Issue #1

📰 FRONT PAGE

Welcome to the debut issue of Chronicles, your passport to the world of social impact and innovation. We're thrilled to have you on board for this incredible journey.

In this inaugural edition, we've curated inspiring innovation, valuable insights, and a peek into the dynamic realm of social entrepreneurship. Whether you're a seasoned changemaker or just starting your impact adventure, Chronicles is here to inform, inspire, and connect you with the stories and solutions shaping our world.

So, without further ado, let's embark on this adventure together.
In today’s rundown of social impact space:

🧠What is the Network Effect?
🤓Electric Mobility Startups strike Gold in funding rounds.
👇️Greensole India: Social impact startup selling sustainable footwear.
💬 Microgrids Lighting up Communities.
🆕SOCIAL, Hack Club RSET, RSET IEEE SB, GDSC RSET & CSI RSET organised 24-hour hackathon Hackernel.

This issue of Chronicles is powered by RSET IEEE SB.

🧠KNOWLEDGE SPOTLIGHT

Network Effect

The network effect is a pivotal concept in technology and social platforms, which describes a scenario where the value of a service grows with each new user. It's a positive feedback loop where the utility or desirability of the offering grows with the size of its user base. It can be seen in various forms, such as enhanced functionality, or a more extensive user base creating a positive experience.

In startups, this effect is shown by giants like Tinder, Facebook & Uber, where increased user participation enhances the overall utility & efficiency of these platforms.

Understanding and leveraging the network effect is crucial for both social impact startups & for-profit startups aiming for scalable and sustained impact. In social impact initiatives, the network effect is pivotal for expanding awareness, engagement & ensuring that the targeted audience receives the benefits intended. A well-connected network enhances the advocacy power of social impact initiatives, attracting attention from policymakers, investors, collaborators & users which results in systematic change. 

🤓 INDUSTRY INSIGHTS

Electric Mobility startups strike in funding rounds in 2023

Two leading EV startups in India, PMI Electro Mobility Solutions and Ola Electric have secured significant funding in separate rounds, fueling India's sustainable transportation goals.

PMI Electro Mobility Solutions raised Rs 250 crore from Piramal Alternatives, while Ola Electric secured Rs 3,200 crore from a consortium led by Temasek and the State Bank of India.

The funds raised will empower these startups to scale their operations, develop innovative technologies, and contribute to the creation of a greener future for India. These recent funding rounds are a testament to the growing recognition of the EV industry's potential to drive positive social and environmental impact. With continued support and investment, India's EV sector is poised to play a pivotal role in shaping a sustainable transportation future for the country. As India strives to achieve its ambitious climate goals, the growth of the EV sector holds immense promise.

Facts & Figures

🔎 India has over 3 million active social enterprises, the most globally.
💰JP Morgan has pledged $2.5 Trillion over 10 years to fund sustainable projects.
📈The global social impact investment market is expected to grow to $1.5 trillion by 2030.

💬 INNOVATIONS

Microgrids lighting up communities across the world

A microgrid is a self-contained local intelligent energy grid. They are used either to independently provide energy to specific geographical areas or to act as a backup in case of power outrages. Microgrids are becoming an increasingly popular solution used by social entrepreneurs, NGO’s & government agencies to provide power to communities which are at risk. 

Microgrids have done significant social impact on the communities where it has been implemented, including:

• Improved access to energy: Microgrids can provide power to remote communities that are not connected to the main grid. 

• Increased resilience: Microgrids can provide power during blackouts and other major grid disruptions.

• Reduced greenhouse gas emissions: Microgrids are often powered by renewable energy sources, which can help to reduce greenhouse gas emissions and improve air quality. 

• Efficiency: Microgrids can be more efficient than traditional grids, which can lead to lower energy costs.

Microgrids have been successfully implemented in the isolated islands of Puerto Rico & American Samoa and energy crisis-facing countries such as South Africa.

Overall, microgrids are a promising technology for addressing challenges related to energy access, resilience, and sustainability. They have the potential to make a significant impact on the lives of people around the world, especially in developing countries and remote communities.

👇️ STARTUP IN FOCUS

Greensole India: A Social Impact Initiative Recycling Shoes and Transforming Lives

Greensole is a social impact company founded by Shriyans Bhandari and Ramesh Dhami. The company sells recycled old shoes and converts them into usable, high-quality products. It also sells sustainable and vegan footwear, with a portion of the proceeds going to support its charity mission of donating free footwear to disadvantaged children.

Greensole operates by collecting discarded footwear from a variety of channels such as donations & from the brands themselves. They then repair, cleanse & process the footwear in their manufacturing unit, then sell their product through their sales channels.

As per their website, Greensole has sold over a million of their sustainable footwear, saved 2.085M lbs of CO₂ emissions & has donated over 600,000 footwear too.

🆕 SOCIAL UPDATES

SOCIAL in collaboration with IEEE RSET SB, GDSC RSET & CSI RSET organised HackKernel

Hackernel 2.0, a hackathon organized by SOCIAL, RSET HACK CLUB, IEEE SB RSET, IEDC RSET, and GDSC RSET, unfolded on November 11th and 12th. The event showcased 25 teams presenting innovative solutions, all centred around problem statements with a focus on social impact.

This unique approach facilitated a vibrant exchange of knowledge, learning, and networking among participants. The winning team, "Quantum," stood out with their microprocessor-powered ASL-to-English translator. The hackathon not only nurtured creative problem-solving skills but also emphasized collaboration to address societal challenges, further enriching the participants' engineering expertise.