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The programme is restricted to ‘Edupreneurs’ operating in India who serve students at the bottom of the pyramid, a term coined by the late author and Pearson director C K Prahalad.
“We are thrilled to bring this programme to entrepreneurs striving to develop businesses that enhance outcomes and access for low-income learners in India,” said Katelyn Donnelly, executive director of the Affordable Learning Fund. BS REPORTER
“We’ve seen a lack of early support and risk capital in the low-cost education space and we are pleased to take the lead in creating a robust ecosystem for impact-oriented Edupreneurs and incubate innovative models of education to improve learning at scale.”
Identifying the best start-ups for investment is a difficult and cost-intensive process for investors. Village Capital, based in the US, specialises in using the power of peer support and mentoring to build investment-ready companies and to allocate capital through peer selection. Inspired by microfinance ‘village banking’, participants coach each other over the course of a programme in order to prepare companies for investment. Village Capital has operated 20 programmes globally, serving 350 entrepreneurs and investing in 30. Over the past four years, it has supported 60 entrepreneurs through four programmes in India, investing in eight innovative enterprises.
“Pearson is proud to announce this unique initiative in collaboration with Village Capital. The programme underscores our commitment to quality education in the country,” said Ranu Kawatra, chief executive officer (CEO) and president, Pearson Education India.
The Affordable Learning Fund will second a staff member to serve as programme manager for the workshops, to provide expertise on subjects ranging from measuring and interpreting learning outcomes to supply chain and marketing.
“We strongly feel private sector investments in education are required to support entrepreneurs who aim to work at the ground level. Through this initiative, we hope to collaborate and build sustainable business models for growth and development in the education sector. It’s a great step towards the dream of Education for all,” adds Srikanth B. Iyer, CEO, Pearson Education Services and Tutor Vista.
Ross Baird, executive director of Village Capital, said: “The Pearson Affordable Learning Fund is at the cutting edge of innovation worldwide, and we’re incredibly excited to combine Pearson’s education expertise with our peer review model to drive greater impact in learning outcomes. In our experience, launching 20 programmes in India, the US, the UK, Kenya, and Brazil, entrepreneurs investing in each other uncover innovations no one would have anticipated and universally engage in the process in an astoundingly collegial and disciplined way.”
These entrepreneurs will then assess one another against six criteria, with the top two ranking companies receiving up to $75,000 each drawn from $100,000 and $50,000 of capital committed by the Affordable Learning Fund and Village Capital, respectively. The programme is restricted to ‘Edupreneurs’ operating in India who serve students at the bottom of the pyramid, a term coined by the late author and Pearson director C K Prahalad.
