Parsis to promote and fund start-ups of youngsters from the community

Updated on Mar 09, 2018 09:52 AM IST

The group intends to collect Rs5 crore and disburse the amount within next two months.

(HT File/Representational Image)
(HT File/Representational Image)
Hindustan Times | ByYesha Kotak, Mumbai

To revive the ‘entrepreneurial spirit’ among Parsi-Zoroastrians, the community has decided to fund business ideas from young members.

“There was a time when our community was known as the community of businessmen, but today our youngsters do not want to take the plunge, they are happy doing jobs. Through this initiative we are asking the younger generation to explore new avenues,” said Sam Balsara, founder, Madison World, who will be a part of the panel screening the ideas.

The World Zarathushti Chamber of Commerce – India (WZCCI) and World Zoroastrian Organisation Trust Funds (WZTOF) have decided to come up with a platform, wherein entrepreneurs from the community will be provided with funds and mentors for their projects.

The group intends to collect Rs5 crore and disburse the amount within next two months. As a part of the plan, the well-to-do members from the community worldwide will be approached and asked to donate towards the plan.

“There are two aspects of the plan, firstly it will get the community together and secondly it will motivate the entrepreneurs,” Balsara said.

The interest-free loans provided to these business ideas will have to be repaid over a particular period of time, which will in turn be used for other budding projects.

However, the loans will be given after a tough screening process, which would have the experienced members of the community on the panel.

Captain Percy Master, WZCCI President – India Region, said, “With this financing initiative we are fulfilling a long time need to encourage the youth of our community to venture into business. We are confident that this is a small beginning of something big.”

Earlier last year, Jain International Trade Organization (JITO) had set-up a co-working and an incubation centre in Andheri to provide an office space and guidance to the entrepreneurs from the community. Sindhi Chamber of Commerce (SCC) too conducted a series of workshops and seminars to guide and help the businessmen in the community across 40 different sectors.

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