Applications Invited for Prosus SICA 2022

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About the Organization

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India, and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives. Today, Prosus companies and associates help improve the lives of more than 2 billion users globally.

About the Grant

Prosus Social Impact Challenge for Accessibility supported by SUI and Social Alpha is a search for start-ups and social enterprises that have created innovative revenue-led products, equipment, or systems that enhance the learning, working, and daily living for persons with disabilities.

This year’s search for India’s most promising assistive technology startups is underway with the launch of Prosus SICA 2022.

Initiated in 2020, by Prosus, in partnership with Startup India, Invest India, and Social Alpha, SICA invites Indian startups focused on advancing assistive technologies to compete for grants and access to a bespoke, global mentorship programme.

Now in its third year, SICA 2022 was launched today by Deepak Bagla, CEO of Invest India, at the 26th World Investment Conference (WIC) in Geneva. The WIC is a gathering of global investment promotion agencies to address pressing economic and social issues that impact investment flows and policy.

SICA was presented to WIC by Invest India, the Indian government’s investment promotion and facilitation agency, as an example of a social impact initiative that combines ideas, innovation and investment to develop a business case for an emerging sector in India, namely assistive technology. The initiative was showcased during the plenary session on Impact FDI and Sustainability: Enhancing the impact of FDI and linking projects with the SDGs.

So far, Prosus has committed INR 16,500,000 to the initiative and has supported 10 start-ups, all with access to their global mentorship programme, with six receiving direct grants. As in previous years, the top three startups to emerge from this year’s challenge will receive grants of INR 25 Lakh, 18 Lakh, and 12 Lakh respectively. The top five startups will also have access to a pool of mentors and financing opportunities through SICA partners including Invest India and Social Alpha, as well as the World Health Organization, which supports the programme with technical assistance. Eligible startups will have an opportunity to qualify for Social Alpha’s open innovation platform for assistive technologies, as well as their venture platform’s incubation resources and potential follow-on funding of up to INR 50 Lakh.

Incentives -

Fiscal Incentives: Prosus has committed $250,000 over three years to Prosus SICA. Each year, the top three startups providing assistive technology solutions will receive a grant from Prosus. Further, the top three startups are also eligible to receive follow-on funding from Social Alpha of up to $120,000 over three years. In 2022, top three startups will be awarded grants worth $35,000, $25,000, and $15,000 respectively.

Non-Fiscal Incentives: On top of fiscal incentives, SICA will provide following additional benefits to the top startups:

SICA Mentorship Programme: Each year, the top five startups from SICA, will get a unique opportunity to participate in a highly selective mentorship programme, curated by Prosus’s global group of experts. The mentorship programme will help these startups scale their business and succeed. At the end of the mentorship programme, startups can stay connected through an alumni networking initiative called SICA LENS (Learning, Engagement, Networking, and Service).

Access to Social Alpha Open Innovation Platform for Assistive Technologies: Additionally, the top three startups will gain access to the Social Alpha Open Innovation Platform for Assistive Technologies — an online ecosystem of innovators, funders, technical experts, and other stakeholders across the assistive technologies value chain. Through this platform, startups will have the opportunity to share and validate their solutions and build connections with key individuals or organizations in the accessibility sector.

Incubation Opportunity with Social Alpha: Each top start-up (that receives grant support) will get direct access to Social Alpha’s team for a one-on-one mentoring session to go over the start-up's roadmap, marketing, and validation plan. 

The startup can further engage with Social Alpha for long-term support through their standard/advance incubation program. The incubation support is subject to further due diligence by Social Alpha.

Follow on Funding Opportunity of up to INR 50 Lakh: Subject to further due diligence and upon mutual agreement on terms of engagement, the top start-ups can access long-term funding support through Social Alpha’s seed capital investment programs.

Eligibility

• Any individual or group of individuals, representing a start-up, who have an innovative idea that addresses challenges faced by persons with disabilities (PwDs) globally are eligible to participate. An entity shall be considered as a “Start-up”, if it has been incorporated as a private limited company or a partnership or a limited liability corporation/partnership as per applicable national laws for a period of less than 10 years from the last date of submission of applications (October 19, 2022). Applying ‘Indian’ entities need to be additionally registered as a “Start-up” with the Department for Promotion of Industry and Internal Trade (DPIIT), and meet the necessary ownership and incorporation requirements as mandated by DPIIT.
• The participating startup should be an independent entity. It should not be a subsidiary of an existing corporation or have legal ties to any government body.
• The participating startup should have a developed prototype and must have completed user testing.

How to Apply

Interested startups can apply to take part in Prosus SICA by clicking here from September 14, 2022 onwards. The deadline for applications is October 17, 2022. 

​For more information please check the Link

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