India is about to reach the demographic window where the proportion of the population in working age will be much higher than that of the population in need. If we can exploit the demographic dividend successfully, the country will press ahead on the path of economic development and prosperity for all. If not, the demographic window will suffer consequences.
We must provide the means for our current and future generations to be as productive as possible in order to maximize the demographic dividend. This entails finding quick solutions to the nation’s social issues. Nonetheless, the increasing populace and diverse terrain have highlighted the difficulties in resolving the numerous social issues, particularly the more difficult ones in the most isolated areas. This has emphasized the necessity for fresh approaches and cutting-edge technology to help accelerate and scale up the social impact.
This is where the rapidly expanding group of social tech entrepreneurs enters the scene. They have created company models that are both socially and economically significant by utilizing technology and digital transformation. These social entrepreneurs and businesses are taking advantage of gaps and scalable opportunities to make a profitable effect on society on a large scale.
There are more than 400 social impact startups in India, and the number is rapidly rising. Large corporations and investors from India and other countries have begun to take an interest in and make investments in these businesses on a worldwide scale. In addition to the influx of capital, other factors contributing to the growth of social tech entrepreneurship in India include the government’s increased initiatives in this field, the relaxation of regulatory requirements, and the creation of a robust ecosystem that provides experienced players and outside facilitators with guidance, coaching, and other forms of support. The increasing number of people using mobile phones and the internet’s increased penetration are the two other main factors driving the rise of social tech firms.
Social tech companies work in a number of subsectors and provide distinctive solutions that use technology to improve millions of lives. Let’s take a closer look at a few of the sub-sectors.
Health Tech
Higher rates of death and morbidity are the result of the Indian healthcare system’s inability to adequately serve distant and low-resource regions dispersed throughout the enormous nation. Social tech companies working in the health technology arena have created a wide range of creative answers to the urgent issues facing the healthcare industry, from enhancing service delivery accuracy, speed, and efficiency to addressing access, price, and quality. However, among other things, primary care, diagnosis, and screening continue to be the extent of their labour and solutions. The deficiency of healthcare professionals and the absence of cooperation between startups and specialists in the field are the reasons given.
Having said that, a number of social impact firms in the health technology sector are attempting to close the gap between end users and physicians, promote early detection, enhance wellbeing, and keep track of health-related requirements. Here are some well-known participants in this field.
Clean Energy/ Clean Tech
Growing carbon emissions and climate change have severe negative social and economic effects that highlight how urgent it is to pursue sustainable development and leave a healthy planet for coming generations. Conversely, a sizable portion of the population in India lacks access to even the most basic form of energy. By offering electrification solutions to rural and isolated populations in more environmentally friendly and sustainable ways, clean tech and renewable energy entrepreneurs are putting themselves at the forefront. Clean energy entrepreneurs are creating electric transportation solutions, using biomass and biofuels for electrification, utilizing solar energy, and more. They are also having a significant impact on society.
Water Tech
Future battles are predicted to be fought for water. And with good reason—groundwater levels are dropping quickly due to climate change and protracted droughts in some areas of the nation, creating severe water scarcity in those areas. It has also been recognized that technology may significantly contribute to making this better. As a result, water tech businesses are saving this valuable resource, giving people access to clean drinking water, and assisting them in navigating the current situation.
Agri Tech
India is primarily an agrarian country, with agriculture serving as the backbone of its social, economic, and cultural systems. The vast majority of people in our country make their living from agriculture. In addition to ensuring food security, a robust agricultural industry also promotes widespread socioeconomic empowerment. It is well known, nevertheless, that the nation is experiencing an agrarian crisis as a result of droughts, reliance on the monsoon, and antiquated methods. Social tech companies have taken advantage of the opportunities this industry presents and have developed a wide range of solutions to help farmers overcome the difficulties they face. These solutions range from offering equipment at reasonable prices to marketing strategies and crop protection measures to crop analytics that increase profitability, and much more. Global tech behemoths have taken notice of the Agri Tech industry and are investing millions of dollars in it.
Conclusion
Without a question, the Indian social tech startup scene is expanding and attracting interest from around the world. However, if social enterprises are to survive and grow, they need to confront certain dangers, vulnerabilities, and problems. The primary obstacle to social tech firms’ ability to develop and endure over time is their incapacity to demonstrate their quick growth and influence to possible investors, which makes it difficult to secure larger funding. One of the biggest risks and obstacles is that social companies often buckle under pressure and narrow their mission to prioritize earnings when it comes to the trade-off between profit and social effect. It’s critical that social tech entrepreneurs find the right mentors to help them advance, as well as learn from their successful peers about how to balance social impact and profitability in their business models.
Leave a Reply