“Social entrepreneurs are not content just to give a fish or teach how to fish. They will not rest until they have revolutionised the fishing industry.”
-Bill Drayton, Ashoka Changemakers
SoCha Unconvention, the social entrepreneurship competition organized at eSummit’16 witnesses some ideas worth sharing. Decentrik and Monc Technologies were the joint winner of the competition. Here is a glimpse of what Monc Technologies has to offer.
Monc Technologies produces low-cost highly advance bio-products. Their principle vision is to translate the standard products into customized ones, to bring low cost highly advance bionic hands in the Indian commercial market. According to a report published by O&P, the rate of amputations is constantly increasing in developing countries. In India, this increment is mainly due to increasing road accidents.
Here we have two sides, one is the middle class amputee and other is the highly expensive and advanced bionic hand. The low cost mechanical and electronic hands aren’t able to fulfill the needs a middle class amputee needs to carry over their regular working life to support their family.
Monc Technologies comes in between these two sides. Embedding highly advanced features into the bionic hand at their affordable price, the business model plays a vital role in reducing the cost. Here, they have sets of different features at different price levels. By letting the amputee choose the features what they want to have in their bionic limb will dramatically eliminate the cost from the standard model. They have analysed an average of 65 amputees per district in India. The market value of the bionic hand in India alone is approximately a 100cr.
Having started their journey towards the evolution of mankind from “Human to Trans-human”, their future plans include making artificial organs to replace damaged ones. Making money by doing good for people is the perfect balance to create, and Monc Technologies seems to master it.