Aspire Impact and Impact Hub to launch Impact Startup support program
Aspire Impact, a social enterprise focused on impact ecosystem growth and leadership development in the social and ecological impact space, today announced a relationship with Impact Hub, the world's largest network dedicated to growing entrepreneurial communities at scale. They launched the Impact Startup Service (ISS) initiative in India following the publication of their inaugural poll report titled 'India - An effect Start Up Nation' at the Resurgence TiECon Delhi-NCR event, emphasising the critical challenges and opportunities for effect concentrated start-ups in the current ecosystem. The ISS is a first-of-its-kind application in India, providing support and training to several incubators and accelerators, giving the overall startup ecosystem a much-needed boost, particularly in the difficult post-Covid period.
Impact Hub operates in 60 countries and annually grants over 450 applications for incubation, growth, and acceleration to impact-driven businesses. By establishing a larger training and support network in India, which will be a high-priority market for them, they intend to drive India's travel to become an effective start-up country.
Although the Indian effect incubation and acceleration sector has grown significantly over the last couple of decades, it continues to face various challenges. The first study and research report gathered views from 55 significant influence oriented associations (70% incubators and 30% accelerators) in order to better understand the current ecosystem, the problems it faces, and to establish a baseline for future course corrections.
While the number of effect start-ups is expected to expand post-Covid, the clear majority of respondents estimated that 40% to 60% of start-ups will perish without further help due to the tough environment.
46% of respondents stated that a globally recognised impact-measurement framework adapted to India's ecosystem is critical and urgently needed.
34% of poll respondents responded that rules such as the FCRA (as amended) and specific state regulations must be amended to assist them in achieving their business objectives.
The 54 respondents identified several significant challenges, including insufficient idea-driven incubation and understanding of the ecosystem, a lack of performance measurement, a lack of structured applications such as incubation and acceleration with minimal coaching/mentoring, and a talent shortage.
Additionally, the report included eight critical recommendations for addressing these issues. Several of these initiatives included the development of structured early-stage applications, the establishment of peer-reviewed learning networks and the capacity building of incubation supervisors, the integration of internationally recognised influence accounting and dimension benchmarks, collaboration with the government to scale, and the review and support of policies such as the FCRA that facilitate philanthropic startup grants and technical assistance.
The post-COVID'new standard' has heightened worldwide emphasis on impact, and the Indian startup sector is not far behind in catching up. The entry of a leading international player, such as Impact Hub, along with the foundation laid by Aspire Impact, would provide the service ecosystem and network necessary to catalyse and shape the future of business services in India.