Technology advances at a blinding rate with new innovations popping up every day. People can use these new technologies to make life easier, save lives, entertain the masses in new, creative ways and serve countless other purposes. In this age of technology and instant access to information, a consumer will find dozens of different companies vying for their money with thousands of different advertisements, promising new features and faster internet. If a consumer investigates further, they will find people around the world using the bleeding edge of technology to reduce poverty by increasing access to medical facilities, providing more energy to those in need, aiding struggling farmers and innovating on the use of technology in the classroom. Here are four tech investments to lower poverty.
4 Tech Investments to Lower Poverty
- TEAMFund: The organization Transforming Equity and Access for MedTech (TEAMFund) invests in companies that can increase medical access in impoverished areas. TEAMFund usually invests in companies that specialize in digital health or artificial intelligence in hopes that these innovations will help with the shortages of doctors and other health care specialists. Some investments that TEAMFund has previously selected include Forus Health, an Indian organization dedicated to using technology to lower cases of preventable blindness, and digital ophthalmology, the use of technology to prevent diseases like glaucoma or diabetic retinopathy. On September 18, 2019, TEAMFund closed a budget of $30 million to invest in low-income areas. As TEAMFund invests this money, many of those in impoverished areas will feel the benefits of easy medical access.
- The Rockefeller Foundation: Energy poverty is also a major problem around the world. Many developing nations do not have electricity with almost a billion people worldwide lacking the ability to live in comfortable temperatures or store food for long periods. On September 12, 2019, the Rockefeller Foundation launched the Global Commission to End Energy Poverty. This commission will explore the many sources of electricity, including microgrids to provide total energy access by 2030. One method it will use to achieve this goal is setting up solar microgrids in developing countries around sub-Saharan Africa, as suggested by Rajiv Shah, president of the Rockefeller Foundation.
- BICSA: Agriculture is a necessary gamble in any community. Long droughts could cause the loss of fields of crops, and without them, people could starve. Currently, no risk is greater than planting crops in India. Many farmers in India rely on monsoon rains to feed their crops, but the rains have been patchy and unpredictable recently, raining 35 percent below the predicted amount. Luckily, organizations like the International Water Management Institute and the Indian Council of Agricultural Research have combined their strength and formed the Bundled Solutions of Index Insurance with Climate Information and Seed Systems to Manage Agricultural Risks (BICSA). This organization will work with the farmers of India and try many different strategies to avoid massive crop loss and protect farmers from bankruptcy. BICSA claims that they will provide services like drought or flood insurance, more seed varieties, new methods to forecast the weather and different farming practices that suit the climate better.
- Education Technology: Education is arguably the most important factor in a developing country. Nevertheless, over 260 million children worldwide do not receive an education. Education Technology (EdTech) companies dedicate their resources to providing more access to quality education. They achieve this goal by teaching programming to young students, providing online college courses to those who cannot afford them, teaching foreign languages and much more in places like Nigeria and Kenya. These EdTech companies, like Andela, Coursera and Kramer have been receiving record-breaking investments in recent years. In 2018, EdTech companies received over $16.3 billion in funding from countries like the United States and China. As these companies grow and reach more people, the world should crawl closer to the total education of the entire world.
The use of technology to reduce poverty brings an age-old problem into the modern world. These four tech investments will not eradicate poverty overnight, but they show that the superpowers of the world are willing to give more for the benefit of the world’s poor. With easier access to medical facilities, energy, agriculture and education through technology, countries with a large poverty rate could move forward on the path to a developed, flourishing society, strengthening the global economy with their commerce and aiding other countries that require assistance.
– Charles Nettles