To serve the underserved and the unserved segments, the Michael and Susan Dell Foundation is looking to set up an incubator for startups. According to ET. For the same, the foundation is in talks with IIM-Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE).
Commenting on the development, Rahil Rangwala, the director for family economic stability at Michael and Susan Dell Foundation said, “We hope to set up this incubator by the end of this year. With this incubator, we aim to back startups serving at the bottom of the pyramid. We will look at startups in the areas of financial inclusion, job creation in the informal sector and other important areas.”
According to Rangwala, the incubator will look at early-stage companies and will offer financial inclusion, digital empowerment, job creation and services in other such impact areas. Apart from this, the foundation will also offer seed funding to the startups.
Though, financial in rmation regarding the upcoming incubator is undisclosed, the foundation in 2016 committed $50 million for India investments over three years.
The foundation, founded by Dell founder and Michael Dell and his wife Susan, opened its India office in 2006 and has so far committed more than Rs 1,100 crore to social enterprises in India.
Talking about its investments, the foundation has so far invested in a range of companies in the education and financial services sector which includes startups like OnlineTyari and ConveGenius, Swadhaar, and debt-financing company Kinara Capital among several others. It recently invested in a technology driven, social impact focused company, NEST education. Apart from this, it also recently invested in Blowhorn, an intra-city logistics startup and industrial training company Skillveri as part of its job creation focus.
Not only it invest in companies, it also supports incubators. Recently/, the foundation supported a non-profit incubator at IIM Bangalore and struck a partnership with startup incubator UnLtd to back early-stage social enterprises working on skill development and employability of low-income youth.