The/Nudge Centre for Social Innovation (CSI) and NYSE-listed State Street Corporation on Wednesday announced a USD 750,000 fund (about Rs 5.4 crore) to incubate non-profit start-ups, with a technology focus, through a 3-year partnership.
With a focus on job creation and enhancing the livelihoods of underprivileged urban youth in India, State Street will work with The/Nudge CSI to accelerate 4-6 high-potential start-ups in this sphere, a statement said.
Over the past four years, The/Nudge CSI has incubated 80 non-profit start-ups, impacting over 9 million lives, it added.
The/Nudge CSI and State Street partnership will be funded as part of State Street Foundation's programme.
"India has grown to become a key component of State Street's global operations since we established our presence in the country in 2007. With 7,700 employees in Bengaluru, Hyderabad and Mumbai, we look forward to making our communities better places to live and work through this impactful partnership, Sri Pools, India Country Head at State Street, said.
Sudha Srinivasan, Chief Executive Officer of The/Nudge CSI, said skilling and unemployment are pressing issues among India's youth. "Several social-impact start-ups are stepping up to tackle this problem at scale. Creating a strong network of support for them is pivotal for success," she added.
During the programme, each non-profit start-up in the cohort will receive staged grants and mentorship by a roster of industry leaders, including Dr K P Krishnan, IEPF Chair Professor at the National Council of Applied Economic Research (NCAER), Maneesh Dhir, Former Managing Director India at Apple, Surendra Kumar Jain, Co-founder and ex-Managing Director at WestBridge Capital, among others.
Founded in 1977, State Street Foundation invests over USD 20 million annually in non-profit organisations that primarily deliver education and workforce development programmes.
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