EP #388 - Nicole Colmenares Pulido: How to Make Prosthetics Accessible Worldwide
Apr 1, 2024
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Nicole Pulido, Co-founder of Circleg, discusses the neglected field of disability care, making money as an impact startup, managing startup growth, and fundraising strategies in the podcast. Circleg aims to provide affordable prosthetics to low and middle income countries, focusing on Africa initially.
Addressing the neglect in disability care by providing affordable prosthetics worldwide
Balancing social impact and financial sustainability through revenue generation and impact investment
Success attributed to diverse team expertise in design, engineering, and finance
Challenges in managing team growth, transitioning to professional structure, and fundraising for expansion
Deep dives
Addressing Prosthetic Care Accessibility
The podcast highlights the lack of access to prosthetic care for over 90% of the world's amputees due to expensive solutions focused on high-income countries or low-quality options that do not last. Circlec, a social enterprise, aims to provide affordable, high-quality prosthetics to address this gap, driven by an impact-oriented motivation shared among its co-founders.
Timing and Government Focus on Rehabilitation
The timing for addressing prosthetic care has been ideal due to historical neglect contributing to the majority of amputees lacking access. Governments, under the World Health Organization's initiatives, are now increasing funding for rehabilitation and assistive devices, creating opportunities for companies like Circlec to make a significant impact and expand.
Balancing Impact and Profitability
Circlec navigates the challenge of balancing social impact and financial sustainability by emphasizing the importance of generating revenue to scale their impact efficiently. The company initially focused on research and development with grant funding, ensuring a certified, high-quality product for lower-middle income countries before transitioning to blend financing with impact investors to further expand their reach and maximize their impact.
Founding Team's Diverse Skill Sets
Circlec's success is attributed to its diverse founding team comprising two industrial designers, two mechanical engineers, and a business expert. Each member brings unique skills, such as design innovation, engineering, and finance, that complement one another effectively. The team's collaborative approach and varied expertise have been instrumental in developing and growing the company.
Key Milestones and Achievements
Circlec has achieved significant milestones, including winning the Cyber-Thon competition, obtaining certification for their prosthetics, establishing a hub in Kenya, and commencing product sales. The team's dedication to product quality and durability, coupled with successful fundraising efforts, have propelled them to expand their operations and impact across multiple continents.
Challenges of Team Growth and Cultural Adaptation
Managing team growth across continents and transitioning to a professional operational structure posed significant challenges for Circlec. The team focused on professionalizing processes and building a strong culture conducive to remote collaboration. By personally engaging in team building in East Africa, Circlec ensured a smooth adaptation and alignment of values across diverse locations.
Current Fundraising Endeavors and Future Expansion
Circlec is currently fundraising $1.5 million for expanding their presence across Africa, producing a larger batch of prosthetics, and meeting sales demands. The funds will also support ongoing research and development to optimize products and expand capabilities. With a focus on impact and profitability, Circlec aims to scale their operations while maintaining product quality and accessibility.
18:20 - Fundraising through the Swisspreneur Syndicate
About Nicole Pulido:
Nicole Colmenares Pulido is the co-founder and Head of Business Development & Finance at Circleg, a Swiss startup providing affordable and high-quality prosthetics to low and middle income countries across the world. Nicole holds a master’s degree in Business and Development Studies from Copenhagen Business School and previously worked for companies like Climate-KIC and PRORSUM AG before starting Circleg in 2021.
Circleg addresses a very pressing problem: over 90% of global amputees don’t have access to quality prosthetic care, since prosthetic manufacturers tend to focus on high income countries to ensure sizable profit margins. Circleg wants to change this, so they’ve created an affordable, circular and high-quality prosthetic which they’ve begun selling within the African continent, with Kenya as their starting market.
Although initially they depended on grant money, the team is now ready for VC funding, and is raising CHF 1.5M to power their African expansion. Part of these funds are being raised through the Swisspreneur Syndicate: check out our deal flow page to learn more.