Upaya Social Ventures and Yunus Social Business Announce the Launch of the Dignified Jobs Accelerator Program 2023

The program will help early-stage entrepreneurs build businesses focused on creating quality jobs for those in extreme poverty in India

BANGALORE, India - September 16, 2022 — Upaya Social Ventures (Upaya) today announced the launch of the Dignified Jobs Accelerator 2023, a program constructed to help small and growing businesses in India scale and create jobs that lift people out of extreme poverty. The program once again brings together the collaboration between Upaya and Yunus Social Business Fund Bengaluru (YSB) to combine their expertise in scaling impactful businesses to offer a program that brings essential knowledge, capacity, and networks to early-stage entrepreneurs.

The last two years have provided an impetus for entrepreneurs to rethink their business models to survive in extreme conditions and operate with a dual purpose of societal well-being and financial sustainability. Thus the business case to support social entrepreneurs that are contributing to the jobs economy has never been stronger. 

“At Upaya we believe that dignified jobs can be created by startups in all kinds of industries and all kinds of geographies,” said Kate Cochran, Upaya CEO. “We want entrepreneurs across India to know that this accelerator is for them if they share our vision of creating dignified jobs for those in poverty." 

Upaya and YSB are united in the shared vision of creating scalable livelihood opportunities by supporting social businesses. The partnership, which began with the 2022 accelerator program, optimizes both organisations' rich expertise to develop a rigorous, hands-on acceleration program for early-stage social businesses. 

Upaya has been running its accelerator program for six years with its hands-on expertise in building investment readiness capacity for early-stage businesses. Joining Upaya for a second year, YSB brings its experience in financing and capacity building of social businesses across India, East Africa, and Latin America as well as a global network of experts and mentors. Both organisations work with early-stage entrepreneurs to create dignified and quality jobs for people living in extreme poverty, and, through the Dignified Jobs Accelerator, will position the cohort entrepreneurs to take on investment and scale their businesses. 

“We are delighted to continue our strategic partnership with YSB for the Dignified Jobs Accelerator 2023,” said A B Chakravarthy, Upaya India Country Director. “The partnership has strengthened over the past year even beyond the accelerator with early-stage enterprises benefitting from our collective expertise and networks. This joint program also reinforces our belief in collaborative efforts to support the larger mission.”

“YSB and Upaya share synergistic values and ambitions,” said Suresh Krishna, the Co-founder, MD & CEO of Yunus Social Business Fund Bengaluru. “We are excited join Upaya as a program partner for the second year in a row. This year's accelerator will focus on promoting solutions that are improving the quality and dignity of jobs. The future of the jobs in an emerging economy is as much dependent on the breadth and volume as it is on the depth. We hope that this accelerator sets a precedent for what future jobs could look like.”

The program will take place over six months and will include four immersive modules designed to equip entrepreneurs with the knowledge and connections to grow their businesses. Participants will receive technical training and one-on-one consulting support from the experienced teams of Upaya and YSB. The participating entrepreneurs also meet and network with industry experts, investors, and peer entrepreneurs through structured workshops and Masterclasses.

As part of the program, entrepreneurs will have the opportunity to pitch their businesses to investors. Upaya will select up to three businesses for USD $50,000 investment. Yunus Social Business Fund Bengaluru will select up to two businesses for potential debt investment of up to USD $100,000.

The Dignified Jobs Accelerator 2023 cohort will consist of eight to 12 entrepreneurs who are leading early-stage enterprises in India that are focused on creating livelihood opportunities for people living in extreme poverty. The selection criteria will identify revenue-generating, for-profit companies that show traction and market potential but have raised no more than USD $75,000. The companies should show potential to scale and create 1,000 jobs over seven years. Applications for the program will be accepted through www.upayasv.org/accelerator from September 19 to October 16, 2022.

ABOUT UPAYA SOCIAL VENTURES

Upaya Social Ventures is fighting extreme poverty through dignified jobs. Founded in 2011, Upaya provides investment and consulting support to early-stage businesses aimed at creating jobs for the poorest of the poor. Upaya’s continually growing portfolio of impact investments has created over 27,000 lasting, dignified jobs. Endorsed by ImpactMatters as a high-impact, cost-effective nonprofit, Upaya’s teams in Seattle and Bangalore are committed to a goal of helping entrepreneurs create jobs for 50,000 people in India by 2025. To support its mission, Upaya runs an annual Accelerator Program in India focused on investment readiness for early-stage businesses creating jobs and livelihoods to lift people out of extreme poverty. 

ABOUT YUNUS SOCIAL BUSINESS

Yunus Social Business Fund Bengaluru (YSBFB) is an impact fund providing patient debt capital and growth support to social businesses. YSBFB’s mission is to harness the power of business to end poverty and the climate crisis. Co-founded in 2017 by Suresh Krishna and Vinitha Reddy, YSBFB is the India fund for Yunus Social Business Funds gGmbH (Germany), co-founded by Peace Nobel Laureate Prof. Yunus. To date, social businesses in YSBFB portfolio have impacted the lives of 2.4 million people and provided higher incomes to 25,000. Investment Readiness Programmes form part of YSB’s wider ambition to contribute to building the ecosystem in the geographies in which YSB is active.

CONTACTS

Rachna Chandrashekhar
Upaya Social Ventures
rchandrashekhar@upayasv.org 

Manasi Parvatikar
Yunus Social Business
manasi.parvatikar@yunussb.com

Upaya Social Ventures Launches Second Pool of Recoverable Grants

Upaya to partner with University Impact to raise $3 million to fund impact investments.

Seattle, May 10, 2021 — Upaya Social Ventures (Upaya) announced the launch of its second pool of recoverable grants, in partnership with University Impact (UI), an impact investment firm directing capital through the UI donor-advised fund to organizations and companies solving social and environmental problems. The $3 million Pool of Recoverable Grants II will fund Upaya’s investments in early-stage Indian companies that create jobs for people in extreme poverty.

Upaya pioneered the idea of bringing together philanthropic funds to create a pool of capital similar to a for-profit investment fund. The initiative combines grants from foundations and donor-advised funds to invest in a diverse portfolio of impact-driven companies. In addition to creating life-changing jobs for people living in extreme poverty, the donors to this pool can recover their philanthropic contributions along with a sliver of upside if the portfolio has positive returns.

Nugu Handmade is one of 12 companies that received investment from Upaya’s first pool of recoverable grants. Photo: Nugu Handmade

Upaya raised its first $1 million pool of recoverable grants in 2019. It has so far successfully deployed investments from the first pool into 12 companies in India. Nine of the investments were finalized in 2020 during the COVID-19 pandemic, a stark increase over Upaya’s average of two investments per year. The first pool of recoverable grants was recently recognized by Fast Company as a finalist for the 2021 World Changing Ideas Award.

Upaya is now raising a second pool of recoverable grants, three times the size, to meet demand for “missing middle” investments in small and growing businesses and create new jobs in poor communities hit hard by the pandemic.

“This facility is a natural bridge between traditional philanthropy and the growing industry of impact investing,” said Kate Cochran, CEO of Upaya. “When we raised our first pool of recoverable grants, we were gratified by the amount of interest we found from philanthropists looking to recycle their philanthropy. They can provide a grant that creates jobs in India, have it returned to them, and later make another grant to support clean energy in Africa.”

Upaya is partnering with UI to fund the $3 million pool. UI’s unique Triple Donor Advised Fund allows individuals to make a charitable contribution with an immediate tax deduction and then recommend grants and impact investments from the donor-advised fund over time.

“Partnering with University Impact in this second pool allows us to extend this opportunity to individual donors who don’t have a family foundation or donor advised fund,” said Cochran. “UI makes it easy for donors to engage in exciting projects and for organizations like Upaya to expand our work.”

Upaya is aiming to close the $3 million Pool of Recoverable Grants II by December 2021. Grants will be drawn down from the pool over a five-year period, and 100% of the funds will be used for investment capital. The pool will fund Upaya’s investments in India as well as a potential geographic expansion. Grants will be repayable to donors based on overall portfolio performance, up to a return of 5% over the original amount.

Cochran will join Joellen Nicholson of University Impact for the DAF Salon on May 11, 2021 at 1pm PST to discuss how philanthropists can use a DAF for impact investments.

More information about Upaya and how to participate in the pool is available at www.upayasv.org/prg.

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ABOUT UPAYA SOCIAL VENTURES

Upaya Social Ventures is fighting extreme poverty through dignified jobs. Founded in 2011, Upaya provides investment and consulting support to early-stage businesses aimed at creating jobs for the poorest of the poor. Upaya’s continually growing portfolio of impact investments has created over 21,000 lasting, dignified jobs. Endorsed by ImpactMatters as a high-impact, cost-effective nonprofit, Upaya’s teams in Seattle and Bangalore are committed to a goal of helping entrepreneurs create reliable jobs for 50,000 people in India. Please visit www.upayasv.org for more information.

ABOUT UNIVERSITY IMPACT

University Impact (UI) is an impact investing firm that funds early-stage organizations solving pressing social and environmental problems, while creating the next generation of social impact leaders. UI hosts the unique Triple DAF, a donor-advised fund that helps donors fund nonprofits and social ventures by targeting their charitable giving towards outcome focused organizations around the world. UI’s DAF is supported by a global team of trained undergraduate and graduate student associates from the U.S., South Africa, U.K., and India who are immersed in hands-on learning experience in impact investing and philanthropy that they can use to do social good throughout their careers. Please visit www.uitripledaf.org for more information.

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Upaya Social Ventures Announces AB Chakravarthy as India Country Director

AB Chakravarthy, India Country Director

Bangalore, India - 6 May, 2021 — Upaya Social Ventures is pleased to announce that AB Chakravarthy has joined the team as Upaya’s new India Country Director. “Chakra” brings over a decade of experience working with early-stage businesses in emerging markets, with particularly deep expertise in ag-tech and agribusiness.

“The Upaya team is thrilled to welcome AB Chakravarthy to lead our India team and investment efforts,” said Kate Cochran, CEO of Upaya. “Chakra has been a longtime friend, co-investor, and speaker at our accelerators. We know having him join us on staff will accelerate our own work and impact.”

Chakravathary will oversee Upaya’s India team, headquartered in Bangalore. He will lead Upaya’s portfolio of 19 active investments into a post-Covid recovery, helping them grow to create more jobs for people who lost their livelihoods during the pandemic. Upaya aims to add at least five new companies into the active portfolio in 2021.

“Upaya has been at the forefront of creating dignified jobs through early-stage investing,” Chakravarthy said. “It is a pleasure to join a wonderful team who are mission aligned. Look forward to contributing to growing investment and impact.”

Chakravarthy is a seasoned impact investment professional with a history of investing in AgriTech, CleanTech, EdTech, and HealthTech, among others industries. He brings experience from previous roles at Agri Newgen Ventures, Menterra and Villgro. He was part of the team that conceptualized and launched Menterra Fund, an early-stage impact investment fund. As a Principal at Menterra, he led the agriculture investments and managed Menterra’s investment partnership with Artha Initiatives Inc., Zurich. Prior to Menterra, he was a Senior Investment Manager at Villgro, India’s oldest and foremost social enterprise incubator.

ABOUT UPAYA SOCIAL VENTURES

Upaya Social Ventures is fighting extreme poverty through dignified jobs. Founded in 2011, Upaya provides investment and consulting support to early-stage businesses aimed at creating jobs for the poorest of the poor. Upaya’s continually growing portfolio of impact investments has created over 17,000 lasting, dignified jobs. Endorsed by ImpactMatters as a high-impact, cost-effective nonprofit, Upaya’s teams in Seattle and Bangalore are working toward a goal of helping entrepreneurs create jobs for 50,000 people in India. Please visit www.upayasv.org for more information.