| Do you want to turn your innovation into a sustainable business? |
On 2 October 2018, Toru Institute of Inclusive Innovation launched the Impactor program for early-stage entrepreneurs. The Impactor program is an 8-month long business incubation program for entrepreneurs who want to transform their ideas, early form of products or early stage businesses enterprises with a social impact.
When an entrepreneur has an idea, they may not know the steps to turn the idea into a business or have the funding to do so. Also, potential entrepreneurs face other challenges along the way, such as having limited knowledge about conducting market research or other technical skills and inadequate facilities. Due to insufficient cross-sectoral collaboration and inadequate facilities, they lack access to training and experts who can mentor and provide that knowledge. The absence of role models and mentors, along with the absence of entrepreneurial mindsets due to cultural norms hinder potential entrepreneurs from taking the leap of faith needed to start a social enterprise.
This is where the Impactor Program comes in. Tou provides both the means and the know-how to support the entrepreneurs in every step of the way.
Saif Kamal, Founder of Toru Institute of Inclusive Innovation said, “This program will be the first of its kind in Bangladesh. We have always had accelerator programs or competitions, but ideas need extensive and long-term support in order to become impactful enterprises. With the Impactor program, we will provide an individually tailored roadmap and milestones which will be supported by experts and mentors ranging from product design to business, legal and investment support.”
Toru is looking for applicants who want to innovate to solve problems in healthcare, education, gender equality, livelihood and job creation, agriculture, clean energy, water and sanitation, and finance (in alignment with SDG goals).
For this program, Toru will select 30 impactors for a 2-day Workshop on Rapid Fire Innovation. From that cohort, 15 Impactors will engage in a 5-day Bootcamp on Human Centered Design, building a business model canvas and growth strategy. The top 10 Impactors will embark on a long journey of business incubation journey of developing their product, business and building their leadership skills to run a start-up. Based on their needs, these Impactors will be matched with experts from their respective sectors, receiving individually tailored support. Those who can graduate successfully from the Impactor program can potentially become an Impactpreneur.
The selected participants of the program will receive a series of rewards. In addition to the mentoring support, the entrepreneurs will receive upto 10 lac taka seed funding and workspace from Startup Bangladesh, at the Ministry of Information Communication and Technology, Bangladesh.
The program is supported by Standard Chartered Bank, Microsoft Bangladesh, The Daily Star, IPDC, Annisul Huq Foundation, Startup Bangladesh and North South University. If you are interested, you can apply here.