Michael and Susan Dell Foundation plans an incubator

Michael and Susan Dell Foundation plans an incubator


The Michael and Susan Dell Foundation is looking to set up an incubator for startups with solutions for the underserved and the unserved segments. The foundation is in talks with IIM-Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE) for the same.

The incubator will look at earlystage companies that offer financial inclusion, digital empowerment, job creation and services in other such impact areas, according to Rahil Rangwala, the director for family economic stability at Michael and Susan Dell Foundation.

The foundation will also offer seed funding to the startups.

“We hope to set up this incubator by the end of this year,” he said. “With this incubator, we aim to back startups serving at the bottom of the pyramid. We will look at startups in the areas of financial inclusion, job creation in the informal sector and other important areas,” Rangwala said.

The foundation also recently supported a non-profit incubator at IIM Bangalore and struck a partnership with startup incubator UnLtd to back early-stage social enterprises working on skill development and employability of low-income youth.

Rangwala did not specify how much amount the foundation has earmarked for the upcoming incubator. The foundation last year committed $50 million (Rs 332.6 crore approximately) for India investments over three years.

The foundation has so far invested in a range of companies in the education and financial services sector, including edtech startups OnlineTyari and ConveGenius, microfinance company Swadhaar, and debt-financing company Kinara Capital among several others. It also recently invested in intra-city logistics startup Blowhorn and industrial training company Skillveri as part of its job creation focus.

In the family economic stability portfolio, the foundation has 17 active investments, has made seven exits, including in microfinance institutions Janalakshmi and Ujjivan, and its investee companies in this space generated Rs 750-crore revenue in 2016 alone.

It has seven active equity investments in companies delivering innovative education services. The foundation, founded by Dell founder and billionaire Michael Dell and his wife Susan, opened its India office in 2006 and has so far committed more than Rs 1,100 crore to social enterprises in India.

Source tech.economictimes.indiatimes.com
Via tech.economictimes.indiatimes.com

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