ISB to host Global Social Venture Competition to identify new businesses

The GSVC is an international forum for students and entrepreneurs with social venture ideas. This competition is being conducted in collaboration with Haas School of Business, Columbia Business School and London Business School and is open to B-school students across Asia. It is aimed at promoting businesses to bring about a positive social change in a sustained and measurable manner, Mr. Ajit Rangnekar, Dean, ISB, said.ISB has received 50 business plans from five countries India, China, Taiwan, France, and Hong Kong. The seventy Asia finalists were drawn from twelve B- Schools across these countries. ISB, Hyderabad; NMIMS, Mumbai; IIM Indore; SIESCOMS, Mumbai; BITS, Pilani; are amongst the schools that participated from India. Two teams from the regional final will continue to the Global Finals which will be conducted in Berkeley at the Haas School of Business in April 2009.

Twelve teams will be participating in the global finals. The winning three teams at the global finals will be awarded US $25,000 to start the venture. The plans that demonstrate the highest potential for feasibility, profitability, sustainability, and measurable social impact will be selected. In 2006, the ISB team with the ESafal project was selected for the Finals. The Panellists consisting of 20 ISB Alumni and 25 experts from social sectors have short listed 18 plans (four from ISB, eight from other Indian Schools and six from other Asian countries), based on a reading of these plans and deliberations.

While repeating the thought of Late Prof. Sumantra Ghoshal in which he had said Business is a force for good, Mr. Ajit Rangnekar adds, We want to encourage young people to ensure that businesses have a sustained positive impact on society. The GSVC competition compels students to combine social responsibility with profitability. It is especially relevant today when traditional methods of conducting business are being questioned. I am sure that the GSVC will be a powerful force in helping young people to come up with viable alternatives that will benefit humanity.