Overview

The IIFL Foundation supported Network of Indian Cultural Enterprises (NICEorg) to design a unique mentoring program for cultural entrepreneurs in the home decor and furnishings sector. This was the first time the organizations came together to curate and deliver a 3-month long mentoring initiative that included hands-on experience, master classes, industry insights and functional learning sessions, industry insights and thematic mentorship sessions led by industry experts, seasoned entrepreneurs and business leaders.

 

Program Objectives –

  • Familiarize cultural enterprises with market trends and best practices in building a successful cultural brand from India.
  • Empower cultural enterprises by providing hands-on learning and practical action oriented learning by industry leaders.
  • Facilitate market connects and fundraising opportunities for the business growth of cultural enterprises.

Highlight

Beneficiaries

12 entrepreneurs

Project location

All India

State

All India

Start year

2023

end year

2023

Progress

  • Mentorship opportunities from the industry leaders.
  • Opportunity to learn from senior management of the global leader of the rug-making Industry.
  • Visit to the artisan clusters and a chance to witness the cordial relationship of the enterprise with the artisans.
  • Networking with business leaders and innovative and talented cultural entrepreneurs.
  • Online lecture series.
  • Pitching activity to the corporates.

Process

Call for applications was rolled out through NICEorg’s social media handles, email campaigns, word of mouth as well as through partner outreach. The applicants were expected to submit a business plan deck and their business details via an online Google application form. Applications were on a rolling basis and selection took place on first-cum-first-serve basis.

All applications were vetted and scored on 6 parameters -

  • Cultural and sectoral fitment
  • Founders Profile
  • Customer and Market Understanding
  • Business Model
  • Product Differentiators
  • Financial plan. After two rounds of an exhaustive selection process, 12 enterprises were shortlisted to form the first cohort of the program.

Testimonials

  • "A big Thank You to the IIFL Foundation for funding the first incubator program by NICEorg in partnership with Jaipur Rugs Foundation. The incredible support from IIFL has contributed towards empowering India's cultural enterprises and building Brand India". Kanchana, K.V- CEO, NICE.

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Disclaimer: Data period April 2023 to March 2024