Ujwal Thakar, Co-Founder of Ujwal Impact Advisors
- Recap of Ujwal Thakar’s impactful journey and career insights.
- Discussion on challenges and opportunities in NGO fundraising.
Podcast
Overview
Transitioning from Banking to the Social Sector with Ujwal Thakar
In the latest episode of “The Brand Called You,” host Ashutosh Garg sits down with Ujwal Thakar, Partner and Co-founder of Ujwal Impact Advisors and former CEO of Pratham, one of India’s largest NGOs. Ujwal takes us through an inspiring journey from his unexpected entry into the banking sector to his deliberate transition to the social sector, motivated by a desire to give back to society.
From Serendipity to Strategy
Ujwal’s career path is a testament to the power of serendipity. He recounts his early foray into banking, which he describes as unplanned and driven by a series of fortunate events. Starting by clearing an exam almost on a whim to becoming an influential figure in the banking sector, Ujwal witnessed rapid professional growth. However, it was his deep-seated gratitude and a desire to bring about social change that ultimately led him to the NGO sector.
The Leap to the NGO Sector
After a rewarding career in banking that included leadership roles at Standard Chartered Bank and BNP Paribas, Ujwal decided to pivot to the social sector at the age of 55. He shares the pivotal moment when Pratham’s opening, coincidentally advertised the day BNP Paribas decided to shut down their retail business, presented him an opportunity to realign his career with his lifelong goal of giving back. Despite taking a significant pay cut, the satisfaction derived from social impact made the transition worth it.
Crafting an Effective Fundraising Strategy
One of the major challenges NGOs face is fundraising, an area where Ujwal has applied much of his expertise. He emphasizes the importance of crafting a compelling and emotionally engaging narrative paired with a clear, strategic outline of the NGO’s goals. Ujwal asserts that potential donors want to see not just inputs and outputs, but tangible outcomes that impact lives.
Storytelling and Trust Building
Ujwal shares a touching example of storytelling in fundraising, highlighting a colleague’s heartfelt tale about the transformative power of education. Trust is paramount in these interactions; Ujwal expounds on how NGOs can build this trust through transparent governance, effective communication, and demonstrable outcomes.
Engaging High Net Worth Individuals
The conversation shifts to strategies for engaging high net worth individuals (HNWIs) in philanthropic activities. Ujwal notes that the burgeoning trend among Indian HNWIs to contribute significantly to social causes, akin to their American counterparts, is a hopeful sign. He advises NGOs to act as philanthropic advisors, offering a strategic perspective on pressing societal problems before pitching their specific projects.
The Role of Government and Sustainable Fundraising
While discussing government grants, Ujwal offers a word of caution: due diligence and the avoidance of heavy reliance on government funds can spare NGOs from bureaucratic complexities. Instead, he suggests using external funds to boost the efficiency of government investments in social causes.
Finally, Ujwal delineates the key components of a sustainable fundraising model. A balanced approach, involving funds from local and international foundations, CSR initiatives, HNWIs, and retail donors, is crucial. He also touches on the debate around building a corpus, recommending a moderate approach equivalent to six months of working capital.
Profile
- Transition from Banking to Social Sector: Ujwal Thakar’s career journey began in banking, with influential roles at Standard Chartered Bank and BNP Paribas. At age 55, he transitioned to the social sector, motivated by a desire to contribute to society, taking on the role of CEO at Pratham, one of India’s largest NGOs.
- Serendipitous Career Path: Ujwal’s entry into banking was unplanned, marked by a series of fortunate events. However, his shift to the social sector was deliberate, aligning with his long-held aspiration to make a social impact.
- Fundraising Expertise: Ujwal emphasized the importance of storytelling and trust in effective fundraising for NGOs. He shared strategies for crafting emotionally engaging narratives and outlined the need for transparent governance and demonstrable outcomes to build donor trust.
- Engaging High Net Worth Individuals (HNWIs): He discussed how NGOs can engage HNWIs by acting as philanthropic advisors and presenting a strategic overview of societal needs before pitching specific projects, echoing a growing trend in Indian philanthropy.
- Sustainable Fundraising Strategies: Ujwal outlined a balanced fundraising approach that combines support from local and international foundations, CSR initiatives, HNWIs, and retail donors. He advised on cautious government funding reliance and suggested maintaining a six-month working capital corpus for stability.
