- Severe problem of garbage disposal and widespread scrap on the streets
- ScrapApp,a startup aims at recycling the garbage trash from other waste
- Startups get most of their funding from overseas investors,the concept of social entrepreneurship still unknown to Indian population
MUMBAI, 24 SEPTEMBER, 2016: ScrapApp founded in 2015 is an app which helps the customer find out what their scrap is worth. It’s an initiative to make Indian streets clean and bearable to walk on by recycling the garbage. Masked workers from ScrapApp daily separate the recyclable debris from the trash at DLF Mall, the largest mall in India giving the startup a kick in their business.
Vidhur Bakshi, 27, CEO of ScrapApp said that they get most of their funding from foreign investors because social entrepreneurship isn’t yet popular in India.Other startups have mutual opinions on this matter.The reason behind this is that even if Indians do invest, they expect breakneck returns, mentioned HuffPost report.
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The Global Social Entrepreneurship Network (GSEN) and UnLtd, foundations for social entrepreneurs when carried out a poll found out that the lack of awareness of the public about social entrepreneurship and funds made it challenging for them to make the move and grow their profit,non-profit business.
Though a difficult task, but some startups which have helped people have access to water,sanitation etc have helped in easing the task of finding investors and thus more and more businesses are ready to fund this sector,a sector that which targets at bringing renaissance in the society and mindset of people,a society where recycling garbage is not included as a part of formal sector
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India comes under one of the countries(other than Canada,Singapore,The United States) where it is easiest to access investment.Experts claim that India can play a significant role in developing the domestic lives as well as use similar business ideas in bettering the social conditions in Africa.
Anurag Agrawal, CEO of Intellecap told the Thomas Reuter’s Foundation that if an enterprise invests in a startup which is backed by a professional team and focused funds there are no chances of the investors suffering a loss. On reviewing many Indian startup Ceo’s, their views on this topic was that nations like the USA and Singapore are eager to provide financial help to Indian startups focusing on societal development.
Experts say that there is one sector where the Indian enterprises are keen on investing- microfinance. Microfinance provides women from low-income groups funding for which they get comparatively quick results. Some of the top microfinance institutions are-Annapurna Microfinance Pvt Ltd, Arohan Financial Services Pvt Ltd etc.
Since the masses are adopting a change with growing awareness of the new generation so is the perspective of the investors who are gradually wishing to help the Indian startups who are trying their best to light a candle for a better society.
– prepared by Ashwati Menon of NewsGram. Twitter: @Ashu_phoebe