We just had our first Investment Committee meeting in Mumbai, Maharashtra and four new entrepreneurs have passed the test to receive risk capital and begin their businesses.
Prabhakar is our youngest entrepreneur, he's only 21, and has been fixing farmers' water pump motors since he was very young. Prabhakhar's idea was to set up shop in his village and help over 3,400 farmers to fix their vital water pumps - at the moment, for most repairs, everyone has to travel over 20km away. This means farmers lose 10 days of key farming time and without water, their crops, such as grapes, are destroyed. A local workshop with the right tools and machines will mean that farmers will get a local, one day solution, half price. We've included Prabhakar's photo in this update.
Tushar wants to be a beekeeper, inspired by a documentary he saw on the Discovery Channel, he learned all about beekeeping, studied it in agricultural college and is ready to begin with 25 boxes of bees to boost the bio-diversity of the local farmland and create pure honey for sale (there's a huge demand!).
Poonam's village has faced a drought for many years, and as a result, the local leather industry which requires a lot of water, has shut down. However, the local religious tourism industry has grown. Poonam used to make recycled paper plates and bowls, and she's seen an opportunity doing the same for 'sweet boxes'. When people go to visit a shrine or temple, they take an offering of a box of sweets. Poonam has done her research, right now sweet shops get sweet boxes from over 30km away, they are often late, expensive and not bespoke. Poonam will now make sweet boxes in her village, that will be cheaper, always available (i.e. never late) and with the printing or names the shop owners would like. She'll also create jobs for 10 women who are currently unemployed.
Navnath lives in a tribal community that faces two problems, day-night electricity cuts and pervasive unemployment. Navnath has been making candles for some time now, and the demand is more than he can handle alone. He wants to buy a lot of moulds, train a lot of women and supply a lot of candles to everyone who needs them - and a lower price than anyone else, and all the time (there are often no candles in the market).
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