Empowering persons with disabilities: Social Alpha's Swavlamban Divyangjan ATMA Fund in partnership with SIDBI, Concludes with remarkable impact

BusinessWire India

Mumbai (Maharashtra) [India], June 13: Recognising the challenges faced by the disabled population and the need for affordable assistive technologies, Social Alpha, with support from SIDBI, initiated the Swavlamban Divyangjan ATMA Fund in February 2021. The fund aimed to develop a financial mechanism that would make high-quality assistive technologies more accessible and affordable for end-users while promoting market entry for such technologies.

The majority of children with disabilities stay out of school, and a significant number of adults with disabilities remain unemployed due to the lack of an inclusive environment in society. This leads to limited or no income among persons with disabilities (PwDs), resulting in growing out-of-pocket expenditures to sustain everyday living. Unfortunately, assistive technologies designed specifically for PwDs are often unavailable even in major Indian cities, requiring lengthy waits and high import duties for those who seek them from abroad. This demand-supply mismatch persists due to a lack of focus on research and development and insufficient investments in this crucial sector.

Through the Swavlamban Divyangjan ATMA fund, entrepreneurs have been able to extend a significant discount of up to 50 per cent to their users, facilitating the adoption of new technologies and raising awareness of their benefits in the market. This strategic approach has ensured that information about these innovative new products or services reaches the diverse user base scattered throughout the country. The fund has successfully mobilised INR 80 lakhs to five start-ups, concluding the current program.

They include My UDAAN, Rymo Technologies, Dextroware Technologies, Phonologix, and Signable. These innovative start-ups have significantly benefited from the fund, enabling them to find the right product market fit, attract initial paid users, and raise awareness about their offerings. Together, they have already impacted the lives of over 2500 users, demonstrating that when assistive technology delivers substantial benefits, individuals are not only inclined to invest in it but also advocate for its adoption among fellow users. The success of the fund has encouraged Social Alpha to continue creating innovative financial mechanisms for start-ups to take their products to PwDs.

"Technology and design solutions can improve inclusion and the quality of life of people with disabilities. However, there are barriers of availability, appropriate prescription, fitment, training for use and inability to afford out-of-pocket purchase," said Dr Kshama Kothari, Head of Health & Wellness, Social Alpha. "The Swavlamban Divyangjan SIDBI-ATMA fund is a significant catalyst in reducing the financial barrier and enabling the early adoption of assistive technologies that are ready for market. Leveraging ATMA, five start-ups have established access for over 2500 individuals, and these numbers continue to grow. Social Alpha aims to foster long-term sustainability and growth of entrepreneurial initiatives in this sector. Our partnership with SIDBI, a like-minded organisation committed to inclusivity, has been instrumental in increasing the access and affordability of high-quality solutions. Together, we envision a future where every person with a disability can access the appropriate assistive technology, empowering them to participate fully in society," she added.

Experts in the Assistive Technology space have praised the Swavlamban Divyangjan ATMA Fund as it empowers innovators to onboard customers who are willing to pay for the value and also enables users to experience the products and make informed choices when purchasing assistive technology that best suits their needs. By moving away from solely relying on charitable drives, this fund has supported start-ups to build blueprints and design financially viable commercial sales models for further replication and scale.

"We at SIDBI believe that technology-led solutions can have an enormous impact on the lives of marginalised communities. The SIDBI Swavlamban Divyangjan ATMA fund is one such solution-oriented step towards achieving SIDBI's objectives. It has also proved to be a crucial accelerator for lowering the cost barrier and enabling the early adoption of market-ready assistive technologies. The success of the ATMA Fund project showcases the positive impact on the lives of the specially-abled community through enhanced accessibility. It is evident that high-quality solutions can be devised at reasonable prices through meaningful collaborations. SIDBI welcomes more such technology-led innovations and community-focused initiatives that can enhance the inclusion of disadvantaged communities, help address the challenges faced by the marginalised section of society and help them lead a better life," said Dr Subhransu Sekhar Acharya, CGM SIDBI.

The success of the Swavlamban Divyangjan ATMA Fund showcases the importance of collaborative efforts in addressing the affordability and accessibility challenges faced by the PwD community. It is a testament to the potential of innovative financial mechanisms in driving positive change and enabling a more inclusive society.

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