Wadhwani Foundation launches National Entrepreneurship Network (NEN)

Competition to select the first 5 affiliates from among leading academic institutions

Mumbai, March 17, 2003: Wadhwani Foundation, a not-for-profit organization, established to accelerate entrepreneurship in emerging economies, launched the National Entrepreneurship Network (NEN), a network of entrepreneurial development centers, located within leading academic institutions in India. The foundation sees entrepreneurs as critical drivers of economic growth, and entrepreneurship as an important tool for self-improvement. NEN is the foundation’s initiative to inspire, educate and support new entrepreneurs. Each center with eventually offer courses, skill-building exercises, networking activities, and mentorship to aspiring entrepreneurs. The goal is to build NEN into a network of a one hundred centers over the next five years.

Wadhwani Foundation is hosting a nationwide competition to select the first 5 affiliates for NEN, from among the leading academic institutions in the country. These will be selected through a transparent multi-stage process, culminating in the selection of five winners from fifteen short-listed finalists by a panel of renowned international judges including Naina Lal Kidwai, HSBC; Harsh Mariwala, Marico Industries; Kiran Mazumdar-Shaw, Biocon India; Sunil Mittal, Bharti Enterprises; Jerry Rao, Mphasis; Howard Stevenson, Harvard University; and Romesh Wadhwani, Wadhwani Foundation and Symphony Technology Group.

The winners of the competition will receive non-financial support and funding in the range of $10,000 to $50,000, the amount depending on the level and scale of their proposed activities. The funding is intended to support the development of a plan for a full-scale entrepreneurial development center in following years, and some current entrepreneurial development activities. Based on the strength of the plans developed, the institutions will each be eligible for further funding of $250,000 to $1 million, spread over multiple years, from Wadhwani Foundation, to support the development of full-scale entrepreneurial development centers. The foundation would expect the institutions to raise matching funds.

Speaking about the initiative, Laura Parkin, Executive Director, Wadhwani Foundation said, “Successful entrepreneurs improve not only their own lives, but often create wealth for their entire communities. We are hoping that the entrepreneurial development centers of NEN will encourage more individuals to choose entrepreneurship, and will provide new entrepreneurs the knowledge, skills and contacts to enhance their success. The foundation’s goal is to have more entrepreneurs, being more successful, at a larger scale – creating new jobs and economic growth for India.”

NEN Description

The backbone of the National Entrepreneurship Network will eventually comprise several (5 – 10) National Centers for Entrepreneurship, each part of a leading academic institution. Each of these centers will develop and deliver courses; skill building exercises, networking activities, mentorship and support, and research around entrepreneurship to benefit students, executives, members of family businesses, and, eventually, rural and social entrepreneurs. Each of the National Centers will act as a hub of activities for 10+ Regional Centers located in other institutions around them.

A critical element of NEN is the network itself. Through joint activities, the centers will develop vibrant connections between potential entrepreneurs, entrepreneurs, business people, industrialists, academicians, professionals and policy makers. These connections will provide new entrepreneurs with access to mentors, business ideas and opportunities, future customers, potential investors, and suppliers. Developing this active partnership will be critical to NEN’s success.

About Wadhwani Foundation

The Wadhwani Foundation’s mission is to help individuals reach their full potential, improving their own lives, and the lives of all their future generations. The foundation invests in non-profit programs to accelerate entrepreneurship – a critical driver of growth and value creation. The foundation’s efforts will inspire, educate and support entrepreneurs, and help create an environment in which individuals from all backgrounds can succeed. Founded and funded by Romesh Wadhwani, a serial entrepreneur and also currently the founder CEO of Symphony Technology Group, the Wadhwani Foundation is working to accelerate entrepreneurship in emerging economies.