Mauritius’ Avnish Gungadurdoss in Forbes 30-under-30 Social Entrepreneurs ranking
Forbes prestigious 30-under-30 social entrepreneurs list for 2015 includes Avnish Gungadurdoss, a 28-year-old Mauritian, who, together with 29-year old Mike Belinsky, founded Instiglio, a social enterprise that innovated social funding instruments. (Image: Forbes)
Avnish Gungadurdoss, a 28-year-old Mauritian, and his business partner, 29-year old Mike Belinsky, have been named by Forbes in its 30 under 30 Social Entrepreneurs list as co-founders of one of the outstanding social enterprises that have contributed to solving problems on a global scale.
Avnish and Mike founded Instiglio, a social enterprise that innovated social funding instruments to increase the efficiency of social programs, thanks to ‘results-based impact leaps.’
Simply put, Instiglio ties charitable dollars to outcomes via results-based “impact bonds.”
Through these instruments, an investor commits funds to an NGO (non governmental organisation), and a foundation or a government agrees to pay off to the investor, with interest, when the objectives of the social program has been achieved.
In India, Mexico, Colombia, Chile and Ecuador, Instiglio’s projects fight diabetes, educate girls, work to close the high school enrollment gap, and boost job opportunities for the poor. The organisation’s impact can be gauged by the fact that it mobilized USD 28 million to help 30,000 people in 2014.
During these last three years, the team of Instiglio, consisting of about twenty employees, has been collaborating for projects in eight countries and with about fifteen partners.
“One of our biggest achievements was to help to create a market for obligations bonds with social impact in Latin America, and to act as adviser with the Inter-American Development Bank. These initiatives brought us other projects as well,” says Avnish Gungadurdoss.
Instiglio had also innovated in the social arena by effectively measuring the performance of social projects, he added.
Finally, it is important to add that this year, Instiglio wishes to bring its support to the African continent as well.