FAQs
Are we Profit Making company?
Yes, we are!
As an organization, are we responsible for a product, service, or project that has had a positive, intended impact aligned with one or more of the UN Global Goals (SDGs) or a social or environmental cause?
Yes, 6 SDGs SDG3: Good Health SDG10: Reducing Inequalities SDG4: Quality Education SDG8: Decent Work and Economic Growth
Please introduce your company in a sentence
TorchIt is an Indian enterprise working towards the empowerment of the People with Disabilities by developing and partnering for effective and affordable tech based Assistive solutions which can help them lead more independent and fulfilled lives.
What are the issues we are trying to solve, and who are the beneficiaries?
The issues being addressed are the challenges faced by over a billion individuals with disabilities, including visual impairments, mobility limitations, and communication difficulties. The primary objective is to overcome the barriers that hinder their daily independence, education, training, and employment opportunities. The lack of affordable and accurate assistive solutions is a key issue. By developing accessible and cost-effective assistive technologies, we aim to provide individuals with disabilities the tools they need to overcome their limitations and lead independent lives. These technologies can include sensory aids, mobility devices, and communication tools that enhance their capabilities and bridge the accessibility gap. The beneficiaries of these efforts are individuals with disabilities themselves. By empowering them with the right resources, we strive to enhance their quality of life, boost their confidence and self-esteem, and enable them to pursue their goals and aspirations. They can achieve greater independence, actively participate in education and training, and access employment opportunities that match their skills and talents. Moreover, by addressing the challenges faced by individuals with disabilities, society as a whole benefits. Embracing inclusivity and providing equal opportunities for individuals with disabilities fosters a more equitable and compassionate society. It allows for the full integration and participation of individuals who were previously marginalized, unleashing their potential and enabling them to make valuable contributions in various fields. In summary, the aim is to solve the issues of limited independence, education, training, and employment opportunities faced by individuals with disabilities through the development of accessible assistive technologies. The beneficiaries include individuals with disabilities themselves, who gain greater independence and opportunities, and society as a whole, which becomes more inclusive and benefits from their unique talents and contributions.
How are we tackling the issues at hand, and what specific initiatives/programs are we running to address them?
At Torchit, we are committed to tackling the issues faced by individuals with disabilities by offering a range of initiatives and programs. One of our primary focuses is the development and provision of affordable and effective assistive solutions. We invest in research and development to continually improve our existing products and create innovative solutions that cater to a wide range of disabilities. By making these solutions accessible and affordable, we aim to empower individuals with disabilities to overcome their challenges and achieve greater independence. Through our foundation, The Skill: Torchit Foundation, we provide education, job training, and employment opportunities for people with disabilities. We believe that access to education and skill development is crucial for their personal growth and integration into the workforce. Our foundation also advocates for the rights and interests of people with disabilities, particularly those from economically disadvantaged backgrounds, to ensure they have equal opportunities for success. To promote inclusivity and raise awareness, we engage in community outreach and education programs. We aim to create a more accessible and accepting society by organizing workshops, seminars, and awareness campaigns. Through these initiatives, we strive to change societal perceptions, eliminate barriers, and foster a more inclusive environment for individuals with disabilities. Additionally, our online marketplace, Enablemart, serves as a comprehensive platform for assistive solutions. We offer a wide range of high-quality products and services, making it easier for individuals with disabilities to access the tools they need. We also provide information and resources on NGOs, schemes, policies, tourism, and employment opportunities specifically tailored to the needs of people with disabilities. Our dedicated customer service ensures that individuals receive the support and guidance they require to make informed choices. Overall, our business, Torchit, is actively tackling the issues faced by individuals with disabilities through the development of affordable assistive solutions, education and skill-building programs, and the creation of an inclusive marketplace. We are dedicated to empowering individuals with disabilities, advocating for their rights, and creating a more accessible and inclusive society.
What is our organization's business model, and how do we plan to achieve long-term profitability?
As a profit-making company, our business model revolves around ensuring sustainable profitability while addressing the needs of individuals with disabilities. We employ a marked-up pricing strategy, with a margin of 25-30% on each product we offer. This enables us to generate revenue and cover our operational costs, allowing us to continue providing essential services and support to our customers.
To achieve more profitability, we have diversified our revenue streams. We actively engage with various stakeholders, including government entities, corporate social responsibility initiatives, philanthropic organizations, NGOs, and special schools. By collaborating with these partners, we secure funding and support for our initiatives, ensuring the continuity of our programs and the development of innovative assistive solutions.
We also cater to individual customers with disabilities and their loved ones, who directly purchase our products and services. By offering quality and affordable assistive solutions, we aim to meet the diverse needs of our customers while maintaining a loyal customer base.
Additionally, we explore grant opportunities, sponsorships, and partnerships with organizations and foundations that share our vision and values. By tapping into these funding sources, we can secure financial support to further expand our operations and reach a broader audience and more specifically Research and Development.
Furthermore, we continuously evaluate market trends, technological advancements, and customer feedback to refine our product offerings and remain competitive in the assistive technology market. This commitment to innovation ensures that we provide cutting-edge solutions that address the evolving needs of individuals with disabilities.
In summary, our business model relies on generating sustainable profitability through a marked-up pricing strategy and diversifying our revenue streams. By collaborating with government entities, CSR initiatives, philanthropic organizations, NGOs, special schools, and individual customers, we ensure the long-term viability of our business while positively impacting the lives of individuals with disabilities.
Our financial performance has been strong, demonstrating consistent growth year-on-year. We have achieved an impressive y-o-y growth rate of approximately 80-100% across various key metrics, including revenue and profit. This substantial growth reflects our commitment to delivering high-quality assistive solutions and services to individuals with disabilities.
Beyond financial metrics, our true measure of success lies in the number of lives we impact positively. We are proud to share that we have already impacted the lives of a significant number of 100,000 individuals with disabilities. Looking ahead, our ambitious goal is to impact one million (1,000,000) lives within the next three years. This target reflects our dedication to expanding our reach, developing innovative solutions, and fostering inclusivity on a larger scale.
Our financial performance and growth trajectory, along with our commitment to making a meaningful impact, position us as a strong nominee. We strive to create sustainable profitability while uplifting and empowering individuals with disabilities, and we are excited about the future as we continue to drive positive change and reach new milestones.
Our revenue stream is from sale of goods
TorchIt’s revenue model is designed to ensure sustainable profitability while addressing the needs of individuals with disabilities. The organization employs a marked-up pricing strategy, adding a margin of 25-30% on each product to generate revenue and cover operational costs. At TorchIt, we have diversified our revenue streams to ensure sustainability and support our mission of empowering individuals with disabilities. Here are the various revenue streams we have established:
- Corporate Social Responsibility (CSR): We collaborate with corporate organizations that allocate funds for social initiatives. Through partnerships with CSR programs, we secure funding for our projects and programs that benefit individuals with disabilities. These funds are crucial for the development and deployment of affordable assistive solutions, education and skill-building programs, and community outreach activities.
- Government Funding: We actively seek government grants, subsidies, and funding opportunities that support initiatives for the empowerment of individuals with disabilities. These funds enable us to expand our reach, improve our existing products and services, and create new solutions that cater to the diverse needs of the disability community.
- NGO Collaborations: We partner with non-governmental organizations (NGOs) that work in the disability sector. These collaborations help us leverage their expertise, networks, and resources to amplify our impact. Additionally, joint projects and initiatives with NGOs often open doors for funding opportunities and access to a wider audience.
- Distributors and Partners: We establish partnerships with distributors and other organizations that share our vision and have established distribution networks. By collaborating with these partners, we can reach more individuals with disabilities and make our products and services more widely available.
- End Users and Their Loved Ones: Our end users and their loved ones are a crucial source of revenue. We offer our products and services directly to individuals with disabilities and their families, providing them with affordable and accessible assistive solutions. Their support contributes to our revenue stream and helps us sustain and grow our operations.
What innovative approaches have we incorporated that differentiate us from our competition
At Torchit, we have incorporated several innovative approaches that set us apart from our competition and enable us to better serve individuals with disabilities. These approaches include:
- Affordable Assistive Solutions: We prioritize affordability by developing assistive solutions that are cost-effective without compromising on quality. Our marked-up pricing strategy allows us to offer accessible products at competitive prices, making them more affordable for individuals and families.
- Diverse Product Range: We offer a wide range of assistive solutions that cater to various disabilities, ensuring that individuals with different needs can find suitable products. From sensory aids to mobility devices and communication tools, our comprehensive product range enables us to address a broad spectrum of challenges faced by individuals with disabilities.
- Collaboration and Co-Creation: We collaborate with other organizations, experts, and individuals with disabilities themselves to co-create innovative solutions. By involving the end-users in the design and development process, we ensure that our products and services truly meet their needs and preferences.
- Skill Development and Employment: Our approach extends beyond assistive solutions. Through The Skill: Torchit Foundation, we provide education, skill development, and employment opportunities for individuals with disabilities. This holistic approach empowers them to acquire new skills, gain confidence, and integrate into the workforce.
- Community Outreach and Education: We actively engage in community outreach programs to raise awareness about disability inclusion and accessibility. By conducting workshops, seminars, and awareness campaigns, we aim to change societal perceptions, eliminate barriers, and foster a more inclusive environment.
- Focus on Customer Support: We prioritize excellent customer service to ensure a seamless experience for individuals seeking assistive solutions. Our dedicated support team assists customers in selecting the right products, provides guidance on usage, and addresses any concerns they may have.
What is the positive impact of our business, and can we provide supporting metrics and data points to demonstrate it?
Positive Impact Metrics:
- Lives Impacted: Our business has positively impacted over 100,000 lives by providing assistive aids and solutions to individuals with disabilities. These aids have improved their independence, accessibility, and overall quality of life.
- Revenue Growth: Our revenue has shown significant growth, with USD 1,820,000 generated in the previous fiscal year (2022-23), compared to USD 510,000 in the preceding year. This represents a substantial increase in financial performance and reflects the increasing demand for our products and services.
- Forecasted Revenue: We anticipate a forecasted revenue of USD 1,500,000 for the current fiscal year (2023), indicating our sustained growth and market presence.
- Strong Partnerships: We have established partnerships with over 300 NGOs, 70+ corporate entities, and renowned organizations such as Facebook, World Bank, MIT, and Tata Trust. These collaborations enable us to expand our reach, access resources, and work together to create a more inclusive society.
- Funding: We have secured USD 600,000 in funding, combining investments and grants, which further supports our growth initiatives and enables us to continue making a positive impact.
- Global Outreach: Our impact extends across 40+ countries, reaching individuals with disabilities worldwide and contributing to the global movement towards inclusivity.
- Diverse Team: Our team consists of more than 20 individuals, including 10+ blind employees working in marketing and sales roles. This commitment to diversity and inclusion within our own company reinforces our values and ensures that we have firsthand perspectives and experiences guiding our operations.
- Employment Opportunities: We have created employment opportunities for over 9,500 individuals with disabilities, fostering their economic independence and empowerment.
- Direct Impact: Through our efforts, we have directly impacted the lives of more than 1,00,000 individuals with disabilities, providing them with the tools, skills, and support they need to lead fulfilling and independent lives.
How do we plan to develop our business over the next 12-24 months to achieve greater scale and impact?
Over the next 12-24 months, we have outlined a comprehensive plan to take our business to the next level and make a greater impact. Here are the key strategies we will be implementing:
- Fundraising: We will actively seek fundraising opportunities to secure additional capital for expanding our operations. This will involve engaging with potential investors, philanthropic organizations, and government grants to support our growth initiatives.
- Diversification: We will focus on diversifying our product offerings to address a wider range of disabilities and cater to the evolving needs of our customers. Through research and development, we will innovate new assistive solutions and enhance existing ones. Additionally, we will explore opportunities to expand our product range, such as introducing products specifically designed for the elderly.
- Geographic Expansion: Our plan includes expanding our reach to new regions and countries, particularly targeting the EU and US markets. By establishing strategic partnerships and distribution networks in these regions, we aim to bring our affordable assistive solutions and programs to a larger population of individuals with disabilities.
- Collaboration and Partnerships: We will actively seek collaborations and partnerships with like-minded organizations, NGOs, and academic institutions. By leveraging their expertise and resources, we can amplify our impact and reach a larger audience, especially in the EU and US markets.
- Enhanced Marketing and Outreach: We will invest in marketing and outreach efforts to raise awareness about our brand, products, and services. Through digital platforms, social media, and targeted campaigns, we will reach individuals with disabilities, their families, and relevant stakeholders, creating greater visibility and engagement.
- Empowering Skilled Workforce: The Torchit Foundation will play a crucial role in our growth plans. We will continue to provide skill development and training programs for individuals with disabilities, with a target of upskilling at least 1,000 individuals in the next 24 months. By expanding our network of trainers and forging partnerships with organizations offering job opportunities, we will empower individuals with disabilities to enhance their employability and independence.
- Continuous Improvement: We will prioritize continuous improvement in all aspects of our business. This includes refining our customer service, enhancing product quality, and optimizing operational efficiency. By actively listening to customer feedback, staying updated on technological advancements, and implementing best practices, we aim to deliver an exceptional experience to our customers.
