Address by Shri Meenesh Shah, Chairman, NDDB at Inauguration of the Pitch Event of selected start-ups for the program LIC HFL – IRMA Social Trailblazer at IRMA, Anand on 12 December 2022

Address by Shri Meenesh Shah, Chairman, NDDB at Inauguration of the Pitch Event of selected start-ups for the program LIC HFL – IRMA Social Trailblazer at IRMA, Anand on 12 December 2022

I am delighted to join you all today at this Pitch Event of selected start-ups for LIC HFL-IRMA Social TrailBlazer programme of IRMA-ISEED Foundation which I think is an excellent platform for incubating social enterprises or supporting social entrepreneurs.

I am happy to learn that 170 Start ups have participated in this programme out of which 20 have been finally selected for incubation and support. I congratulate all of them.

At the same time, I am sure all other start-ups who have gone through the process must also have been benefited by the inputs they might have got in terms of refining their strategy and they certainly will become better version of themselves in future as an organisation.

Generally, in our country there has been the tendency to leave the societal needs/problems to the government and business sectors. In this regard, role of social entrepreneurs becomes very important.

They are the one who identify areas that are not working efficiently in the current system and try to solve the problem by changing it, spreading the awareness about the solution and influencing people to be part of the change. Therefore, social entrepreneurship is essential to address gaps in public services and to scale up and improve these services in a sustainable manner.

We are witnessing a transformational decade in India. As the world’s largest open internet market, with a vast population, highest per capita data consumption, increasing purchasing power, high quality talent pool and a progressively open regulatory environment, unmissable business destination, the resurgent Atmanirbhar Bharat is now aiming at India@100.

As you may be aware India@100 is a roadmap released by Economic Advisory Council to the Prime Minister which guides the way for India to become a high-income country by 2047 through sector-specific and region-specific policies based on the ‘4 S’ principles.

The ‘4 S’ guiding principles redefine the country’s approach to attaining prosperity by stressing the need for prosperity growth to be matched by social progress, to be shared across all regions within India, to be environmentally sustainable, and to be solid in the face of external shocks.

Entrepreneurship is the core force of economic growth/prosperity. The commonality between all the developed nations all around the world, is the presence of entrepreneurship.  Economic development is totally based upon the growth of entrepreneurship and more the entrepreneurship is grown, infrastructure as well as all the indicators of development has also grown.

And if we have to attain rural prosperity, then our country needs more of social entrepreneurships with focus on rural areas. Our rural areas definitely need such enterprises, where the society gets maximum of benefits from entrepreneurial traits of the people.

Therefore, I consider Social TrailBlazer Program launched by IRMA and LIC Housing Finance Ltd a pathbreaker in the sense that it aims to nurture socially conscious leaders and introduce social consciousness in business.

Needless to mention that this help to early stage social entrepreneurs, who will confront some of the most basic challenges of society, we are preparing the foundation for a better tomorrow for our rural folk, community and nation.

I was going through the list of the selected start-ups and I have observed that a range of sectors have been covered such as  Animal Husbandry, Agribusiness, Waste Management, Health Care, Art and Craft, Mobility EV, Herbal Foods, Beauty Products etc.

Definitely there are certain gaps in these sectors and all of you have done well to address some of those gaps with your entrepreneurial energy.

One aspect, I would like to highlight here is that usually Start-ups typically operate with the mentality that growth and profit come first, higher calling/purpose comes second.

However, I would say social entrepreneurs would do well to blend in their ventures a grand ideal in addition to a great idea.

This ideal will not only serve as a moral purpose but also offer strategic and operational advantages.

First, it can help expand entrepreneurial ambition. So, striving after an ideal in addition to an idea will enhance your motivation and enhance overall value creation.

Second, it can attract fellow travellers. As an entrepreneur/start up, you will have to convince a range of stakeholders- i.e employees, investors, customers, and suppliers — to take a risk on you.

Selling an ideal rather than merely an idea makes for a far more compelling pitch. After all, ideas appeal to the head, while ideals potentially speak to both the head and the heart.

And third, it can help align a winning team. Commitment to a purpose helps in keeping team members aligned and connected throughout your journey, making them into a cohesive unit over the long term. That is what successful teams are all about.

I think this can be very easily seen in the institutions built by Dr Kurien. Behind each of them, there is an idea and also an ideal. And he had an amazing team to pursue both ideas and ideals.

I remember, he often used to say we are not into milk business rather we are into the business of rural prosperity.

To all the entrepreneurs present here, I would say the journey will not always be smooth, and chances are that you will face uncertainty and hardship along the way.

However remain confident about your ideas and press on with your efforts, even during the challenging circumstances. Try to seek comfort in the support, knowledge and guidance available for the start-ups in the country to tide through the difficult times.

Thankfully, we have platforms like IRMA-ISEED foundation for support. If there is something where NDDB can be of support, do tell us, we would definitely like to listen about it.

Do remember, you are not alone in this journey. Today all of you will share your knowledge and experience that will help bring your start-ups to the next level.

I am confident that this pitching event will engage and inspire you, help you in taking actionable steps to achieve your aspirations of building a successful social enterprise and contribute to economic prosperity in India.

I wish each one of you a fruitful and enjoyable experience in the pitching event lined up today and tomorrow.

Thank you.