After a pitch session yesterday, Nigerian Healthtech startup, LifeBank has emerged as one of the winners at the 2018 MIT Solve Global Challenge held in New York City. Solve is an initiative of the Massachusetts Institute of Technology (MIT) that advances lasting solutions from tech entrepreneurs to address the world’s most pressing problems.
We won! LifeBank is a 2018 @SolveMIT Solver Team 🎉
We can’t wait to tap into Solve’s incredible community and expand our impact 🙌🏾 pic.twitter.com/4vR0LEgTpF
— LifeBank (@LifeBankCares) September 23, 2018
Organised by the Massachusetts Institute of Technology (MIT), the Solve Global Challenges is targeted at finding solutions for prominent issues by supporting and funding concepts around the world. The competition is divided into four major categories -“Work of the Future”, “Teachers and Educators”, “Coastal Communities”, and “Frontlines of Health”.
Nigerian Medical startup, LifeBank won under the 4th category “Frontlines of Health”, which is targeted at startups developing technology for health workers and services to improve communities’ access to effective and affordable healthcare.
The solutions proffered are to provide services for disease prevention, diagnosis, and treatment where alternatives either do not exist or are inaccessible due to cost, distance, or stigma.
— SolveMIT (@SolveMIT) September 23, 2018
The category received about 265 solutions of which 8 teams were selected for the finals. This includes LifeBank and other teams: Ada4CHW (Germany), Akiba ya Roho (Kenya), E-Heza Digital Health Record (Rwanda), MediCapt (USA), Neopenda (USA), Refugee Health Workforce Answer To Global Skill Shortage (Switzerland), and Sexperto (Mexico).
At #SOLVEFinals, @LifeBankNigeria showcases its medical product supply chain innovations that are saving lives in Lagos. Very interesting work at the intersection of data and developing healthcare systems. pic.twitter.com/2mGf4C5PVy
— John Paul Farmer (@johnpaulfarmer) September 23, 2018
LifeBank startup uses data, smart logistics, and a combination of low and high technology, such as AI and blockchain, to discover and deliver essential medical products to save lives in hospitals across Nigeria. It would be receiving up to $50,000 in equity-free funding which would be utilised to accelerate its expansion timeline.
About MIT Solve Challenges
Each year, Solve issues four Global Challenges to find the most promising Solver teams who will drive transformational change. Solve then builds and convenes a community of leaders and changemakers to form partnerships these Solver teams need to scale their impact.
This year’s event took advantage of the United Nations General Assembly Week and had the event graced by Dr Jim Yong Kim, the current President of the World Bank Group and Former Nigerian Finance Minister, Okonjo Iweala.
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