The DeTECHtive: Featuring a Tech Start-Up Prepared to Combat Poverty In India With Micro-Entrepreneurship

Case #8Start-Up: OptiMrkt@OptiMrktCrowdfunding Campaign: https://www.indiegogo.com/projects/optimrkt-you-are-the-change-india-needs#/Entrepreneurs: Monty Berrow and Bay DowningIndustry: Micro-EntrepreneurshipWhat Investigative Work Revealed: Within urban slums, communities possess both great poverty and stifled talent. One of the major issues facing populations suffering from the cycle of chronic poverty is a lack of financial inclusion and opportunity. Without opportunities, entrepreneurs and members of such societies are left with a limited market and ultimately face many obstacles in the fields of entrepreneurship and innovation. International investments are a tool for micro-entrepreneurs to overcome such circumstances to either start or scale their individual businesses. When it comes to targeting the overwhelming presence of poverty in urban slums, there is one rising start-up that illustrates that the unique yet powerful convergence of entrepreneurism, humanitarian work, and technology does in fact exist.Enter OptiMrkt. This socially-geared tech venture is a platform providing peoples from around the world the opportunity to help encourage business and entrepreneurship in disadvantaged neighborhoods through investment. OptiMrkt is currently focused on disrupting the poverty cycle that is present in India’s Dharavi, which houses one of the largest urban slums in the world. As a regional competitor for the 2016 Hult Prize Competition, a start-up accelerator for aspiring social entrepreneurs emerging from universities around the world, OptiMrkt has established itself on a global stage as having a credible social business idea. It is presently in the running to receive US$1 Million in seed capital.Empowering individuals and communities living in poverty by providing access to capital is an incredible gift of which a community suffering from a lack of opportunity suddenly has the resources to earn a living and pursue business ideas. OptiMrkt makes this achievable. This social venture has ensured that the micro-entrepreneurs are privy to both a larger market as well as access to capital. OptiMrkt’s platform allows micro-entrepreneurs to upload business information via their mobile phones and reach out to individuals around the globe for capital. In addition to access to a worldwide community of individuals interested in making socially-geared investments, OptiMrkt creates a virtual environment where the micro-entrepreneurs are able to expand their sales with a broader with the opportunity of reaching markets across India. I found it to be an inspiring and educative experience speaking with Monty Berrow and Bay Downing, two of OptiMrkt’s co-founders. Their passion for and knowledge about what it will take to effectively combat poverty in Dharavi reminded me why I love my job as TechDay’s DeTECHtive.  OptiMrkt has the ability to impact anyone in the Dharavi because their technology can work on both feature phones and smartphones. According to Berrow and Downing, ninety percent of the people in Dharavi have phones and seventy percent have smartphones. With this being the case, one of OptiMrkt’s greatest strengths is its scalability.Now, one might ask, what differentiates OptiMrkt within the micro-entrepreneurship industry? When I asked this very question to Berrow, OptiMrkt’s Chief Operating Officer, his response was that is was their unique repayment system. “When the micro-entrepreneurs receive micro-loans from individuals throughout the world, the repayment system is through their mobile wallet, which we provide on our platform. So every time they make a sale, on our platform or through their stores and with the mobile wallet, a set percentage will immediately go back to the investor. We give [the micro-entrepreneurs] the ability to grow their business while seamlessly paying back loans." This process of frictionless payments makes it hassle-free for the micro-entrepreneurs to grow and while simultaneously repay loans. OptiMrkt encourages business growth by ensuring access to a broader market as well as an immediate exchange of payment of goods and repayment of loans. This automatic transfer is a more secure way to mitigate loss for the micro-entrepreneurs and risk for the individuals giving loans.Berrow’s words confirmed my belief that this start-up will revolutionize micro-entrepreneurship. Now, for all you aspiring entrepreneurs and global change makers, Downing provided valuable insight into what it takes to transform an idea into reality. Regarding his experience of helping build OptiMrkt, he voiced, “It’s all to do with the team, really…A lot of sleepless nights, the mutual drive to actually make a change, and going to India and seeing where we can make a change. Once you go there you will see what life is really like and how to best make that change a reality.”Knowing the market’s need is a must for those determined to develop the most impactful solution. There are over 200 million micro-entrepreneurs throughout India. OptiMrkt’s business model is set to both revolutionize today’s concept of micro-entrepreneurship as well as make a true impact within Dharavi.Now, usually as TechDay’s DeTECHtive I feature start-ups that are currently operating. However, this investigative report was meant to inspire those still in the early stages of their start-up by highlighting a social enterprise set to launch in the upcoming months. This start-up has an innovative solution. It has revolutionary technology.  To close this case, I am confident OptiMrkt and its team will effectively spark growth in the businesses of micro-entrepreneurs across India, and eventually across the world.