional medicine, they mostly rely on small, local, non-profit clinics. Swas Healthcare is the first chain of for-profit ayurvedic hospitals and clinics to target the low- to middle-income market in India. It focuses on preventative, as well as curative, medicine using natural, traditional treatments. As often happens in rapidly developing countries, the incidence of non-communicable diseases, like obesity and diabetes, is rising quickly in India. Natural medicine is seen as a viable preventative treatment for these so-called “lifestyle diseases,” which affect all income classes, and Swas is committed to making these treatments affordable to all.

What do Japanese capsule hotels, green roofs and filter masks have in common? These were all ideas thrown out by a few of India’s current cache of foreign interns during a quick brainstorming session on possible social business ventures for the world’s most famous slum, Dharavi. The venue was the Artemisia Social Business Ventures (SBV) Summit this week at the Hub, a social business incubator in Mumbai.

The SBV Summit is in its second year in India, after having expanded from Artemisia’s Latin American base. In partnership with AIESEC and Ashoka, it brings together, for five days, a group of about ten young foreign interns working at various social businesses across India. This year, participants include interns from Aravind, the largest eye care clinic chain in the world; Embrace, a Bangalore-based start-up focusing on low-cost portable infant incubators for the poor; and Adharam Energy, which seeks to provide renewable energy products to the lowest economic strata

The focus here is very much on youthful enthusiasm. The goal of the summit is not to create an innovative start-up, or tackle the logistical challenges of microfinance in ultra-rural areas. Rather, it is to spark the social enterprise instinct in a cadre of ambitious, engaged global citizens. It’s group debate, mentoring, network-building.

So why should you care about what a bunch of interns are arguing about in the humid loft of the Hub in Mumbai?

Because within this room is one of the emerging profiles of the ‘new’ social business practitioner: twenty-somethings that are passionate about change, yet to pick a career path and armed with a quality education, mostly in the fields of finance, business management, and economics.

The millennial generation is known to be a fickle breed, long on idealism but short on attention span. But whatever the criticisms, it is hard to deny – especially when looking at this summit’s polyglot mix that hails from Beijing, Brasilia and everywhere in between – that there has ever been a more globally-connected generation, or one that understands more acutely the benefits and dangers of a rapidly modernizing world.

When a question was raised about the sincerity of some conventional businesses that use social business branding, it was immediately dismissed with a collective guffaw. This is a generation that balances healthy sense of cynicism along with an even healthier sense of optimism – a crucial outlook in today’s complex world.

The most heated discussion of the summit has been on one huge question that is currently nagging the sector: what is a social business, precisely, and what constitutes the right mix of profit and social impact?

This is, of course, a difficult question to answer, especially in a generalized, theoretical sense. Understandably, there was no real consensus reached. But from the sheer passion of the debate there was one conclusion to be drawn: that for these bright young things, social business is not only an effective and viable means to erase some of society’s ills, but is also worth forsaking – whether permanently or temporarily – a more lucrative career for.

Stay tuned next week for more on Dharavi and developing the social entrepreneur sense among young Indians…!

SBV Summit Participants: Alysa Zhang, Dial 1298; Caetano Siqueira, Sustaintech; Conall Dempsey, Embrace; Diana Jussupova, The Hub; Irena Radeva, Vaatsalya; Irinia Snissar, SSP; Mariana Araujo, Adharam Energy; Quentin de Pret, Aurolab; Andre Wogel, Aravind.

The truth of the matter is that entrepreneurship is hard. It’s really hard. Venturing out on your own. No steady stream of income. No way to know that your idea will be the one that works, not the one that fails. No stability. No demarcation between life and work. People constantly questioning your progress. You get the picture. It’s hard.

Despite this, entrepreneurship, and particularly social entrepreneurship, are in vogue. They are cool. Everyone wants a piece of the action. What is cooler than chasing your dreams and having a social impact? No one is ever going to accuse you of selling out to the machine, of being a slave to the man. Instead, you are going to sit with your MacBook, in your Ray-Bans and Birkenstocks, eating organic dried fruit, and bring affordable drip irrigation to 5 million indian farmers in the next three years. Yep, that is what you are going to accomplish. No sweat.

Yet it is increasingly becoming clear to me that this is the western conception of entrepreneurship, the view in the hallways of western universities and western corporations. Romanticized. The holy grail of individuality, of being your own person, of choosing your own path. And this is where the stories are coming from.

In the east (yes, India is the east!), there is no such romantic vision of entrepreneurship. No one coming out of business school wants to chance this life of instability. Instead, they want to join the most lucrative graduate scheme – Deutsche Bank, Goldman Sachs, ICICI Bank. Their families will be happy because they will be professionals, something to brag about back home. No way does any Indian mother want to say “My son’s an entrepreneur.” She wants to say “My son’s a banker/doctor/lawyer/engineer.” She wants a son who she can marry off. This is the reality.

So, are we even having the same conversation? Do we need to be having two conversations? Is one somehow applicable to the other? Or not? Maybe we need to begin the dialogue anew, starting from the different cultural conceptions of entrepreneurship. And only then can we chart the way forward.

This post first appeared in the April 13 edition of Radar, the Beyond Profit e-Newsletter.

Photo Credit: RC Designer