Prosus, Invest India, Social Alpha and WHO invite startups for selecting the best assistive technology
Assistive technologies is a US$25 billion market globally but affordability and user experience issues hinder the market development in India despite having a large population that needs access to high quality assistive solutions, according to Manoj Kumar, Founder and CEO, Social Alpha.
“Over the last few years, Social Alpha has been actively developing the sector through innovation curation, venture development and financial innovation to facilitate market access and customer adoption,” he said at the launch of Prosus SICA 2021 on 30 Aug 2021.
“I am optimistic that Prosus SICA 2021 will unlock more opportunities and resources for innovators and help them go to market as they create world class solutions.
Created last year by Prosus, in partnership with Invest India, Social Alpha and the World Health Organization, the initiative invites Indian startups with the most promising solutions in the assistive technology space to compete for an annual grant and access to the Prosus SICA mentorship programme.
Prosus is a global consumer internet group and one of the largest technology investors in the world.
With more than 70 million Indians estimated to live with some form of disability, the societal impact of improving lives and empowering people through assistive technology can be immense, said Prosus SICA which was recognised earlier this month as “CSR Initiative of the Year” by the AssisTech Foundation.
Prosus has committed Rs.16.5 million to the initiative over three years, and each year awards grants to three successful startups. Partners including Invest India and Social Alpha provide additional mentoring and financing opportunities, while WHO supports the programme with technical assistance.
In its inaugural edition in 2020, Prosus SICA received over 200 applications from 25 states and seven union territories across India. The top three startups recognised for their ingenuity and impact across a range of assistive technologies were Sohum Innovation Lab (Bengaluru), NeoMotion (Chennai) and Stamuri (New Delhi).
In addition to the top startups, two other finalists were enrolled into the SICA mentorship programme to benefit from Prosus’s experience in supporting entrepreneurs and helping them to succeed: Cogniable (Delhi) and Thinkerbell Solutions (Delhi).
For Prosus SICA 2021, an expert panel of judges will assemble to identify innovative startups with the most potential to positively impact the lives of persons with disabilities. Eligible startups can submit their applications from now until 19th October. The top startups will be announced in December to mark the International Day of Persons with Disabilities.
Commenting, Prosus India Managing Director Sehraj Singh said, “Enabling entrepreneurs across the world to improve people’s daily lives is our mission at Prosus. Here in India, the needs of 70 million persons living with some form of disability have remained under-served despite a vibrant startup ecosystem.
“We believe that there can be a thriving market for assistive technologies and last year’s excellent response to our inaugural Prosus SICA initiative validated this belief. We are so proud to continue the journey this year and I encourage all entrepreneurs in the assistive technology space to join our mission by entering Prosus SICA 2021.”
Invest India MD and CEO Deepak Bagla elaborated, “The excellence of Indian ingenuity has been at the forefront. The ability of our entrepreneurs to pivot and develop impactful frugal solutions is India’s strength. This challenge will lead the way in transforming assistive technologies in the country and propel India to become a world leader in the field.”
“Entrepreneurs across the country are attempting to innovate in a cost-effective and scalable manner to solve for the unique needs and requirements in healthcare aided through assistive technology,” said Chapal Khasnabis, Head (a.i) Access to Assistive Technology and Medical Devices, WHO, Geneva.
“Prosus SICA is a unique programme that brings together industry expertise, financing and executional capabilities. We are proud to support the programme to transform India’s healthcare landscape aided by Made-In-India assistive technology for her own population and beyond,” said Khasnabis.
Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.
The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India, Russia, and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives. Today, Prosus companies and associates help improve the lives of more than 2 billion users globally.
Invest India, set up in 2009, is a non-profit venture under the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India.
Social Alpha is a multistage innovation curation and venture development platform for science and technology start-ups that address the most critical social, economic and environmental challenges through the power of entrepreneurship and market-creating innovations. Since its inception in 2016, Social Alpha has supported more 150+ start-ups including 50+ seed investments. #health #technology #startups #investment #solutions /fiinews.com
