14 July Bangalore: NICEorg joined hands with 200 Million Artisans for the Kula Conclave, which saw the release of the 2nd Business of Handmade Report.
About Kula Conclave
The day-long event, held at Bangalore International Center, Bengaluru included panel discussions, and fireside chats on topics such as efficient supply chains, inclusive finance for craft enterprises and challenges and entrepreneurial journeys.
Sanjay Anandaram, Co-Founder, NICEorg moderated the plenary session on the Power of India’s Cultural Economy. The panelists included Aparna Uppaluri, COO of Tata Trusts and Neelam Chibber, Co-Founder of Industree Foundation.
NICEorg also co-hosted a panel discussion with its enterprises on the topic of the Role of Technology in scaling Crafts Businesses. The speakers included Mini Menon, Co-Founder Peepul Tree, Sunil Jalihal, Founder Indic Inspirations and Archish Mathe, Co-founder Zishta. The session was moderated by Ankur Mehta, Director – Investment & Portfolio, Upaya Social Ventures.
The Kula Conclave was attended by cultural entrepreneurs, industry experts, investors and impact organizations. The other partnering institutions included Yunus Social Business Fund and Creative Dignity.
Release of the 2nd Edition of Business of Handmade Report
The Kula Conclave saw the release of the Business of Handmade Report titled Financing a Handmade Revolution – How Catalytic Capital Can Jumpstart India’s Cultural Economy. This extensive study maps the financing needs and challenges of craft-led MSMEs in India. This study reveals a massive financing gap hindering the growth of craft-led MSMEs in India.
The study included interviews with 70+ investors, ecosystem actors, intermediaries and 516 craft-led MSMEs. Some of the key findings of the report say that:
- 88% of enterprises self-finance their operations, which limits their scope, innovation and scalability.
- 78% of enterprises struggle to access working capital to operate.
- 92% of Handmade and Craft-led MSMEs (HCMs) see catalytic capital – an investment approach that is patient, risk-tolerant and impact-focused – as a great fit for their financing needs
NICEorg’s Efforts to Channelise Funding Into Cultural Enterprises
Realizing this as a challenge and encouraging the need for patient investments in the cultural sector, NICEorg enables India’s cultural enterprises across NICE Five Focus Sectors to raise funds.
Through its NICE Angels program, NICEorg has curated mission-aligned investors who understand the nature of creative and cultural enterprises. NICEorg facilitated investments for MeMeraki by connecting them with credible, experienced investors who are a part of the NICE Angel Network. Some of them went on to invest between ₹5 lakhs – ₹50 lakhs ($6,250 – $62,500) each into MeMeraki.
MeMeraki is India’s first ‘culture-tech’ platform using technology to unlock sustainable artisan livelihoods. They enable traditional folk artists and artisans to become digital creators and educators. On the other hand, they expose consumers to the intrinsic value of Indian craftsmanship. MeMeraki platform serves as a new channel of revenue for artisans, helping them to receive both fair compensation and recognition for their work and knowledge. Owing to the patient capital by NICE Investor Phanindra Sama, MeMeraki’s artists see an income growth of 30 – 40%.
Read more on MeMeraki’s case study in the Business of Handmade Report: https://www.businessofhandmade2.com/memeraki-x-niceorg
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Inputs from Business of Handmade 2 Report and Official Press Release by 200 Million Artisans