The/Nudge Launches 50 Crore Incubator For Nonprofit Startups
The/Nudge will invest over 50 crores to incubate and support over 100 nonprofit startups which particularly focus on poverty alleviation through N/Core over the next 5 years. Vijay Shekhar Sharma is founding patron.
The/Nudge Foundation will be launching of N/Core, an incubator exclusively for nonprofit startups working on poverty-related problems. For the first time, over 100 of the most renowned leaders from startups, nonprofits and large corporates are coming together as a 'Collective' to mentor the nonprofit startups. The/Nudge will invest over 50 crores to incubate and support over 100 nonprofit startups through N/Core over the next 5 years.
Atul Satija, Founder and CEO of The/Nudge, said, "The magnitude of India's poverty and related problems needs our entire generation to invest itself single-mindedly into solving this issue. With N/Core, we want to make it easier for the ones who care to jump in and do their bit. N/Core is a bold attempt to help create a new breed of high-impact and scalable nonprofits."
N/Core is building the necessary ecosystem for early-stage nonprofits by attracting smart people and providing them with seed grants, co-working space, guidance and mentorships and the right connections for growth. Commenting on the launch, Vijay Shekhar Sharma, CEO, Paytm, who is a founding patron of N/Core said, "The for-profit startup ecosystem in India is thriving now. But there is only so much that a for-profit organisation can do to create equality of opportunity for people who are at the bottom of the pyramid. To build nonprofits who solve for large scale issues, it is imperative to build a similar ecosystem that our for-profit startups enjoy."
N/Core is building a 'Collective' of 100 leaders, with very rich and diverse experiences, who will spend time mentoring and guiding the exceptional individuals the program will select. The 'Collective' includes CEOs of top foundations to nonprofit leaders to unicorn founders to book authors, among many others.
Commenting on the initiative, Anantha Padmanabhan, CEO, Azim Premji Philanthropic Initiatives, said, "The ambition and scale of N/Core are unmatched in the sector. The team at The/Nudge has the capabilities to pull off this audacious project. Moreover, the roster of mentors and leaders who have come together at N/Core is sure to make any nonprofit feel welcome. N/Core will inject startup philosophy into the sector and could very well mark a turning point in the way nonprofits are conceptualised and built."
The incubator, which is based in Bangalore, is launching its first program, 'N/Core alpha', together with Social Alpha, along with Ashoka, Dalberg, Deshpande Foundation, Dr. Reddy's Foundation, Wipro, ACC and many others.
The incubator will host nonprofits that are 0-3 years old and are working to create highly innovative and scalable solutions in areas such as education, healthcare, employability, access to finance, agriculture, water, sanitation, energy, gender equality, human rights and disaster management.