SBI Foundation, Social Alpha launch a challenge to support assistive technology start-ups

Each of the top 4 start-ups will receive Rs 15 lakhs along with incubation support for 1 year

SBI Foundation and Social Alpha jointly announce the launch of the challenge, Techtonic: Innovations in Assistive Technology, inviting innovators and entrepreneurs working on products and services that address the difficulties faced by people with disabilities and enable them to lead an empowered life.

Shri. Challa Sreenivasulu Setty, Managing Director (Retail & Digital Banking), State Bank of India, said: “SBI Foundation is happy to collaborate with Social Alpha on this programme where the mission is to create an inclusive environment for persons with disabilities. Through this initiative, we will ensure that Assistive Tech solutions are sustained and scaled up across India. It will encourage next generation of innovators to engage in much-needed R&D of assistive technology.”

The challenge is structured to support early-stage assistive technology start-ups to accelerate their lab to market journey through comprehensive support that includes

• Access to INR 15 lakhs for ideating, prototyping, and growth
• Access to R&D labs for prototyping and infrastructure for scaled-up manufacturing
•  Access to mentors, incubation facilities, industry players, and end-users for product testing and business model validation

India lacks a vibrant market for disruptive AT solutions. However, an increasing number of entrepreneurs and passionate innovators are trying to develop solutions for people with disabilities. But, in their journey, they are forced to encounter multiple valleys of death. The first valley of death appears at the idea/ prototype stage itself due to limited access to an end-user population that is highly fragmented, poorly funded R& D infrastructure, and a poor value chain. The program designed by SBI Foundation and Social Alpha will help start-ups overcome this valley of death.

The challenge focuses on the following areas: Visual Impairment, Developmental Disorders & Chronic Neurological Conditions, Locomotor Disabilities, and Speech & Hearing Disabilities. The program will extend support towards 10 start-ups in accelerating their Lab to Market journey. Out of these 10, the top 4 start-ups will receive INR 15 lakhs along with incubation support for 1 year.

Speaking about the partnership and the challenge, Shri Manoj Kumar, Co-Founder & CEO, Social Alpha, said “The gap between need and affordability of Assistive Technologies is huge, thus making it extremely difficult for persons with disabilities to access the latest innovations. SBI’s longstanding commitment to inclusion, combined with Social Alpha’s expertise in accelerating lab to market journeys of start-ups, will enable entrepreneurs to develop affordable and high-quality solutions to empower people with disabilities live a healthy, productive, and independent life.”

About SBI Foundation: SBI Foundation is the CSR Arm of State Bank of India that is dedicated at improving the socio-economic well-being of the society, particularly of the less fortunate and underprivileged members and enable them to live up to the potential that they all possess. The Foundation has 4 flagship initiatives namely, SBI Youth for India, Gram Seva, Centre of Excellence for Persons with Disabilities and Healthcare along with various independent projects in the field of education, environment etc. For more information, please visit www.sbifoundation.in

About Social Alpha: 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 than 150+ start-ups including 50+ seed investments. For more information, please visit www.socialalpha.org.