Craft Sustainability Incubation Program
Enabling sustainability and scale for craft-based businesses
Application Deadline : Jan 30th, 2024
About the Program
The Craft Sustainability Incubation Program, Powered by Buimerc India Foundation , aims to fast track the growth of 10 early-stage social and creative enterprises in the arts and handicrafts sector that have a clear sustainability mission and are working with artisans of Rajasthan, Gujrat, and Madhya Pradesh.
This intensive, all-encompassing four-month program is designed specifically to provide artisan business leaders and creative entrepreneurs with the training, tools, and resources they need to grow and strengthen their businesses. Our intent is to support and help businesses build a ‘Made in India’ global brand while achieving both positive environmental impact and artisan empowerment.
Program Offerings
Business + Leadership Coaching
Curated and structured offline workshops by subject matter experts from the industry and craft ecosystem with a focus on design innovation, technology adaptation, domestic and global market linkages, business model innovation, inventory management, financial planning, brand building and promotion, impact measurement, and more.
1-on-1 Virtual Mentorship
Five online 1:1 mentorship and consultation sessions with industry experts and business leaders to build a clear + differentiated value proposition centred around an understanding of your customer as well as gaps in the value chain.
Virtual Deep Dive Sessions
One virtual deep dive session with each participant to understand the key growth aspirations and challenges of the business.
Catalytic Capital
Opportunity to receive catalytic capital up to ₹10 lakhs (in the form of equity/debt/convertible note) from IIM Udaipur Incubation Centre to sustain and grow your business, subject to qualification.
Access to Networks + Markets
Gain Access to a network (Global/Local/National) of like-minded collaborators, business partners, stakeholders to achieve greater impact + scale.
Demo Day + Investor Engagement
Showcase your business progress to our network of impact investors and corporate partners on the final demo day and secure the right financing, at the right time, on reasonable terms with the right partners.
Duration and Delivery
This comprehensive program spans four months, including 15 days of residential classes, and is specifically designed to empower early-growth stage craft businesses. It includes three intensive weeks of face-to-face sessions at IIM Udaipur campus with distinguished professionals from various domains, including crafts, business, academia, and industry.
This intensive program is designed specifically to help craft-based enterprises build profitable business models, reach new customers, and lay the foundation to build successful companies. In addition to the three-week offline bootcamp at IIM Udaipur, the program offers five bespoke coaching and mentoring virtual calls with successful craft and business entrepreneurs for support in developing the implementable growth plan.
The programme culminates in a ‘pitch day’, where the participants are given the opportunity to present their venture to an expert panel comprised of angel investors and venture capital firms. Upon graduation from the program, the Incubation Centre will continue to support the selected enterprises for an additional period of twelve months without any additional cost.
Who can Apply
1. Early-growth stage social, creative and impact enterprises operating in the Craft and Handmade sector employing artisans and creative producers of diverse skill sets and working to deliver products and experiences across fashion, home-decor and lifestyle, e-commerce and retail, craft-tech, culture-tech, and more are encouraged to apply.
Preference shall be given for craft-based businesses that meets the following eligibility criteria:
- Be legally incorporated and in existence for more than a year (we are not looking for businesses that are in the idea or concept stage).
- Demonstrated commitment to sustainability practices and artisan wellbeing.
- Average 2-year revenue growth, with desire to responsibly scale.
- Must commit to actively engage in the program and fulfill program requirements.
2. We will select up to 10 craft-based enterprises under the program through a two-stage competitive process. Part 1 of the process involves evaluation of the applications by Screening Committee, and Part 2 of the process involves interviews with the shortlisted candidates.
3. Selected participants are required to pay a commitment fee of 15,000; however, the fee shall be refunded upon successful completion of the program.
Scoring Criteria
Sustainability & Social Impact (20 points)
The ability to create a positive social impact within its community or target audience, taking into consideration factors such as job creation, local empowerment, and environmental responsibility.
Uniqueness (20 points)
The outstanding and competitive advantages of the business compared to existing ideas.
Feasibility & Viability of the Business (20 points)
the overall strength and viability of the applicants’ craft-based businesses and how well the business is positioned to thrive in the long term and its ability to adapt to changing market conditions and challenges.
Craft Product Range & Domain Expertise (20 points)
The distinctive qualities of the product and its range, as well as the depth of expertise within the craft domain.
Team Strength (20 points)
The qualifications, experience, and expertise of the founders and key team members and their ability to collaborate and drive the venture forward.
Program Timeline
Applications Open
Dec 22, 2023
Results Announcement
Jan 31, 2024
2nd residential Bootcamp
April 3-8 2024
Graduation & Demo Day
May 31, 2024
Applications Close
Jan 22, 2024
1st Residential Bootcamp
March 6-12, 2024
3rd residential Bootcamp
May 20-25, 2024