WADHWANI FOUNDATION LAUNCHES SAHAYATA INITIATIVE
News Desk, News Nation 360: The Wadhwani Foundation is a leading non-profit Foundation serving India and other developing countries with the mission of accelerating job creation through large scale initiatives in entrepreneurship, SME growth, and killing. The Wadhwani Foundation announced the Sahayata Initiative to help distressed small and medium enterprises (SMEs) affected by the economic crisis and public health workers improve COVID-19 knowledge and skills. SMEs are the core of every economy, but the economic crisis triggered by the COVID-19 pandemic has severely damaged this growth driver of all emerging economies. Larger companies generally have larger, more robust balance sheets, access to capital and management resources, and are more resilient. SMEs are much less resilient and need both capital and expertise to survive now, stabilize in the near term, and position themselves for growth. While the Government of India recently established an extensive, vital credit program for SMEs, these SMEs also need help with strategy and operational best practices to address challenges with customers, broken supply chains, and disrupted processes such as management and employee retention. Wadhwani Foundation has committed INR 200 Crore and is building an ecosystem of partners, including government ministries and agencies, banks, and consulting firms, to help operationalize this large and complex initiative. The Sahayata Initiative consists of three programs those are (1) The Sahayata Business Stability program, (2) The Sahayata COVID-19 Skilling program and (3) The Sahayata Public Health Innovation program. The Foundation built all three Sahayata programs over the last 90 days. The rapid deployment will begin in August 2020. Padma Shri Dr Romesh Wadhwani, Founder and Chairman, Wadhwani Foundation, told COVID-19 has created both a health and an economic crisis that is especially harming SMEs and jobs. Without proper credit and consulting support, the short- and long-term damage to the SME sector will be enormous. The Foundation’s large investment in Sahayata supplements the government’s massive stimulus package by providing 10,000 SMEs with consulting services that will help them survive, stabilize, and ultimately grow into successful businesses and help save or create 100,000 jobs. All of the Foundation’s own consultants, existing and new content and technology will be provided pro bono to SMEs. Wadhwani Foundation has signed partnerships with SIDBI, Clix Capital, IIFL Finance, Power2SME, and Magma Fincorp to select the SMEs for this program, jointly. Wadhwani Foundation is expanding its internal team dedicated to this program to 100 SME business consultants. Additionally, the Foundation is planning to partner with KPMG, FlexingIt, GroCurv, Strategy Garage, Bada Business, VentureBean Consulting, The Catalyst, Imbibe Consultancy Services, Black Brix Services, KonektUp, CFOBridge, Midas CFO, Dhandabadhao.com, and several curated individual subject matter experts, advisors and mentors, to provide SME consultants to this Sahayata initiative, at pro bono or substantially discounted rates.
Report: Anustup Kundu