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Social impact experts convene to celebrate Global Social Innovation Day at IIMB

Institute’s incubation arm, NSRCEL, launches Impact Orbit assessment report 

6 November, 2024, Bengaluru: Impact Orbit, the Social Entrepreneurship vertical at NSRCEL, one of India’s leading business incubators, housed at IIM Bangalore, commemorated the impact of global social innovation on 6 November, bringing together an ecosystem of changemakers comprising- social entrepreneurs, CSR leaders, donors, program partners and academic stalwarts.  

Launched in 2017, the Impact Orbit connects social entrepreneurs, academia and industry, offering comprehensive support, venture development, scaling, funding, readiness and impact measurement—while promoting collaboration among startups, nonprofits, funders, and investors within the social entrepreneurship ecosystem. To date, the social innovation hub has led incubation efforts across 20+ states with participants from tier 3 and tier 4 cities, nurturing 131 ventures—42% of which are women-led, created 14000+ jobs and impacted over 2.3 million lives through policy advocacy at a local, state and national level. 

Global social innovation day also marked the release of the Impact Orbit assessment report—an independent evaluation of the effectiveness and impact of the Impact Orbit on incubated social entrepreneurs and the social entrepreneurship ecosystem at large. Present at the launch were IIMB Director Prof. Rishikesha T Krishnan; Prof. Srivardhini K Jha, Chairperson, NSRCEL; Kumar Anurag Pratap, Vice President & CSR Leader, Capgemini; Archana Pillai, Resident Mentor, NSRCEL; Manju Menon, Co-founder & CEO, NuSocia; and Nagaraja Prakasam, Resident Mentor, NSRCEL.  

Prof. Rishikesha Krishnan delivered the welcome address saying, “There is no shortage of problems for entrepreneurs to tackle. The challenge isn’t even in finding solutions, it is with finding solutions that are sustainable”. Prof. Rishikesha further highlighted NSRCEL’s long-standing history in entrepreneurship and incubation, but more specifically its role in creating sustained impact as one of India’s best performing social incubators. He expressed appreciation for Capgemini’s corporate partnership, as well as the support from the Government of Karnataka, noting the recent approval to establish a Centre of Excellence (CoE) in FinTech at NSRCEL. 

Mr. Kumar Anurag Pratap delivered the keynote address, advising catalytic faculties to make innovation accessible to those that lie beyond structurally advantaged urban hubs. "The true lifespan of any enterprise hinges on its ability to grow and learn continuously. As we look to the future, businesses must foster innovation not just in Tier 1 and Tier 2 cities or among those confined within traditional social structures but across all communities. Innovation needs to be democratized—opening the door to ideas that can drive impact at every level, from grassroots to global scales”, he stated. 

Archana Pillai outlined the Assessment Report as a third-party evaluation that examines Impact orbit’s unique role as a differentiator within India’s social entrepreneurship ecosystem. “By focusing on early-stage support, the Impact orbit mitigates risks not only for social enterprises but also for donors who envision a long-term relationship rather than one-off engagement with innovators”, she stated.  

Manju Menon, Co-founder & CEO of NuSocia and primary impact assessor for the Impact Orbit report, detailed the rigorous framework and methodology employed in the report’s evaluation. She later joined a panel with Sriranjini Vadiraj, AVP at Learning Matter Pvt Ltd, and Manasi Parvatikar from Yunus Social Business to discuss the broader impact of NSRCEL’s incubation model. “An incubator such as NSRCEL, which carries an extensive network and rich brand legacy in a supportive ecosystem, isn’t an added advantage but a prerequisite for growth”, the panel echoed.  

The day also celebrated the Top-up grant awards, recognizing Open Grad Foundation, Agro Rangers, Tamuku Pvt Ltd, and Ekatvam Innovations Pvt Ltd for their promising contributions to the social entrepreneurship space. 

At the panel on ‘Climate Tech & AI: What Does it Mean for Social Impact?’ new narratives around waste and design emerged. Panelists—Sonika Choudhury, Fellow, People + AI; Shekar Prabhakar, Co-founder & CEO, Hasiru Dala Innovations Pvt Ltd.; Kunal Prasad, Co-founder, Bambrew; Satyanarayanan Sankaran, Urban Strategy Lead, Rainmatter Foundation—dove into the bold new directions shaping social innovation today and tomorrow.