1
2
3
4
5
6
7
8
9
9$*/$)'*/('"+2%)$=%*$")4D'(<,&%$).'K%6/-B%+'!/-B&%4' ,+";(.."+'";'"+2%)$=%*$")%&'1(/%0$"-+'%*'LIM?'!#/""&' ";'N-.$)(..>'A!"'9/$&('*/('()*+(,+()(-+'8$2/*'1('7-$*(' #"8;"+*%1&('9$*/'$*4'*/".(',(",&('9/"'/%0(':"$)(6'%)6' /%0('1(()'9$*/'%)'OPQ';"+'%'&")2'*$8('8$2/*',(+#($0(' $*'%.'8$..$")'6+$;*>D
G/$.'#")#(+)'*/%*'*/(+('$.'."8('$))%*('#")*+%6$#*$")'")'
3&"%*/( " </& -*/&
*/(',%+*'";'*/".('9/"'%+('8"+('$8,%#*3;"#-.(6'*/%)'
!"#$%&'()*+(,+()(-+.'/%0('%'1$2'()"-2/'#/%&&()2('%.'$*'
#64*/&44 '0$64&% *4 /05 6/'06/%&% "/: */ 5)& <&-%
$.'$)'+-))$)2'%'.*%+*3-,4'1-*'*+5$)2'*"'&"#%*('*/('6(&$#%*('
$"/ 5 )&-1 #65 3&'&3&/$& 5)& %08/'"-- 0' .*$30</"/$&
(7-$&$1+$-8'1(*9(()'6$.*$)#*4'."8(*$8(.'",,".$)24'"13
%';+(./'8(8"+5'";'8$..$")'6+$;*4'%.'%'9%+)$)2'";'*/('
:(#*$0(.'";'*9"'()*$*$(.'%66.'%'&%5(+'";'#"8,&(<$*5'*/%*'
,(+.$.*$)2'6$#/"*"85>'AQ)('";'*/('1$2'*/$)2.'9/$#/'5"-'
#%)'#(+*%$)&5'1('%'.*+%$)'")'*/('"+2%)$=%*$")>'?*@.'$83
</% *4 5)"5 *5 4 &"4: 50 4$"-& " 130$&44 *5 4 &"4: 50 4$"-&
,(+%*$0('*/%*'*/('/51+$6'")'*/('9/"&('$.'+-)'$)'%';%./$")'
" #64*/&44 .0%&- #65 *5 4 7&3: %*'<$6-5 50 4$"-& "/ *%&"-
5)"5 $"5&34 50 5)*4 #"-"/$& #65 *5 4 " $0/=*$5 0' */5&3&45
"+'%)'$6("&"25>'C)6'."#$%&'()*(+,+$.(.'%+('1%.(6'")'
*"'/%0('*/('()*+(,+()(-+'1('*/('/(%6'";'1"*/',%+*.>'A?;'
$6("&"2$(.4D'K-B/(+:$'.%5.>'AG/('8"8()*'5"-'*+5'*"'
:06 3& 36//*/( " /0/ 130<5 "/% '03 130<5 :063 /0/ 130<5
.#%&('*/%*4'*/('$6("&"25'8$2/*'2(*'6$&-*(64'$*'8$2/*'2(*'
6")"+.'%+('2"$)2'*"'9%)*'*"';((&'&$B('5"-@+('6(6$#%*3
#"8,&(*(&5'#/%)2(64'%)6'*/%*'$.'*/('1$22(.*'6%)2(+'
*/( :063 &''0354 50 4$"-*/( *.1"$5 8)*-& :063 '03 130<5
*/%*'?'.(('$)'*/$.'%+(%>D
;-)6(+.'%+('2"$)2'*"'9%)*'*"'8%B('.-+('5"-@+('2+"9$)2' */('1-.$)(..>'C'/51+$6'.*+-#*-+('#%)'1-$&6'*/%*'*().$")'
Q)'*/('9/"&(4'*/('$..-(.'.-++"-)6$)2'*/(.('8"6(&.4'
+$2/*'$)*"'*/('#"8,%)54D'.%5.'E%)6>'AF/()'9('$)0(.*'
")#('*+%).,%+()#5'$.'%..-+(6'";4'%+('&(..'8"+%&'"+'(*/$3
$)'%'#"8,%)54'9('9%)*'*"'.(('*/%*'*/('()*+(,+()(-+'
#%&'*/%)'*/(5'%+('#-&*-+%&>'G/('1(&$(;'.5.*(8'";'%)'"+3
$.',-**$)2'%&&'";'/$.'1&""64'.9(%*4'%)6'*(%+.'$)*"'*/%*'
2%)$=%*$")'$.'#()*+%&'*"'$*.'#"/(.$")'%)6'%1$&$*5'*"';-)#3
0()*-+(>D'G/$.'8(%).'*/%*';"+'$)0(.*"+.'&$B('H$+.*I$2/*4'%'
*$")'9(&&4'."'(0()'$)'%'/51+$6'.*+-#*-+(4'6$0(+2()*'0$(9.'
$0//&$5&% /0/ 130<5 .*()5 #& 4&&/ "4 " %*453"$5*0/
#%)'#%-.('."8('.*+$;(>'G/('()*+(,+()(-+'/%.'%'1$2' :"1'";'9"+B$)2'*"'.*%5'")'*%+2(*'%)6'&(%6$)2'%'2+"-,'
J/"".$)2'."8(")('*"'/(%6'*/('",,".$*('()*$*5'%)6'
";',(",&('9$*/'0%+5$)2'1%#B2+"-)6.'%)6',/$&".",/$(.'
8%B(',+",(+'6(#$.$").'*/%*'%+('$)'&$)('9$*/'*/('()3
")'."#$%&'$8,%#*>'I(2%&',%+%8(*(+.'%)6'8"+(';"+8%&'
*(+,+$.(@.'0$.$")'$.'$)*(2+%&'*"'%0"$6'&".$)2'.$2/*'";'
4)"1&4)*'5*/( 0' 5)& 41"$& .": "''&$5 5)& #&/&<54
*/('"+2%)$=%*$")@.',-+,".(>'G/('()*+(,+()(-+'/%.'*"'
+$.B.4'%)6',"..$1$&$*$(.';"+'/51+$6.'$)'*/(';-*-+(4'1-*'#-+3
$0/4*45&/5-: .0/*503 5)*4 16-- '30. &"$) 4*%& "/% </%
3&/5-: 5)&: 1307*%& "/ *%&"- 1"5) '03 '03 130<54 50 )"7&
*/('+$2/*',(",&('*"'#+(%*('%)'$)*(+)%&'.5.*(8'";'#/(#B.'
%',&%*;"+8';"+'%9%+()(..'%)6'#%,%#$*5'1-$&6$)2'%)6';"+'
"/% #"-"/$&4 /5&(3*5: .05*7"5*0/ &'<$*&/$: "/%
/0/ 130<54 50 (308 "/% 4&& 5)&*3 .*44*0/ 5)306() 0/ "
.B$&&'.(*'%+('%&&'0(+5'$8,"+*%)*';%#*"+.'$)'%..(..$)2'*/('
1$22(+'&(0(&>
26"-*5: "/% <5 0' 1&01-& #65 #6*-%*/( 5)& 3*()5 5&". *4 8".*'#+-#$%&>'G/(+('*()6.'*"'1('6$;;(+()*'8$)6.(*.'$)' /0/ 130<54 "/% '03 130<54 8)*$) $06-% $3&"5& " 130#-&. ; 3"%*5*0/"--: */ /%*" !130<5 *4 45*-- " %*35: 9"+64'."'*/%*'."8(*$8(.'1(#"8(.'%'#-&*-+%&'$..-(' 10
!"#$%$&'(#)"$()"#*+,$ -*(.*/#)$%01#) E%8.$)$'M%0$ Z%./0((+'!$)2/'.*%+*(6'O!TH'*"'/(&,'"*/(+.'&$B('/$8'&""B$)2'*"'2(*'$)*"'*/('."#$%&'.(#*"+>'
The social enterprise sector in India is seeing an infusion of youthful energy and passion, thanks to an increasing number of students choosing to start something new and impactful right after college.
03 "/0 "5*." " </"- :&"3 6/%&3(3"%6"5& "5 &8
F
%)6'*+%$).'9(%0(+.'%)6'#"))(#*.'*/(8'*"'*/('-+1%)'
R(&/$@.'I%65'!/+$+%8'J"&&(2(4'*/(':"-+)(5'1(2%)'9/()'
8%+B(*.'&$B('R(&/$'%)6'K-81%$>'
./('*""B'-,'%'#"-+.('#%&&(6'ST)*+(,+()(-+.'";'G"8"+3 +"9@>'
'AG/('#"-+.('8"*$0%*(6'8('*"'#/%))(&$.('85'.B$&&.'%)6' 85'(6-#%*$")'/(&,(6'8('$)'%$6$)2'*/('9(%0(+.4'9/"'
H%*$8%@.'%)#(.*+%&'0$&&%2(')(%+'I-#B)"9'$)'U**%+'
%+('#"8,&(*(&5'6$.#"))(#*(6';+"8'*/('8%+B(*'(#")"3
V+%6(./'$.';%8"-.';"+'$*.'*+%6$*$")%&'/%)6&""8'9(%0$)2'
85D4'%66.'H%*$8%>
#65 */ 5)& -"45 '063 50 <7& %&$"%&4 &"3/*/(4 0' 5)&4& 9(%0(+.'/%.'1(()'.*%2)%*$)2>'AJ"-,&(6'9$*/'#%.*('6$.3
C)"*/(+'#%.('$)',"$)*'$.')2"H-(&4'%'.*%+*3-,';"-)6(6'15'
#+$8$)%*$")4'*/('W-&%/%.4'%'#"88-)$*5'";'%+*$.%).'9/"'
()2$)((+$)2'.*-6()*'C,-+0'C2%+9%&'Y$*'.*%+*(6'%.'%',+"3
8&"7& 0/ )"/%-00.4 </% 5)&.4&-7&4 */ "#+&$5 107&35:
+&$5 */ &15&.#&3 ("38"- "/% )*4 '063 .&.#&3
1(#%-.('*/(5'%+('&""*(6'15'&"#%&'8$66&('8()'%)6'*/(5'
#"+('*(%84'%&&'";'9/"8'%+('-)6(+2+%6-%*('.*-6()*.'";'
%&."'6")@*'/%0('*/('8(%).'*"'8%+B(*'*/($+',+"6-#*.'1(3
."#$%&'.#$()#(.'%)6'()2$)((+$)24'6(.$2)'%)6'8%$)*%$)'
5")6'%'+(.*+$#*(6'2("2+%,/$#'+(2$")D4'(<,&%$).'H%*$8%>'
9(1.$*(.';"+'OPQ.'%)6'."#$%&'"+2%)$.%*$").'%*'8$)$8%&'
C&")2'9$*/'/(+'#"-.$)4'O%1$&%'X$69%$4'%&."'%)'-)6(+3
#".*.>''C2%+9%&'.*%+*(6')2"H-(&'1(#%-.('/('9%)*(6'
2+%6-%*('.*-6()*'%*'R(&/$'U)$0(+.$*54'H%*$8%'6(#$6(6'
*"'2$0('1%#B'*"'."#$(*54'1-*'9%.'-).-+('%1"-*'6"$)2'
*"'.*%+*'SF(%0(+@.'E-*@4'%'."#$%&'()*(+,+$.('*/%*'8()*"+.'
#")0()*$")%&'."#$%&'9"+B> 11
)&/ "4)7&&3 */() 8"/5&% 50 45"35 " 7&/563& */ ."")'%;*(+'/$.'8%.*(+.'$)'N?G!3V$&%)$4'/(';"-)6'*/(' (#".5.*(8'-);%0"-+%1&(';"+'%';+(./(+'/-)2+5'*"'8%B(' %'8%+B'%.'%)'()*+(,+()(-+>'A?'9$./(6';"+'."8('8()*"+3 ./$,'%)6'2-$6%)#(';+"8'."8(")('9/"'/%6'1(()'$)'85'
N%)"'H%*$8%'";'
104*5*0/ )*4 *4 &7&/ .03& %*'<$6-5 50 </% */ 5)& $"4&
F(%0(+@.'E-*'*+%$).'
";'."#$%&'()*+(,+()(-+./$,D4'/('.%5.>'O"*$)2'*/%*'*/(+('
%)6'8()*"+.'%+*$.%).'
9%.'.,%#(';"+'#%,%#$*5'1-$&6$)2'%)6'*+%$)$)24'!$)2/'
%*'/(+'/"8(*"9)'$)'
.*%+*(6'*/('O%*$")%&'!"#$%&'T)*+(,+()(-+./$,'H"+-8'
I-#B)"9>'
" /0/ 130<5 03("/*4"5*0/ %&%*$"5&% 50 '045&3*/( %)6')-+*-+$)2'5"-)2'."#$%&'()*+(,+()(-+.'$)'?)6$%>'
O!TH'";;(+.'#"8,&(*('8()*"+./$,'%)6'*+%$)$)2'.(+3 AG/(+('$.'%'/-2('*(#/)"&"2$#%&'2%,'$)'*/('6(0(&",3
0$#(.4'$)'%.."#$%*$")'9$*/'%#%6(8$#'$).*$*-*$").'&$B('*/('
8()*'.(#*"+>'OPQ.'./(&&'"-*'/-2('%8"-)*.'";'8")(5'*"'
?)6$%)'?).*$*-*('";'K%)%2(8()*'YN%)2%&"+('%)6'I-#3
1-5'9(1'.,%#('%)6'()6'-,'2(**$)2'%'+%9'6(%&>'!$)#(4'
B)"9^'%)6'G%*%'?).*$*-*('";'!"#$%&'!#$()#(.>'?*'#")6-#*.'
?@8'%)'$);"+8%*$")'*(#/)"&"25'.*-6()*4'85'.B$&&.'.(*'
9"+B./",.'*/%*'/(&,'.*-6()*'()*+(,+()(-+.'2$0('&$;('*"'
8%*#/(6'*/(')((6.'";'*/(.('"+2%)$.%*$").',(+;(#*&5D4'
*/($+'$6(%.4';(&&"9./$,.'*/%*',+"0$6('(<,".-+('*"'*/('
;((&.'C2%+9%&>'
."#$%&'.(#*"+4';"&&"9.'-,')(*9"+B$)2'.(+0$#(.'*"'8%B(' */($+'0()*-+('%'+(%&$*54'%)6'%',&%#(8()*',+"2+%88('
G/(+('%+('8%)5'.-#/'()*+(,+()(-+.'+$.$)2';+"8'?)6$%@.'
*/%*'#"))(#*.'5"-*/'9/"'%.,$+('*"'9"+B'$)'6(0(&",8()*'
0%+$"-.'#"&&(2(.>'V+";(.."+'M>'!>'[((+%0%&&$4'9/"'/(%6.'
"+2%)$.%*$").>'
*/('T)*+(,+()(-+./$,'R(0(&",8()*'H"+-8'%*'P+(%*' I%B(.'?).*$*-*('";'K%)%2(8()*4'J/())%$4'.%5.'*/%*'
O%*$")%&'T)*+(,+()(-+./$,'O(*9"+B'YOTO^'$.'%)"*/(+'
0/ "/ "7&3"(& "#065 0' 456%&/54 */ " #"5$) "3&
.-#/'"+2%)$.%*$")'*/%*'$.'&""B$)2'*"'$8,+"0('*/('#&$8%*('
.(+$"-.'%1"-*'.*%+*$)2'*/($+'"9)'0()*-+(>'AT0()*-%&&54'$*'
;"+'%.,$+$)2'()*+(,+()(-+.'$)'*/('#"-)*+5>'T.*%1&$./(6'
1"$&.'6"9)'*"'%1"-*'\]'";'*/(.('9/"'%#*-%&&5'2"'")'*"'
*/ *4 ,/08/ '03 *54 ="(4)*1 *345 05 303
8%B('."8(*/$)2'"-*'";'*/($+'$6(%.D4'/('%66.>'!*-6()*'
(3"..& " $0.1&5*5*0/ 5)"5 *%&/5*<&4 "/% &7&/56"--:
()*+(,+()(-+.'%+(')"*')(#(..%+$&5'+(.*+$#*(6'*"'*/('
)-+*-+(.'9"+B%1&('%)6'.#%&%1&('8"6(&.>'
,+"6-#*.'";'1-.$)(..'.#/""&.'%)6'#"8(';+"8'%'0%+$(*5' ";'(6-#%*$")%&'1%#B2+"-)6.4'%)6'(0()';+"8'-)6(+3
C2%+9%&'0"-#/(.';"+'*/('.-,,"+*'/('/%.'+(#($0(6';+"8'
2+%6-%*(',+"2+%88(.>
.-#/'"+2%)$.%*$").>'A?'9%.'%&9%5.'%1&('*"'#"-)*'")' 8()*"+.';+"8'O!TH'*"'2$0('8('."-)6'%)6',+%#*$#%&'
!*%+*$)2'"-*'%.'%'."#$%&'()*+(,+()(-+4',%+*$#-&%+&5'%.'%'
%60$#(>'G/($+'2-$6(',+"0(6'*"'1('0$*%&4'%.'$*'B(,*'8('
.*-6()*4'6"(.)@*'#"8('(%.5>'G/(+('%+('."8('#"88")'
2+"-)6(6'%)6'%&."'%#*(6'%.'%'8"+%&('1"".*(+>'H$)$./3
"1.*%#&(.'*/%*'(0(+5'.*-6()*';%#(.'%.'%)'()*+(,+()(-+4'
$)2'$)'*/('*",'*/$+*5'$)'*/('G%*%'H$+.*'R"*'V+"2+%88('$)'
&$B('%**+%#*$)2'#%,$*%&';-)6.4'=(+"$)2'$)'")'*/('+(0()-('
8"4 " ."+03 164) '03 64> )& 4":4 /53&13&/&63
8"6(&4'.-.*%$)$)2'*/('"+$2$)%&'(*/".'%)6'.,$+$*'";'*/('
#(&&.'*/%*'+-)'$)'#"&&(2('#%8,-.(.'%&."'#")*+$1-*('
1-.$)(..',&%)4'+(#+-$*$)2'%)6'+(*%$)$)2'2()-$)('*%&()*'
*"9%+6.',+"0$6$)2'%)'%8$#%1&('()0$+")8()*';"+'%.,$+3
%8")2'"*/(+.>'
$)2'.*-6()*'()*+(,+()(-+.>'N/%+%*'N/%*$%4'%'8(81(+'";'
12
C6$*$'%)6'C,-+0'C2%+3 9%&';+"8')2"H-(&' ";;(+'?G'.(+0$#(.'*"' OPQ.>'
*/('()*+(,+()(-+./$,'#(&&'%*'?).*$*-*('";'K%)%2(8()*'
C2%+9%&'.%5.'*/%*'")('";'*/('%+(%.'/('6"(.)@*'/%0('
G(#/)"&"25'Y?KG^4'P/%=$%1%64'.%5.'*/%*'*/(5',+"0$6('
*+"-1&('9$*/'$.'$)'+(#+-$*$)2'0"&-)*((+.>'A!$)#('*/('#%-.('
,/5.$#%&'$);+%.*+-#*-+%&'.-,,"+*4'&$B('+()*$)2'"-*'."8('
*4 8035): 5)&3& *4 " 45&"%: */=69 0' 70-6/5&&34>
.,%#('$)'*/('#%8,-.';"+'%')"8$)%&';((> !"8('.*-6()*'0()*-+(.'%+('(<,(+$8()*%&'%)6'%+(' V+";(.."+'[((+%0%&&$'*%&B.'";'%')")3$)0%.$0(4'/%)63
/%*#/(6'."'*/%*'*/(',(",&('$)0"&0(6'*(.*'"-*'()*+(,+(3
/"&6$)2'%,,+"%#/'*/%*'%'#%8,-.31%.(6'()*+(,+()(-+3
)(-+$%&'9%*(+.4'1-*'%'8%:"+$*5'";'*/(8'%+('.(+$"-.4'%)6'
./$,'#(&&')((6.'*"'*%B(>'AF/$&('9('/%0('%'1%.$#'.5.*(8'
%+('&")2'*(+84'.-.*%$)%1&('#%+((+'#/"$#(.>'A?@8',&%)3
$)',&%#('$)'P+(%*'I%B(.4'9(@+('&""B$)2'*"'()/%)#('"-+'
)$)2'*"'()+"&'$)'%'K%.*(+@.'6(2+(('%;*(+'85'2+%6-%*$")4'
.-,,"+*'.*+-#*-+('*/$.'5(%+'15'.*%+*$)2'%';-&&31&"9)'
1-*'?'.(('85.(&;'+(*-+)$)2'*"'F(%0(+@.'E-*D4'.*%*(.'
$)#-1%*$")'#()*+(4'9/$#/'9$&&'";;(+'/%)6.3")'.-,,"+*D4'
N%)">'
/('.%5.> 'P-)%:$*'N+%/8%4'%'.*-6()*'";'??K3?)6"+('$.'%',%+*)(+'$)' E"9(0(+4'*/('()0$+")8()*';"+'()*+(,+()(-+.'$.')"*'
SM()(9%1&('N%=%%+@4'%'*+%6$)2'%)6')(*9"+B$)2',&%*;"+8'
%'1(6'";'+".(.>'AG/('."#$%&'#".*'";';%$&-+('$)'?)6$%'$.'
;"+'+()(9%1&('()(+25>'E('/"&6.'%'K%.*(+@.'6(2+(('$)'
/$2/D4'(8,/%.$.(.'V+";(.."+'[((+%0%&&$>'AG/('8"+('
K$#+"1$"&"25'%)6'$.'.*-65$)2'1-.$)(..'8%)%2(8()*'
(6-#%*(6'*/('5"-)2.*(+4'*/('/$2/(+'*/('."#$%&'#".*>'
*"'2(*'$).$2/*.'$)*"'/"9'*"'+-)'/$.'"9)'#"8,%)5>'AQ-+'
G/(+('$.'$88().(',+(..-+(';+"8';%8$&5'%)6'(0()',((+.'
*%+2(*'#&$()*(&('&$0('$)'+-+%&'%+(%.4'%)6'9('+(%#/'*/(8'
50 +645 4&55-& '03 " +0# 8*5) "/ &45"#-*4)&% <3. /$&
15')(*9"+B$)2'9$*/'OPQ.'%)6'2+%..3+""*'"+2%)$.%*$").>'
;%$&(64'*/('#/%)#(.'";'#"8$)2'1%#B'*"'+(.*%+*'%'0()*-+('
". %&</*5&-: -00,*/( 50 5",& .: 7&/563& '635)&3 "'5&3
$.'7-$*('&"9>D
85'.*$)*'%*'*/('N3.#/""&D4'(<,&%$).'N+%/8%>
H%*$8%'%68$*.'*"'/%0$)2'%'0(+5'.-,,"+*$0('.5.*(8>'AF('
!*-6()*'."#$%&'()*+(,+()(-+.'9/"'%+('";*()'&$8$*(6'15'
1"++"9(6'8")(5';+"8'"-+',%+()*.';"+'*/('$)$*$%&';-)6.4'
+(."-+#(.'$)'%'9"+&6'";'",,"+*-)$*5')((6'*"'(<(+#$.('
%)6'85'()*$+(';%8$&54'9/$#/'/%.'%'&"*'";'()*+(,+()(-+.4'
#%-*$")'1-*')"*'.*",'*%B$)2'#%&#-&%*(6'+$.B.>'C'1%&3
)"7& #&&/ 0' (3&"5 )&-1 > )&3& 8&3& 7&/563& 41&$*<$
%)#(6'%,,+"%#/'*"'*/('$6(%'$.'(..()*$%&';"+'%.,$+$)2'
/-+6&(.4'%.'H%*$8%'+(8(81(+.'*/('$)$*$%&'-)(%.$)(..'
()*+(,+()(-+.4'",$)(.'V+";(.."+'[((+%0%&&$>'AV%..$")'$.'
O%1$&%'%)6'./(';%#(64'9/$&('9"+B$)2'$)'*/('0$&&%2(>'A?*'
%.."#$%*(6'9$*/'()*+(,+()(-+.4'1-*'$)'+(%&$*54'%'#(+*%$)'
$.'%',%*+$%+#/%&'."#$(*5'%)6'$*@.')"*'(%.5';"+'*9"'2$+&.'*"'
%8"-)*'";'6$.,%..$")'$.'+(7-$+(6';"+'6(&$1(+%*$")>'G/$.'
#6*-% " 3"11035 "/% ("*/ 5)& $0/<%&/$& 0' 5)& 8&"73
%**$*-6('#"-,&(6'9$*/'%8,&('2+"-)69"+B'$.'9/%*'.-#3
(+.>'?*'/%.'1(()'%'.*+-22&(4'1-*'9('/%0('2%$)(6'*/($+'
#(..;-&'0()*-+(.'%+('8%6('";>D
$0/<%&/$& /08 >
13
8"+/)#/#)$90.$:'(#)" N/%0)%'G""+
O"94'")('9"-&6'%..-8('*/%*'*/$.'$.'*/(',(+;(#*'."&-3 *$")';"+'N$)%'K%@.';%8$&54'.%0$)2'*/(8'&".*'$)#"8('%)6' /(%&*/#%+(';((.';+"8'9%*(+31"+)('6$.(%.(.>'N-*'$*'9%.' /05 "5 -&"45 /05 "5 <345 ): &$"64& */" " "/% /(+';%8$&5'1(&")2'*"'%'#"88-)$*5'";'6%&$*.>
F/()'%)"*/(+'8(81(+'";'/(+'#"88-)$*5'9()*'*"'*/(' 8"5&3 ,*04, 50 <-- )*4 +&33: $"/ )& "$$*%&/5"--: 506$)&% 5)& 5"1 0' 5)& -*53& 8"5&3 5"/, )*4 8"4 $0/4*%3 (+(6'*"'1('.-#/'%'2+%0('";;()#('15'*/('+(.*'";'*/('0$&3 &%2(+.'*/%*'*/('./",B((,(+'9%.';"+#(6'*"'(8,*5'"-*'*/(' ()*$+('9%*(+'*%)B'%)6',(+;"+8'%'+$*-%&'*"',-+$;5'9/%*'/%6' 1(()'+()6(+(6'$8,-+('15'/$.'*"-#/>'
C;*(+'*/$.'(,$."6(4')"*'%'.$)2&('8(81(+'";'*/('6%&$*'
N$)%'K%
L
#"88-)$*5'6%+(6'*"'2"'*"'*/('B$".B'*"',-+#/%.('9%*(+>' G/%*'$.'*/(',+"1&(8>'K%+B(*';"+#(.'%&")('#%))"*'1('*/('
&5 4 .&&5 */" " )& *4 */ )&3 &"3-: <'5*&4 "/% -*7&4
,%)%#(%'9/()'*/(+('%+(',"9(+;-&'."#$%&';"+#(.'%*',&%5>
")'*/('"-*.B$+*.'";'%'.8%&&'0$&&%2('$)'*/('X/-+6%'6$.*+$#*' 0' 3*44" )& &"3/4 "11309*."5&-: 4 " %": #:
H$)6$)2'."&-*$").
8%B$)2'.8%&&'/%)6$#+%;*.'%)6'.(&&$)2'*/(8'*"'%'&"#%&'
!,+$)2'E(%&*/'/%6'7-$*('%'#/%&&()2('")'$*.'/%)6.>'?;'$*'
*+%6(+>'!/('1(#%8('*/('."&('1+(%639$))(+'";'/(+';%8$&5'
/%6'1(()'%'#")0()*$")%&'()*(+,+$.(4'$*'9"-&6',(+/%,.'
.$<'8")*/.'%2"4'%;*(+'/(+'/-.1%)6'+(,(%*(6&5';(&&'$&&'
)"7& -00,&% 5)& 05)&3 8": "/% #&&/ 46'<$*&/5-: 4"5*43
6-('*"'9%*(+31"+)('6$.(%.(.'%)6'9%.'&(;*'#"8,&(*(&5'
<&% 8*5) 1307*%*/( 8"5&3 50 " ."+03*5: 0' 5)& 7*--"(&34
1(63+$66()>'Q0(+'*/(',%.*'5(%+4'./('/%.'.,()*'"0(+'M.'
8)0 "3& /05 %"-*54 0/-: 065 0' )064&)0-%4 */
0/ )&"-5)$"3& #*--4 '03 )&3 )64#"/%
*/('0$&&%2('9(+(';+"8'*/('6%&$*'#"88-)$*5>^'E"9(0(+4' !,+$)2'E(%&*/'$.'%)'()*(+,+$.('9$*/'%'."#$%&'8$..$")a*"'
!,+$)2'E(%&*/'?)*(+)%*$")%&4';"-)6(6'15'V%-&'V"&%B'9$*/'
,+"0$6('%;;"+6%1&('%##(..'*"'#&(%)'9%*(+'*"'%&&'*/".('
*/('2"%&'";',+"0$6$)2'#&(%)'%)6'%;;"+6%1&('6+$)B$)2'
&$0$)2'")'bc'%'6%5'"+'&(..>'
9%*(+'*"'+-+%&'%+(%.'$)'T%.*(+)'?)6$%4',%+*)(+(6'9$*/'%' &"#%&'./",3B((,(+'$)'N$)%'K%@.'0$&&%2('*"'.(*'-,'%'9%*(+'
T)*(+'6(.$2)'*/$)B$)2>'!,+$)2'E(%&*/4'%*'*/('.-22(.3
,*04, 5)"5 806-% 1307*%& 4"'& %3*/,*/( 8"5&3 "5
*$")'";'1-.$)(..'%)6'6(.$2)'#").-&*%)*'?6$"84'6(#$6(6'
,%$.(',(+'&$*+(>
*/%*'$;'*/(5'#"-&6)@*'*%B('N$)%'K%'%)6'/(+';%8$&5'*"'*/('
14
9%*(+4'*/(5'9"-&6'1+$)2'*/('9%*(+'*"'/(+>'!,+$)2'E(%&*/'
5)&/ *4 #&/&<5*/( /05 +645 5)& %"-*54 #65 4&7&3"- 05)&34
.*%+*(6'%'/"8('6(&$0(+5'.5.*(84'%&&"9$)2'*/('./",3
$)'*/('0$&&%2('%.'9(&&>'
B((,(+'*"'6(&$0(+'#&(%)'9%*(+'*"'*/('/%8&(*'/"-.$)2' %"-*54 5)306() -*53& +&33: $"/4 "5 " 4."-- 13&.*6.
G/+((4'*/('1(6+"#B'";'*/('6(.$2)',+"#(..'$.',+"*"*5,3
G/('./",3B((,(+'9%.'/%,,5'*"'*+5'*/$.'8(*/"6'%.'
*/( : $0/45"/5-: 5&45*/( "/% 3&</*/( " #64*/&44
*/('(<*+%'.%&(.'$)#+(%.(6'/$.'+(0()-(4'%)6'*/('6%&$*'
8"6(&'1%.(6'")';((61%#B';+"8'.*%B(/"&6(+.4'")('$.'
/"-.(/"&6.'9(+('/%,,5'%.'*/(5')"9'/%6'%##(..'*"'%)'
%1&('*"'#"8('-,'9$*/'%'."&-*$")'*/%*'$.'#-.*"8$.(6';"+'%'
$)#"8(3.%0$)2'%)6',"*()*$%&&5'&$;(3.%0$)2'+(."-+#(>
,%+*$#-&%+'#")*(<*'%)6'$.'&"#%&&5'+(&(0%)*>'
G/$)B'6(.$2)
H$)%&&54'*/('+(%&'1(%-*5'";'6(.$2)'*/$)B$)2'$.'*/%*'$*'#%)'
R(.$2)'*/$)B$)2';"+'."#$%&'#/%)2('2"(.'6((,(+'*/%)'
1('-.(6'*"'()2$)((+'."&-*$").'(0()'9/()'+(."-+#(.'%+('
.$8,&5'6(.$2)$)2'1(**(+',+"6-#*.'%)6'.(+0$#(.';"+'*/('
.#%+#(4'%)6'*/(+($)'&%5.'$*.'2+(%*(.*'%,,&$#%1$&$*5';"+'*/('
1%.('";'*/(',5+%8$6>'?*'2(*.'*"'*/('0(+5'/(%+*'";'6(.$2)3
."#$%&'.(#*"+>
$)2'()*$+('.5.*(8.'%)6'1-.$)(..'8"6(&.'*/%*'(;;(#*$0(&5' .(+0('-)6(+,+$0$&(2(6',",-&%*$").>'?*'$.'%1&('*"'6"'."' ;"+'%')-81(+'";'+(%.").`
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
G9"4'*/('6(.$2)',+"#(..'&""B.'%*'*/('()*$+('(#".5.*(8' ";'.*%B(/"&6(+.';"+'%)'()*(+,+$.(4'(.,(#$%&&5';+"8'*/(' ,(+.,(#*$0('";'*/('.((8$)2&5'8".*'6$.(8,"9(+(6' ,(",&(4'1(#%-.('")#('5"-'#%)';"+*$;5'%'8"6(&'."'*/%*' $*'.(+0(.'*/(')((6.'";'*/('8".*'-)6(+.(+0(64'5"-'%-3 *"8%*$#%&&5'8%B('*/('()*$+('.5.*(8'8"+('+(.,").$0('*"' "*/(+.'%.'9(&&>
C.'!,+$)2'E(%&*/'&(%+)*'&%*(+4';"+'#-&*-+%&'+(%.").4'
!,+$)2'E(%&*/'1+%)6(6'#(8()*'9%*(+'*%)B>
80.&/ */ 3*44" 7*--"(&4 %0 /05 7&/563& .03& 5)"/ 8(*+(.';+"8'*/($+'/"8(.>'G/('/"8('6(&$0(+5'.5.*(84'
15
?;'%'6(.$2)(+@.'.().$1$&$*5'#%)'1('$)#"+,"+%*(6'$)*"'*/('
%.'9(&&'%.'%##(&(+%*('*/('*$8(',(+$"6'$)'9/$#/'*/%*'.-#3
1-.$)(..'8"6(&'";'%'."#$%&'()*(+,+$.('+$2/*';+"8'$)#(,3
$&44 *4 "$56"-*4&% #05) */ 5&3.4 0' </"/$*"- "/% 40$*"-
*$")4'")('#%)'2+(%*&5'$)#+(%.('*/('#/%)#(.'";'.-##(..4'
$8,%#*>'C.'N+-#('O-..1%-84'#")*+$1-*$)2'(6$*"+'*"'
%.'9(&&'%.'%##(&(+%*('*/('*$8(',(+$"6'$)'9/$#/'*/%*'.-#3
N-.$)(..F((B4'8()*$")(6'+(#()*&5'%*'*/('H%.*'J"83
$&44 *4 "$56"-*4&% #05) */ 5&3.4 0' </"/$*"- "/% 40$*"-
1"/: &4*(/ 0/'&3&/$&
;5)*4 (308*/( %&4*3&
$8,%#*>'C.'N+-#('O-..1%-84'#")*+$1-*$)2'(6$*"+'*"'
%8")2'6(.$2)(+.'*"'1+$)2'*/($+'-.(+';"#-.4'.*+%*(2$#'0$3
N-.$)(..F((B4'8()*$")(6'+(#()*&5'%*'*/('H%.*'J"83
.$")4'$*(+%*$0('8(*/"6"&"2$(.'%)6',+",".$*$")%&'*/$)B$)2'
1"/: &4*(/ 0/'&3&/$&
;5)*4 (308*/( %&4*3&
*"'*/('9"+&6'";'.*%+*3-,.',+"8$.(.'*"'1('*+%).;"+8%*$0('
%8")2'6(.$2)(+.'*"'1+$)2'*/($+'-.(+';"#-.4'.*+%*(2$#'0$3
%)6'(<,&".$0(D>
.$")4'$*(+%*$0('8(*/"6"&"2$(.'%)6',+",".$*$")%&'*/$)B$)2'
V"&%B'%)6'?'9()*'1%#B'*"'0$.$*'N$)%'K%'*"'.(('*/('
*"'*/('9"+&6'";'.*%+*3-,.',+"8$.(.'*"'1('*+%).;"+8%*$0('
+(.-&*.'";'*/('/"8('6(&$0(+5'8(*/"6>'C*'*/('*$8('";'"-+'
%)6'(<,&".$0(D>
7*4*5 <7& 065 0' "-*5 )064&)0-%4 8&3& "7"*-*/( 5)&
V"&%B'%)6'?'9()*'1%#B'*"'0$.$*'N$)%'K%'*"'.(('*/('
#&/&<54 0' )0.& %&-*7&3&% 8"5&3 0 063 %&-*()5 "/%
+(.-&*.'";'*/('/"8('6(&$0(+5'8(*/"6>'C*'*/('*$8('";'"-+'
%8-.(8()*4'N$)%'K%'#%)6$6&5'+(,"+*(6'*/%*'./('%)6'
7*4*5 <7& 065 0' "-*5 )064&)0-%4 8&3& "7"*-*/( 5)&
/(+';%8$&5'9(+('+$*-%&&5'#").-8$)2'*/('#&(%)'9%*(+'
#&/&<54 0' )0.& %&-*7&3&% 8"5&3 0 063 %&-*()5 "/%
%&8".*'%.'$;'$*'9(+('8(6$#$)(>'C.'%';"+8'";'2+%*$*-6(4'"+'
%8-.(8()*4'N$)%'K%'#%)6$6&5'+(,"+*(6'*/%*'./('%)6'
8%51(':-.*'./((+'/".,$*%&$*54'./('";;(+(6'-.';+(./'#"#"3
/(+';%8$&5'9(+('+$*-%&&5'#").-8$)2'*/('#&(%)'9%*(+'
)-*'9%*(+4'9/$#/'9('/%,,$&5'6+%)B'%*'")#(>'
%&8".*'%.'$;'$*'9(+('8(6$#$)(>'C.'%';"+8'";'2+%*$*-6(4'"+'
R(.$2)'*/$)B$)2'8%5')"*'1('%1&('*"'(+%6$#%*('-)*"-#/3
8%51(':-.*'./((+'/".,$*%&$*54'./('";;(+(6'-.';+(./'#"#"
%1$&$*5';+"8'*/('."#$%&';%1+$#'";'?)6$%'%&*"2(*/(+4'1-*' 9/%*'$*'#%)'6"'$.'()2$)((+'#+(%*$0('."&-*$").';"+'1-$&63
?;'%'6(.$2)(+@.'.().$1$&$*5'#%)'1('$)#"+,"+%*(6'$)*"'*/('
$)2'$)#&-.$0('1-.$)(..'8"6(&.4'(<*()6$)2'*/('6$2)$*5'";'
1-.$)(..'8"6(&'";'%'."#$%&'()*(+,+$.('+$2/*';+"8'$)#(,3
#/"$#('%)6'/",(';"+'%'1(**(+'&$;('*"'*/".('&$0$)2'%*'*/('
*$")4'")('#%)'2+(%*&5'$)#+(%.('*/('#/%)#(.'";'.-##(..4'
8%+2$).>'G/$.'$.'*/(',"9(+'";'6(.$2)>
!"#$%#&'(()&*+&#&,*)#-#.&/0..(1&#2&34*(-&50+*6%&7&8(%+9.2*%6:& 1"0)0&+"0&*+&"0.;*%6&+02&9;&#%&*%<9=#2()&2"#2&1*..&9+0&#&<(-=*%#> 2*(%&(?&40+*6%&2"*%@*%6&#%4&+004&<#;*2#.&2(&?(+20)&4*+)9;2*$0&+(<*#.& *%%($#2*(%A V&(%.(';((&';+(('*"'.()6'%)5'#"88()*.'"+'7-(+$(.'*"'Bhavna.Toor@
gmail.com
16
17
Srikrishna Sridhar Murthy is a co-founder at Sattva Media and Consulting Pvt. Ltd, and heads Sattva Consulting. In his earlier role, he was a founding member and Partner at Longhouse Consulting, a leading Executive Search firm focusing on emerging sectors in India. He can be reached at krishna@sattva.co.in
18
!%):%5'C)%)6+%8
2$-&(3/#)$($+0&/(3$4"#*1."$/+$(33$(501*$ 51/36/#)$*'"$./)'*$0.)(#/+(*/0#$7
C.'*"&6'*"'C%+*$'K"/%)'
V$#'#"-+*(.5`'P%*(.'H"-)6%*$")
08 806-% :06 %&</& " 40$*"- 7&/563&
08 0/& /&&%4 50 "-40 <(63& 065 )08 50 13*$& 5)&
?)'85'8$)64'%'."#$%&'()*(+,+$.('$.'%'0()*-+(4'9/(+(',+$3
,+"6-#*4'&$)('-,'%'2""6'.(*'";',+"6-#*'%)6',%#B%2$)2'
."3: 163104& "/% (0"- *4 40$*"- (00% 8*5) 130<5 #&*/(
6(.$2)(+.4'/%0('%)'%,,+",+$%*('6$.*+$1-*$")'%)6'.(&&$)2'
1-*'*/('8(%).'*"'%#/$(0('*/$.'2"%&>'G/(+('%+('()*(+3
.*+%*(25'Y.(&&'%*'%'.*"+(4'%'.*"+('$)'%'.*"+('"+'")&$)(_^4'
13*4&4 5)"5 &9*45 13*."3*-: '03 5)& 4",& 0' 130<5 "/% .":
2""6'8%+B(*$)24'2+(%*'#-.*"8(+'.(+0$#('%)6'."'")>'
6"'."8('."#$%&'2""6'%&")2'*/('9%54'1-*'*/(.('#%))"*' T%#/'")('";'*/(',&%5(+.'$)'*/$.';+")*3()6'#/%$)'9$&&'
1('#%&&(6'."#$%&'0()*-+(.>
6(8%)6'*/($+'8%+2$).'%)6'*/$.'%;;(#*.'*/(',+$#('";'*/(' !"#$%&'0()*-+(.'%+('*5,$#%&&5'+-)'15'(<*+(8(&5'#"88$*3
,+"6-#*4'(.,(#$%&&5'9/()'*/('()*(+,+$.('$.'#"8,(*$)2'
*(64'9(&&3$)*()*$")(6'$)6$0$6-%&.'9/"'%,,+"%#/'$*';+"8'%'
9$*/'8%$).*+(%8'%&*(+)%*$0(.4'1"*/')%*$")%&'%)6'$)*(+)%3
6(0(&",8()*',(+.,(#*$0(>'C.'6(0(&",8()*',+%#*$*$")3
*$")%&>'
(+.4'*/(5';"#-.'")',+"6-#(+.'%)6'*/($+'%#*$0$*$(.>' ?)'*/('",()'8%+B(*4'5"-'#%))"*'#"8,(*('")'*/(';%#*' H"+'(<%8,&(4'$;'$*'$.'%'8$&B',+"6-#(+4'*/('()*+(,+()(-+'
*/%*'*/(',+"6-#*'$.'8%6('15'%',(+.")'#"8$)2';+"8'%'
8$2/*'*+%$)'/$8'*"'2$0('/$.'#"9'8"+(')-*+$*$"-.';((64'
,%+*$#-&%+'1%#B2+"-)6>''N-$&6$)2';"+'.#%&('+(7-$+(.'
4&&, 4$*&/5*<$ */1654 0/ '&35*-*4&34 453&/(5)&/ 5)& 1303
*",37-%&$*5'$)0()*"+5'8%)%2(8()*4'2""6'6(.$2)(+.4'
6-#*$")',+"#(..4'.*"+%2(4'9%5.'*"'%-28()*'/$.'$)#"8(4'
2""6',%#B%2$)24'2""6'8%+B(*$)2'%)6'2""6'#-.*"8(+'
&5$ -- 5)&4& "3& "$5*7*5*&4 $"/ #30"%-: #& $-"44*<&% "4
.(+0$#(a%#*$0$*$(.'*/%*'+(7-$+('%'&"*'";'#%,$*%&'%)6'
1(&")2$)2'*"'*/(',+"6-#(+'()6'";'*/('#/%$)>
#%,%1$&$*$(.'";'%'6$;;(+()*'B$)6>'G/$.'$.'*/('*5,$#%&'#/%&3 &()2('*/%*'%&&'."#$%&'()*+(,+()(-+.';%#(>
)& $)"--&/(& -*&4 */ #&$0.*/( " 130<5 .",*/( #0%:
F$*/'*/$.'6$#/"*"854'/"9'6"(.'")('1-$&6'%)' "+2%)$.%*$")';"+'2+"9*/_
";'()"+8"-.'.#%&(4'9/$&('1($)2'*+-('*"'*/('#/%+*(+'";' ."#$%&'2""6>'
P+"9*/'+(7-$+(.'*/+(('6$;;(+()*'B$)6.'";',(",&('9"+B$)2'
F/%*'#/%)2(.'$)'*/('2+"9*/',/%.('";'.-#/' %)'()*(+,+$.(_
$)'")('"+2%)$.%*$")4'9$*/'%#*$0$*$(.4'2"%&.'%)6',+$"+$3
?)'2(**$)2'*"'.#%&(4'$*'1(#"8(.'0$*%&')"*'")&5'*"'8%)%2('
#"8,&(*(&5'")'6(0(&",8()*4'*+%$)$)24'#%,%#$*5'1-$&63
5"-+',+"6-#(+.'Y9/"'5"-'8%5'#%&&'5"-+'#-.*"8(+.^'1-*'
$)24'%)6'9"++$(.'%1"-*'*/('9(&;%+('";'*/(',+"6-#(+>'G/('
%&."'8%)%2('*/('8%+B(*3()6'";'*/('#/%$)>
.(#")6'$.'%'*5,$#%&'1-.$)(..'2+"-,'*/%*'*%B(.'#%+('";'
5*&4 1"35*5*0/&% 7&3: $-&"3-: )& <345 (3061 '0$64&4
19
*/(';+")*()64';+"8'8%)%2$)2'$)0()*"+5'*"'8%+B(*$)2'
" #3&&% #&-*&7& 8*-- #& 3&-"5*7&-: &"4*&3 50 </% "4 5)&
%)6'.%&(.>'E"9(0(+4'*/('8".*'$8,"+*%)*'2+"-,'$.'*/('
5(%+.'2"'15>'G/(.('%+(',(",&('9$*/'5(%+.'";'2""6'(<3
*/$+64'*/('2+"-,'*/%*'%#*.'%.'%'S2&-(@'1(*9(()'*/('"*/(+'
1&3*&/$& "3& </"/$*"--: $0.'035"#-& '&&- 5)& /&&% 50
*9"'6$.,%+%*('*(%8.'9/"4';"+2(*'1($)2'%*'&"22(+/(%6.4'
.(&;3%#*-%&$=(4'(8,%*/$=('9$*/'*/('6(0(&",8()*'%2()3
."8(*$8(.'8$2/*')"*'(0()'-)6(+.*%)6'(%#/'"*/(+>''
6%4'%)6'%+()@*'6"$)2'*/$.'*"'1(#"8('+$#/',(+.")%&&5>' G/('*+$1('$.'$)#+(%.$)2'1-*'")('/%.'*"'*%B('*/('(;;"+*'*"'
G/(+('%+('0(+5'*%)2$1&('.#%&('1%&%)#$)2'$..-(.'*/%*'*/('
</% 5)&.
2&-('*(%8'9"-&6'/%0('*"'#"3"+6$)%*('%)6'%&$2)';"+'*/('
F/%*'%1"-*'*/('"*/(+'#/%&&()2(a#%,$*%&_
"+2%)$.%*$")>'H"+'(<%8,&(4'*/('8%+B(*'8$2/*'6(8%)6' 8"0$)2'*"'%',%+*$#-&%+',+"6-#*$")'#%,%#$*5'$)'*/+(('
?'1(&$(0('*/%*'")(')((6.'2+%)*';-)6$)2'"+',/$&%)*/+",$#'
8")*/.4'1-*'*/%*'8$2/*'8(%)'.$<'8")*/.'*"'%'5(%+'#")3
$"1*5"- 50 </"/$& %&7&-01.&/5 '0$64&% "$5*7*5:?53"*/3
.$6(+$)2'*/('+(%&$*5'";'*/(',+"6-#(+'()2%2(8()*'%)6'
$)24'#%,%#$*5'1-$&6$)2'%)6'*/('&$B(>'N-*'$*'$.'$8,"+*%)*'
8"6(&.'5"-'%+('6(%&$)2'9$*/>'
*/%*';+")*3()6'%##"-)*%1$&$*5'2(*.'1-$&*'$)*"'%'."#$%&' "+2%)$.%*$")'$)'%)'$)*(2+%*(6'8%))(+>'
G/$.'*(%8'%&."'(.*%1&$./(.'#"88-)$#%*$")',+"*"#"&.' %)6'.(*.'*/('2+"-)6';"+'*/('"*/(+'*9"'*"'-)6(+.*%)6'
?*'$.'#+-#$%&'*/%*'%'0()*-+('$)0(.*"+'#"8(.'$)*"'*/$.'
(%#/'"*/(+@.'-+2()#5'"+'%2()#5>'?)*(+8$)2&$)2'#"-&6'
.,%#(';-)6%8()*%&&5'1(#%-.('/('1(&$(0(.'$)'*/('."#$%&'
8(%)'*/%*'*/(',+"6-#(+'0$.$*.'*/('.*"+(4'.((.'*/('#"83
8$..$")4'%)6'$.')"*'$)0(.*$)2'.$8,&5';"+'%)'%**+%#*$0('
,(*$*$")'%)6'"1.(+0(.'9/%*'$*'*%B(.'*"'.(&&'/$.',+"6-#*.'
+(*-+)>'C*'*/('.%8('*$8(4'*/('/",('$.'%&."'*/%*'*/('
$)'*/('8%+B(*>'?*'8$2/*'1('%'2""6'$6(%';"+'*/('1-.$)(..'
"+2%)$.%*$")'9$&&'1('.(&;3.-.*%$)$)2'%*'."8(',"$)*4'%)6'
2-5'*"'6+",'15'*/(',+"6-#(+@.'9"+&64'9$*)(..'#")6$3
")('$.')"*',"-+$)2'8")(5'$)*"'%'1&%#B'/"&(>
*$").'-)6(+'9/$#/'*/(.(',(",&('&$0('%)6'9/%*'$*'*%B(.'*"' C*'*/('()6'";'*/('6%54'%.'[$)"6'X/".&%'.%5.'9/()'/('
8%B('*/(',+"6-#*.'/('.(&&.>
3&'&34 50 5)& !-"8 0' &$0/0.*$ (3"7*5: ?*' *5 *4 /05 </"/3 U)&(..'*/$.'.5)#/+")$.%*$")'$.'%#/$(0(64'*/('1-.$)(..'
#$%&&5'.-.*%$)%1&(4'$*'9$&&')"*'9"+B>'Z"-'#%)'.-+0$0('")&5'
%)6'6(0(&",8()*'*(%8.'9$&&';"+(0(+',-&&'(%#/'"*/(+'
$;'5"-'8%B('."8(*/$)2'*/%*'#%)'1('."&6'$)'*/('8%+B(*>
1%#B'$)'*/('1%**&(';"+'.#%&(>
C'."#$%&'()*(+,+$.('.*$&&',&%5.'$)'*/('8%$).*+(%8' (#")"85'%)6'$*.',+"6-#*.'/%0('*"'1(',+$#(6'+$2/*'%)6'
)&3& %0&4 0/& </% 1&01-& 8)0 $"/ #& " ,%+*'";'*/('2&-('*(%8_
#"8,(*('")'*/($+'"9)'8(+$*>'G/('.*"+5'")&5'/(&,.'5"-'
G/('2&-('*(%8'#"8,+$.(.'%'+%+('1+((6'";',(",&(4'1-*'
"-2/*'*"'1('%'+"%+$)2'.-##(..4'$.)@*'$*_
.(&&'$*';"+'%',+(8$-8>'Q*/(+9$.(4'(0(+5'."#$%&'()*(+,+$.('
"/+": /"/%"3".@has over 20 years of experience as a corporate executive, entrepreneur, venture capitalist and advisor-mentor. He co-founded JumpStartUp in 2000, one of the earliest US-India cross-border early stage VC funds that invested in companies like Meru Networks, Hellosoft, Jareva and Netkraft, among others. He!s associated with several start-ups (redBus, Fonemine, Ozone Media, Instahealth) and two early-stage Indian VC funds, Seed Fund and Ojas Ventures. Sanjay has been writing on entrepreneurship and venture capital for over 10 years now. He!s a frequent speaker at academic institutes and industry events and is involved with IIM (B)!s NSRCEL, TiE Bangalore and Nasscom in driving entrepreneurship. As adjunct 20 faculty, he takes a course â&#x20AC;&#x153;Business Plan Workshopâ&#x20AC;? at the INSEAD business school (Singapore campus).
21
22
23
24
25
26
27
28
29
30
31
32
Good.Inc â&#x20AC;&#x201C; at the intersection of profit and impact | Working paper
33
Good.Inc â&#x20AC;&#x201C; at the intersection of profit and impact | Working paper
227 15K+
15%
10 - 15K
13%
50 0%
36
37
22%
22%
227
50
36
Grad / PG 15% 34%
50%
44% 68%
33% 57% 05 - 10K
59%
Upto 12th 69%
11%
66%
42% 33% <5000
14% Nirma
Surf Excel
Wheel
56% 32%
11% 11%
8%
37
Illiterate 16%
Rin
Nirma
34
0%
0%
0%
Surf Excel
Wheel
Rin
Good.Inc â&#x20AC;&#x201C; at the intersection of profit and impact | Working paper
35
Good.Inc â&#x20AC;&#x201C; at the intersection of profit and impact | Working paper
More than 5000 2001-5000
Less than 200
3%
16%
14%
21% 200-500
1001-2000 22%
25% 501-1000
36
Good.Inc â&#x20AC;&#x201C; at the intersection of profit and impact | Working paper
81
Nirma
55 75
Ariel
4 62
Wheel Fena
9 54 0 54
Rin Ghari Surf Excel
37
9 44 0 26 12
Good.Inc â&#x20AC;&#x201C; at the intersection of profit and impact | Working paper
Retailerâ&#x20AC;&#x2122;s influence
Any other Advertisement
3%
19%
17%
Friends & Relatives 6%
15% Low Prices
40% Good Quality
38
Good.Inc â&#x20AC;&#x201C; at the intersection of profit and impact | Working paper
39
Good.Inc â&#x20AC;&#x201C; at the intersection of profit and impact | Working paper
40
Good.Inc â&#x20AC;&#x201C; at the intersection of profit and impact | Working paper
41
42