Aditi Das [Upaya Social Ventures] & Manasi Parvatikar [Yunus Social Business Fund Bengaluru]
In the fast-paced world of social entrepreneurship, purposefully designed acceleration can be the ultimate launchpad for early-stage entrepreneurs looking to scale their businesses.
Since 2017, Upaya Social Ventures has been at the forefront of this work to empower early-stage entrepreneurs through its Dignified Jobs Accelerator, equipping them with tools and knowledge to become investment ready for impact investors. The accelerator builds on Upaya’s ongoing work to provide investment and support to entrepreneurs creating dignified jobs for people in extreme poverty.
For the past two years, Upaya has collaborated on the Dignified Jobs Accelerator with Yunus Social Business Fund Bengaluru (YSBFB), an impact fund with a vision of solving poverty and the climate crisis through the power of social business. Together, both organizations have enhanced investment readiness support for social businesses, particularly business models driving dignified livelihood generation.
The Dignified Jobs Accelerator reinforces Upaya and YSBFB’s strong focus on supporting business models that foster sustainable, progressive, safe, and migration-proof job opportunities — dignified jobs. The 2023 Accelerator cohort included eight exceptional businesses spanning diverse sectors such as agriculture, waste management, creative manufacturing, and urban mobility.
Our approach to designing the Accelerator has always centered around the needs of the early-stage businesses we support. We asked ourselves, “Why would social entrepreneurs want to work with us?”
After accelerating dozens of companies, here’s how we answer that question:
1. A tailored consultative approach can take entrepreneurs from aspiration to action.
Say goodbye to one-size-fits-all models! Effective acceleration goes beyond traditional classroom monologues and capacity building often falls short when it comes to driving real-world impact. For this accelerator, our approach was to blend consultation, interactive workshops, and hands-on-sessions. Over six months, senior team members from Upaya and YSBFB work directly with the entrepreneurs, turning their "what" and "how" into a concrete roadmap. For our Social Impact Module, for example, experts from both teams help entrepreneurs develop their theory of change, impact metrics (aligned to IRIS+ and SDG), and a measurement framework.
2. Support peer-led growth hacking, an alternative approach to mentorship that helps entrepreneurs seek answers to their pertinent business challenges.
Accessing mentors who've tread the entrepreneurial path themselves is crucial. Beyond investor links, we focus on peer-to-peer learning. Connecting entrepreneurs who have shared experiences fosters collaboration and growth, and that's why we leverage the support of Upaya and YSBFB portfolio companies. More specifically, we map cohort entrepreneurs and portfolio entrepreneurs on the basis of sector, commonality of business challenges, and stakeholders — which has led to collaborations, and has also provided founders with much-needed insights and advice from senior entrepreneurs in the sector. For example, several businesses within our cohort have established connections with entrepreneurs from our network. These connections have proven invaluable in guiding them through strategic decisions aimed at overcoming various business challenges. Notably, certain cohort companies have even joined forces and successfully addressed the issue of procuring raw materials by sourcing from each other.
3. Help entrepreneurs to build corrective action plans and pivot their models proactively.
Both Upaya and YSBFB prioritize providing comprehensive support to cohort companies throughout the six month program. We undertake field visits to understand their business models and identify areas for growth and improvement. Our experienced teams offer guidance on strategic pivots and scaling strategies, working closely with entrepreneurs to achieve important milestones. Additionally, we assist cohort companies in understanding their capital needs and exploring suitable funding options based on their unique requirements. Through a collaborative approach, we offer clear feedback and actionable insights to help them succeed in driving positive social impact. Our focus is on leveraging our expertise and the investor perspective to provide the best possible support for their growth journey.
4. Offer inclusive networking avenues that facilitate deep exchanges, helping entrepreneurs build recognition and credibility.
One of the cornerstones of successful acceleration is opening up networks of partners for entrepreneurs: potential customers, investors, partners, and mentors. For our acceleration program, we take this one step further by offering exclusive workshop hours with investors and support providers. Over the last decade, Upaya has built a strong ecosystem of financial and non-financial support providers, who engage with the cohorts via workshops and masterclasses. YSBFB compliments this by bringing in its global partners. We get early-stage impact investors (such as Villgro and Caspian Debt) as well as mainstream venture capital (such as Sequoia and Unitus Capital) firms to facilitate workshops on a range of relevant topics around finding product market fit, business growth strategies, brand positioning, fundraising strategies, financial management, hiring and storytelling.
5. Going beyond traditional pitching to do ‘impact storytelling’ can help entrepreneurs effectively communicate their business case for social change.
Our unique 'investor showcase' redefines the traditional demo-day experience by emphasizing impact storytelling. Through our six-month acceleration program, we work closely with entrepreneurs, refining their business and revenue models, financial management, and impact management, all while guiding them to craft compelling narratives for different audiences. Our showcase goes beyond just financial metrics, as we curate purpose-driven narratives that illustrate the journey of social change each venture has undertaken. By leveraging existing metrics and data, we showcase the tangible impact made, allowing investors to connect with the mission and purpose behind each business. Through personalized experiences, engaging opportunities, and a focus on long-term impact, our virtual platform fosters a strong community of purpose-driven entrepreneurs and socially responsible investors, driving positive change together.
Purposeful acceleration isn't just about workshops and handshakes; it's about providing early-stage entrepreneurs the ultimate launchpad for scaling up, and it requires constant innovation and collaboration. Upaya and YSBFB understand the entrepreneurial beat, and offer an experience that is deeper, more rigorous and tailored to each entrepreneur’s aspirations.
When we start with the question, ‘Why will a social entrepreneur choose this acceleration program?’, it truly helps us solve for relevancy (bottoms-up approach) and quality (attracting serious, mission-aligned entrepreneurs).
If you are an entrepreneur, we would love to hear your thoughts on what purposeful acceleration means to you.
ABOUT UPAYA SOCIAL VENTURES:
Upaya Social Ventures is building a dignified economy by providing investment and support to early-stage businesses creating sustainable livelihoods for people living in the most extreme poverty.
Upaya’s award-winning impact-first model seeks out and supports oft-overlooked companies creating work that is safe, stable, inclusive, and rewarding—generating a transformative impact on families, communities, and economies.
Since its founding in 2011, Upaya’s portfolio companies have created over 30,000 dignified jobs across India. Please visit upayasv.org for more information.
