Putting High-Functioning and Affordable Prosthetic Devices Within Reach
This week, Village Capital is excited to highlight Legworks, an alumni company that is offering game-changing solutions to address the “health-wealth” gap. Legworks, a Canadian-based startup, is on a mission to increase the affordability, availability, and quality of prosthetic devices.
The founders of Legworks recognized an intractable problem in the world of prosthetic limbs: High functioning and affordable prosthetic devices are out of reach for millions of amputees around the world. These devices are often too expensive or simply unavailable. In fact, only 10% of the ten million amputees worldwide have access to some sort of prosthetic device — this results in a lower life expectancy and a decreased quality of life for those who can’t afford a replacement limb. Co-founder and Director of Partnership Development, Brandon Burke, an amputee himself, notes that those who are unable to purchase prosthetic devices are “doubly disenfranchised because they are both poor and disabled.”
The four founders of Legworks bring a diverse set of skills and experiences to tackle this problem head-on. With backgrounds in leading successful social ventures, working in international development, applying technical expertise to develop mobility assistive technologies, and establishing an authentic connection to the prosthetic device community, the founders have a wealth of business acumen and social awareness ensuring Legworks can both make a profit and an impact
After ten years of research, Cofounder and Chief Technology Officer, Jan Andrysek, developed the All-Terrain Knee, a highly functional and affordable knee joint for amputees. This patented technology has the potential to disrupt the knee joint industry. The product’s improved mobility and versatility shorten the recovery timeline, increases life expectancy, and significantly enhances the quality of life for end users.
In addition to developing a high-quality product, the founders are also dedicated to making this product available for amputees around the world. How? Under the leadership of serial social entrepreneurs and CEOs, David Green and Emily Lutyens, the company is implementing a unique tiered pricing strategy.
Legworks sells the All-Terrian Knee at competitive prices in developed countries, such as the United States and Canada, and decreased prices for reputable intermediaries distributing in developing countries. Through partnerships with respected organizations, such as the International Red Cross, Legworks can provide the device at a discounted price in exchange for an increased volume. This model allows the company to remain profitable while also increasing the company’s global reach. They have higher profit margins when selling in developed markets, but higher volume per customer when selling to intermediaries.
At Village Capital, we are dedicated to supporting entrepreneurs like these.Legworks is a prime example of how businesses can make healthcare more affordable and accessible. The company designed a quality product and sustainable business model that will increase access to prosthetic devices for the world’s poor.
We look forward to seeing what’s on the horizon for this dynamic company!