There are about 3.1 million NGOs in India – of which around 1.2 million are operational – there is little verifiable data available to make an accurate assessment of the sector. Companies like Impactify and Samhita are bringing a shift in the mindset among corporates by making them understand that they need to be involved in the capacity building of the NGOs they work with in order to create a stronger impact.
Launched in 2017 by founding partners Joy Sharma and Sudeep Gupta, Impactify solves two of the biggest problems identified by stakeholders in effectively executing their social programs – credible partner identification, and implementation monitoring. The new–age company is currently supporting 2857 social sector projects garner INR 587 crore funds via its platform and has collaborated with 1000 corporate organisations so far.
Similarly, a Delhi based multinational company, MagicCarpet, did not have the means to proactively contribute funds towards their CSR goals. Through Samhita (a social enterprise that collaborates with companies to develop impactful CSR initiatives), MagicCarpet could identify credible NGOs from a vast ecosystem, based on factors like geography, the segment they are operating in, and their past record.
At the policy level, the Government of India has undertaken several initiatives (Startup India, Make in India, Atal Innovation Mission, Digital India, Mudra Yojna), and instituted policy measures to foster a culture of innovation and entrepreneurship in the country.
State governments are joining this movement as well. A number of them such as Kerala, Andhra Pradesh, Karnataka, and Telangana are actively supporting incubators. Others are speeding startup policies, startup funds and venture capital funds (VCFs). For example, the ‘Scheme for Assistance for Startups/Innovation’ announced by the Industries Commissionerate of Government of Gujarat supports nodal institutions that can assist startups and innovation.