A team of entrepreneurs has developed a bionic arm which can be purchased at a mere price of $130. This current bionic arm prototype costs is almost 22 times cheaper than other bionic arms which are available in the market and whose price tags varies between $3000 and $11,000. This prototype was developed by a team of five students at SP Jain Institute of Management and Research.
The project won accolades at the Bangkok Business Week which was held last week.
The team developed a low cost bionic arm so that all the amputees from all sections of society can access the prosthetics and the team also won the prize money of $3,000.
"We are currently in the process of patenting our products," said Shashank Rane, first year marketing student and a team member.
The team has yet to register itself as a startup, but the good news is, they have already received a soft order of 100 such arms. "We are currently only applying for the competitions and haven't officially made pitches to the investors. But we have managed to get our first order", said Shashank. Another team won the best Sustainability Award and was given a cash reward of $8000. This team was also from SPJIMR.