Know the Bangladeshi Social Entrepreneur Whom Infosys' Narayana Murthy Praised Lately

Recently, Infosys founder Narayana Murthy stressed the significance of a Bangladesh-based social entrepreneur, who could now possibly head the interim government of Bangladesh, post the unrest in the country. In an opinion article for The Print, Narayana Murthy noted that starting in the mid-1970s, this Bangladesh-based entrepreneur has painstakingly created dozens of organisations that have done a world of good—not only for Bangladesh—but for the world.

The veteran Indian IT pioneer talked about Nobel laureate Muhammad Yunus and his ideas.

“Other leaders studied his models and adapted them in places as diverse as the Philippines, the United States, Kenya, and India. His influence on the thinking and work of a generation of traditional and social entrepreneurs is undeniable,” Murthy wrote.

For an uninitiated, Muhammad Yunus is a renowned Bangladeshi social entrepreneur, banker, economist, and civil society leader. He is best known for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance, which provide small loans to entrepreneurs too poor to qualify for traditional bank loans. This innovative approach has helped lift millions out of poverty and earned him the Nobel Peace Prize in 2006.

Recently, Muhammad Yunus has been chosen to head Bangladesh's interim government following the resignation of the country's longtime prime minister amid violent unrest. His leadership is seen as a beacon of hope for many in Bangladesh, given his track record in social and economic development.

Narayana Murthy has often praised Muhammad Yunus for his groundbreaking work in microfinance and social entrepreneurship. Murthy believes that Yunus’s ideas are crucial in today’s world, especially as we face increasing economic disparities and social challenges.

Yunus’s approach to empowering the poor through microcredit and fostering social businesses can provide sustainable solutions to many of the issues we encounter today. By focusing on creating opportunities for the underprivileged, Yunus’s model promotes inclusive growth and hels build resilient communities.

Murthy’s endorsement highlights the importance of innovative and compassionate approaches to economic development.

Muhammad Yunus won the Nobel Peace Prize in 2006 for his pioneering work in microcredit and microfinance. He founded the Grameen Bank in 1983, which provided small loans to impoverished entrepreneurs who lacked access to traditional banking services. This innovative approach empowered millions of people, especially women, to start their own businesses and improve their living conditions.

The Nobel Committee recognized Yunus and the Grameen Bank for their efforts to create economic and social development from below, highlighting how microcredit can be a powerful tool in the fight against poverty. Yunus' work demonstrated that even the poorest individuals can achieve financial independence and contribute to their communities when given the right support.

Besides the Grameen Bank, Muhammad Yunus has founded several impactful social businesses aimed at addressing various social issues such as Grameen Danone Foods, which is a joint venture with Danone, producing nutrition-enriched yogurt for malnourished children in Bangladesh. Another one, Grameen Shakti, focuses on providing renewable energy solutions, such as solar power, to rural areas in Bangladesh.

An another Yunus-founded entity Grameen Eyecare Hospital offers affordable eye care services to the underprivileged, aiming to reduce preventable blindness.

Yunus Social Business (YSB) is an organization that supports and invests in social businesses globally, tackling issues like poverty and climate change.

These ventures exemplify how Yunus's innovative approach to social business can create sustainable solutions to some of the world's most pressing problems.

Impact of Yunus-Models in India

Muhammad Yunus has had a significant impact in India through his work in microfinance and social business.

The Grameen Bank model has been replicated in various parts of India, providing microcredit to millions of poor entrepreneurs, especially women, to help them start small businesses and improve their livelihoods.

Yunus has even collaborated with several Indian organizations to promote social business and microfinance. For instance, he has worked with the Self-Employed Women's Association (SEWA) to empower women through microcredit.

Yunus Social Business India is part of the global Yunus Social Business (YSB) network, founded by Muhammad Yunus. This initiative focuses on supporting and growing social businesses that address critical social issues in India. The initiative supports and invests in social businesses across India, addressing issues like poverty, healthcare, and education. It aims to create sustainable solutions to social problems by fostering entrepreneurship.

YSB India provides flexible loans and growth support to social businesses, helping them scale and increase their impact. These businesses tackle issues like poverty, healthcare, education, and clean energy.

 

Suzuki to Support India's Social Entrepreneurs Via Newly Established $40 Mn Venture Fund

On July 4, 2024, Suzuki Motor Corporation established a wholly-owned subsidiary called "Next Bharat Ventures IFSC Private Limited" (referred to as "Next Bharat") and a fund named "Next Bharat Venture Fund-1" (referred to as "Fund") in India.

The purpose of Next Bharat is to support and invest in social entrepreneurs working in areas such as agriculture, financial inclusion, supply chain, and mobility.

Through this initiative, Suzuki aims to contribute to solving social issues in India through business ventures. The company also plans to invest in venture capital projects.

By nurturing and empowering social entrepreneurs, Suzuki aims to connect with the "Next Billion" people in India, extending beyond the mobility sector and becoming part of India's future story.

With a capital of INR 1 billion, Next Bharat is headquartered in Special Financial Zone GIFT City, Gujarat. The total investment of the fund-1 will be US $40 million.

Toshihiro Suzuki, President of Suzuki, said, "There are about 1.4 billion people in India, but we have only reached about 0.4 billion people. Next Bharat will focus on nurturing and empowering social entrepreneurs, who are passionately solving the problems of India. Through this, we will connect with the “Next Billion” people of India, extending beyond mobility and becoming a part of India’s future story.”

Suzuki began production and sales of automobiles in India in 1983, and has since been providing customers with mobilities including automobiles and motorcycles. Through the activities of Next Bharat, Suzuki aims to build ties with the people of India beyond the mobility sector and contribute to the further development of India.

Six Social Enterprises Awarded Funding at Singapore International Foundation’s Signature Programme

The winning teams of the Young Social Entrepreneurs Global 2022 programme will receive up to S$20,000 each to help them to grow their businesses.

Six innovative regional businesses, which champion social change, received funding of up to S$20,000 each to help them scale up their businesses.

The winners were selected after 15 teams – comprising 26 changemakers – gathered virtually for Pitching for Change, the finale and closing event of the Singapore International Foundation’s (SIF) Young Social Entrepreneurs (YSE) Global 2022 programme.

YSEGlobal22 - Winning Teams 

The six-month programme seeks to inspire, equip, and enable youth of different nationalities to launch or scale up their social enterprises in Singapore and beyond. Through customised workshops, mentorship, and regional learning opportunities, it aims to nurture a global network of young changemakers with innovative business ideas focused on social good.

The 15 teams were selected from a pool of 46 social enterprises, comprising 93 youths and representing 11 nationalities, who had all taken part in the programme’s workshop in June. These shortlisted teams included youths from China, India, Indonesia, Laos, Malaysia, Singapore, South Korea, Thailand, and Vietnam.

At the finale, they presented their business plans and ideas to a panel of judges, comprising industry experts and consultants from the impact investment and social service sectors.

The teams showed the judges how they aimed to make a sustainable impact with their businesses and addressed issues in areas such as mental healthcare, inclusivity, environmental sustainability, and education.

The six winners were chosen based on the impact and scalability of their business ideas, as well as the commitment level of team members. They are (in alphabetical order):

1. Anahat For Change Foundation (India 🇮🇳)
2. Kura Kura (Singapore 🇸🇬)
3. Mengayu (Indonesia🇮🇩) 
4. Ripple Community (Malaysia🇲🇾)
5. Symbionic Tech (India🇮🇳)
6. The Green (Laos 🇱🇦 and South Korea)

Mr Edward Chia, a Member of Parliament in Singapore, and the co-founder of social enterprise Five &2 – a food business which hires the marginalised and provides meals for underprivileged communities – was the guest of honour at the event.

He said: “Social enterprises complement the work of governments and civil society to support vulnerable communities amidst complex challenges. I am thus heartened to learn that many youths today consider social entrepreneurship to be a viable career path. The meaningful participation of young people in this space can be highly transformational and contribute greatly towards sustainable development.”

In the lead-up to Pitching for Change, the young changemakers had taken part in a series of virtual activities, which started in July 2022. The SIF designed the sessions to boost their capability to run a viable business. Topics such as needs assessment, digital marketing, impact measurement and capital raising were covered.

The participants also worked with volunteer mentors to sharpen their business ideas in preparation for the final pitch. The mentors comprised business consultants from McKinsey & Company, Temasek International, Bain & Company and established entrepreneurs and experts from relevant sectors.

The budding social entrepreneurs also networked with peers of different nationalities and made new friends to deepen cross-cultural understanding, as well as forge useful business connections.

Mr Rajan Raju, SIF Special Adviser, Programmes, and Director at Invespar was the event’s Lead Judge. He noted that global challenges had surfaced many societal issues. These had highlighted the valuable role that social enterprises play in the community.

He said: “There is an increasing need for purpose-driven businesses to be able to deliver sustainable impact at scale. The SIF is pleased to support these young changemakers on their social entrepreneurial journey, as they continue to innovate and bring about positive social change within their communities.”

Ms Purvi Tanwani, Director and Co-Founder at Anahat For Change Foundation, said: "YSE Global has been an amazing learning experience. The guidance from my mentors and the workshops will be valuable as we grow our social enterprise effectively and scale our impact to benefit more people in the community.”

Mr Varun Iyer, Head of Operations, at Symbionic Tech, said: “We appreciate this chance to connect with other social entrepreneurs and industry players from other countries. In addition to being able to build an international network, the programme has equipped us with valuable skills and opportunities to create greater social impact and positively impact lives."

Since 2010, YSE Global has nurtured a global alumni network of more than 1,400 changemakers, representing 43 nationalities and 674 social enterprises.

Applications for YSE Global 2023 will start in February 2023. Follow the SIF on Instagram, Facebook and LinkedIn for latest updates on the programme.

YSE Global 2022 winning teams’ profiles

1. Anahat For Change Foundation (India) – Headed by Ms Purvi Tanwani, Anahat For Change Foundation is a non-profit with sustainability at its core. It aims to empower women through skills development and livelihood generation. It works with urban and rural communities to raise awareness on menstrual health and hygiene, sexual reproductive health rights and personal safety education for children. Anahat also produces its own brand of menstrual pads and baby care products under the name 'Anahat Unnati'. These affordable and sustainable products are made by the women Anahat Employs. 
2. Kura Kura (Singapore) – Headed by Mr Arif Woozeer, Kura Kura is a mobile application that gamifies reflective journaling practices, while providing an avenue for users to support one another in their journey towards mental wellness.
3. Mengayu (Indonesia) – Headed by Ms Riza Nisriinaa and Ms Saras Dumasari, Mengayu aims to empower vulnerable women: victims of domestic and dating violence, as well as those who have lost their jobs during the Covid-19 pandemic. It provides them with job training and safe working spaces to help them regain their confidence and become financially self-sufficient.
4. Ripple Community (Malaysia) – Headed by Ms Kee Joey, Ripple Community aims to provide affordable and accessible behavioural healthcare to individuals with mental health and special needs. It also aims to raise awareness through community and advocacy work. It provides online and in-person services through a multidisciplinary care team, using intervention methods that are evidence-based and family-focused. It is also developing an app that can provide a holistic support system to its clients.
5. Symbionic Tech (India) – Headed by Mr Varun Iyer S, Symbionic Tech aims to help people with limb differences achieve functional independence and confidence, through high-tech but affordable bionics. It also hopes to make assistive technology more accessible to the general population. 
6. The Green (Laos and South Korea) – Headed by South Korean Mr Jaewon Lee and Laotians Mr Soukthavy Sisouphanh and Mr Bounpaseuth Southammakoth, The Green aims to create stable incomes for small farmers in Laos with easily-accessible, carbon-reducing agricultural technology. This will enable them to produce and sell their own food in an efficient and profitable manner. With 70 per cent of the Lao population engaged in agriculture, such technology can also prevent the livelihood of farmers from taking a hit from the worsening climate crisis.

About the Singapore International Foundation

The Singapore International Foundation makes friends for a better world. We build enduring relationships between Singaporeans and world communities and harness these friendships to enrich lives and effect positive change. Our work is anchored in the belief that cross-cultural interactions provide insights that strengthen understanding. These exchanges inspire action and enable collaborations for good. Our programmes bring people together to share ideas, skills and experiences in areas such as healthcare, education, arts and culture, as well as livelihood and business. We do this because we all can and should do our part to build a better world, one we envision as peaceful, inclusive, and offering opportunities for all. Find out more at www.sif.org.sg

11 Winning Ideas for Social Innovator Fellowship Program Announced by Schaeffler India

11 impactful ideas were shortlisted and awarded for further development and incubation

Creates platform to promote Social Innovation to enable inclusive growth and development

Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced 11 winning ideas out of 150 shortlisted entries for its Social Innovator Fellowship Program. At an event held in Pune, 11 ideas were announced as winners, from over 150 entries that were shortlisted after 24 weeks of evaluation and jury process. The Social Innovator Fellowship Program was announced by Schaeffler India in the third quarter of 2021. Applications were invited in areas of education for the underprivileged, health & nutrition, renewable energy & environment, water conservation, and waste management. Schaeffler partnered with Buddy4Study, India's largest scholarship platform that connects scholarship and education loan providers with seekers to facilitate the initiative.

The 1st winning idea received a monetary support of INR 5,00,000 and the remaining 10 winning ideas received INR 1,00,000 each. Further, all the 11 winners will undergo an eight-week hybrid mentorship at CIIE (Centre for Innovation Incubation and Entrepreneurship) IIM Ahmedabad, one of India’s top Business schools to help them further develop and scale their solutions. Additionally, Schaeffler India will collaborate with winners and provide them access to its network to further collaborate and create opportunities.

The jury comprised of Mr Harsha Kadam – Managing Director and CEO, Schaeffler India; Mr Santanu Ghoshal – Vice President HR and Head of Sustainability India and eminent social entrepreneur and Ramon Magsaysay award winner Mr Anshu Gupta – Founder of Goonj.

Schaeffler India is actively pursuing its ESG strategy to drive holistic development and growth. A part of Schaeffler India's social development initiative, the program acts as a catalyst to identify and strengthen the capacity of young innovators who are working to transform the areas of education for the underprivileged, health & nutrition, renewable energy & environment, water conservation, and waste management.

Congratulating the winners, Mr Harsha Kadam said, “Innovation and development leads to growth, but equitable innovation is key to inclusive growth. It is heartening to see so many passionate ideas aided by technology, potentially impacting the social fabric in a positive way. We are seeing technology disruptions all around us promoting growth and holistic development and at Schaeffler India we are conscious of this fact and therefore announced this platform.”

On the announcement, Mr. Santanu Ghoshal said, "We are deeply committed to advancing the prosperity and progress of our communities. The Schaeffler India Social Innovator Fellowship Program aims to harness and support the pioneering spirit of young and passionate innovators across India to bring improvements to social and ecological issues. Our heartiest congratulations to the outstanding group of leaders selected for this fellowship program, who demonstrated a strong commitment to developing transformative solutions to 21st-century problems that result in more resilient systems, communities, and people.”

Mr. Anshu Gupta, Magsaysay awardee Social Entrepreneur and Founder – Goonj, while judging the event commented, “While judging the event commented, “Being a part of this event was an extremely gratifying and enriching experience. I congratulate all the winners who have passionately pursued their ideas and commend the teams of Buddy4Study and Schaeffler India, for creating this platform to bring forward transforming social impact ideas. It is good to see how youth from diversified backgrounds are trying to understand the core of issues and bringing new approaches and solutions.”

Selection Process:

The nomination process for the fellowship began in September last year. Schaeffler India received 557 applications from young innovators across the country. These nominations were subjected to a transparent and rigorous three-step selection process consisting of interviews and presentations to the jury panel and Schaeffler India leaders. In the primary check round, 167 candidates were shortlisted out of 557.

In the first round, the shortlisted candidates were judged on four different parameters i.e., - the age group, the current stage of their social venture, category of the idea and introductory deck/ video pitch. In this round 42 candidates were shortlisted for the 2nd round of selection.

The second round was conducted by trained Schaeffler employees from different locations in India and the candidates were judged on a holistic questionnaire and score card. After the 2nd round, 11 candidates were shortlisted for the third and final round.

In the final round, these 11 candidates presented their solution to an august jury panel, comprising of Schaeffler India leaders and a social entrepreneur. Basis the presentation and subsequent interview, the panel has selected the following winners: (at a felicitation ceremony)

Names of Winners	Name of their solution	Category
Purva Parwani	Claylab Education Foundation	Transforming Education for the underprivileged
Nikky Kumar Jha	Saptkrishi Scientific Private Limited	Renewable Energy and Environment
Swalih C I	Electrical Retrofitting	Renewable Energy and Environment
Shilpa K Nayana	Dime Klear Pvt Ltd	Water Conservation
Himanshu Gupta	Agricultural waste valorization conversion into value added products of industrial application	Waste Management
Aditya Srinivas	Roha Biotech	Waste Management
Deepak Rajmohan	GreenPod Labs	Waste Management
Lakshmanan	Adhesive Non-Surgical Hearing Device	Health & Nutrition
Ardra S Nair	Ecocontainers from recycled coir fiber	Waste Management
Dr. Neha Tuli	6DOF Solutions Pvt. Ltd.	Transforming Education for the underprivileged
Sulem Ansari	Comparison Of Effectiveness Of Moringa Oleifera Leaves Extract Gel (2%) With Retino A (0.1%) Cream For Treatment Of Oral Leukoplakia (precancerous lesion) : Double Blinded Randomized Control Trial	Health & Nutrition

About the winning projects:

Project Name	Synopsis
Agro Waste Valorization into Value added products by Himanshu Gupta	Problem: fruit waste which is underutilized in low value creation Solution: Bio-Active Compounds, Green Bio-polymers and chemicals Banana fruit waste peel dried, milled into powder form using 150 sieve mesh size Extraction of Beta Carotene from Banana waste peel Application as ingredient in cosmetic and animal feed products Impact: It can prevent greenhouse gas emissions and generate employment in rural areas through de-centralized processing units
Impulse - Make hear the un-hear by Lakshmanan	Problem: High risk open skull surgery Hearing implants are inaccessible to a large percentage of population High cost of implantation Recommended before 8 years of age  Solution: Eliminate open skull surgery for children IMPULSE device to stick behind the ear, switch on the device, and hear Impact: The gift of hearing, employment opportunities, innovation from a Tier-2 city, and better quality of life (UN SDGs)
Learn—O—Little by Dr. Neha Tuli	Problem: Traditional learning lacks interaction, engagement, motivation and hinders self-imagination. Solution: Learn -O- Little is a portable and affordable Augmented Reality based hands-on learning kit for kindergarten kids to help them learn basic English language skills (alphabet, word building, etc.).  Learn -O- Little for special kit includes sign language flashcards that would allow special kids to learn from the same kit. Learn ? O ? Little Magic workbook is India?s first AR integrated Workbook in which the child learns unique vocabulary and can visualize the same color animals in front of him/her the way he fills in his coloring book
Saptkrishi by Nikky Kumar Jha	Problem: 40% of horticulture produce around the globe is wasted. Sum loss in agricultural sector due to post-harvest wastage in India alone: 20 bn $/year.  Solution: Sabjikothi/ Preservator Impact:  50% increase in the income of small & marginal farmers Reduction in waste by more than 30% Health benefits - kills deadly  pathogens and makes food  safe Reduces Energy consumption by more than 80%
Claylab Education Foundation by Purva Parwani	Problem: 1 crore students move to Grade 11 every year in India. At least 60% of them would be 1st generation graduates. Lack adequate career awareness and readiness  Solution: Virtual mentorship support. Connecting Working Professionals as Mentors with higher-secondary students from low-income families Impact:  90.6% students feel they have at least 1 person at Claylab who can guide them 78% of students are at a level of 3 in CORE 40% of students are at a level of 4 in CORE
Dime Klear Pvt. Ltd. by Shilpa K Nayana	Problem: Water scarcity is a huge problem for the World. Even if the water is available, there is the issue of contamination. This is particularly severe in certain areas where there is a lack of groundwater, resulting in illness from poor water quality  Solution: An ISRO Supported Project. Purification and Desalination of water using agricultural materials, Coconut shell with high-end technology, Nanotechnology at fraction of the cost. Project SUKHVI: provides clean drinking water to under privileged communities at Rs.  2 for 20 litres by deploying 1000 LPH (litres per hour) community filtration plants.
Moringa Oleifera (Drumstick) Leaves Extract Gel (2%) For The Treatment Of Oral Leukoplakia (Pre-cancerous lesion) by Sulem Ansari	Problem: Currently there is no specific treatment available for the management of oral leukoplakia  Solution:  Moringa oleifera is a tropical shrub native to India, which is also known as the 'drumstick tree?. Moringa oleifera leaves demonstrate potent antioxidant activity. A study on moringa oleifera reported that it provides 7 times more vitamin C than oranges,10 times more vitamin A than carrots.  It is found in various parts of India and  can be grown in any region of India, economical and low maintenance plant. M. oleifera mucoadhesive gel. Impact:  Confidence and sense of empowerment.  Entrepreneurial mindset. Clear vision regarding the venture. Commercialization of the innovation. Scaling of the innovation. Positive impact on society and the economy.
Electrical Retrofitting by Swalith Ibrahim	Problem: Policy to scrap auto-rickshaws older than 15 years. 30% rickshaws will be affected. Majority will be dumped in roadsides or illegal scrap yards, leaching metals & toxins in to ground Solution: Retrofit fossil-fuelled auto-rickshaws to electric vehicle. Reuse 80% of components
Roha369 Biotech by Aditya Srinivas	Problem:  Styrofoam constitutes 1% of the overall plastic industry, it occupies a staggering 30% of volume in landfills 70% of 270 KTPA ends up in landfills after singleuse. Catastrophic damage for Marine& Land life  Solution: Mycelium packaging with following benefits: Agricultural residue-based mycelium bio-composite Water and fire resistant.& Thermal and sound insulator Minimal energy consumption Upcycling of waste Complex, customizable & modular structures
Sustainable packaging solutions by Ardra S Nair	Problem: Around 142 billion units of cosmetic packaging- Global, 2018 Majority comprising of Plastic packaging Only 9% of worlds plastic has been recycled Pollution- Landfills and Oceans  Solution: Eco-containers from recycled coin fibers Impact: With 5 lakh containers in the market, we save 4.35 MT Co2 equivalent
Greenpod Labs by Deepak Rajmohan	Problem: 40% of fruits & vegetables lost $12 Billion economic waste 2.6G Tons of greenhouse gas emission  Solution: Active Packaging ?The product activates the plant?s defense mechanism to slow down the ripening rate and prevent any microbial growth

About HOPE

Schaeffler India as a part of its CSR program has consolidated its activities and focus exclusively on a few core areas which will make a meaningful impact on the community and make a difference. HOPE is Schaeffler India’s umbrella initiative encompassing the values, vision and mission of the organization. Through this initiative Schaeffler India strives to contribute, to the motto \'सर्वे भवन्तु सुखिनः\' (May everyone be happy). It is derived from the four core areas of focus – Healthcare, Occupational skill, Preservation of national heritage, art & culture and Empowerment of society. Under HOPE, Schaeffler India runs a number of initiatives for the four focus areas.

HOPE is Schaeffler India’s flagship CSR brand that has the following focus areas; Health Care, Occupational Skill for Employability, Preservation of National Heritage Art & Culture and Empowerment of Society. The engineering scholarship initiative is part of the organizations continuous endeavor towards empowerment through education.