MedibleGo was created with the purpose of empowering micro, small and medium enterprises (MSMEs) through advanced AI technology. It has reached its next milestone in achieving this mission as it has been awarded a grant by Innovate UK, the UK’s innovation agency.
In June 2023, MedibleGo expanded to the UK through the ProChile Global X platform. Seven months later, the company has cemented itself in the region as it offers critical tools, structured guidance and personalised support to develop products and services, generate consistent revenue streams, access micro-lending providers and ultimately achieve self-realisation in the business landscape.
“We are thrilled to receive this grant from Innovate UK, which will enable us to keep on building our AI capabilities and expand our reach to empower even more MSMEs worldwide,” said Rodrigo Malachias, CEO at MedibleGo. “At MedibleGo, we are committed to leveling the playing field for small businesses, enabling them to access the tools and support they need to succeed in today’s competitive market.”
MedibleGo’s approach to MSME empowerment aligns with Innovate UK’s mission to drive economic growth through innovation. By supporting initiatives like MedibleGo, Innovate UK reaffirms its commitment to fostering a vibrant ecosystem where cutting-edge technologies and entrepreneurial spirit converge to address pressing global challenges and unlock new opportunities for sustainable growth.
A tough situation for MSMEs
The global economy is currently facing challenges from conflict, logistical bottlenecks, inflation, and high-interest rates that disproportionately affect MSMEs due to their limited resources. Unlike large companies, which often overcome adversity and even thrive by investing heavily in product and service innovation through in-house teams or consultancy firms, these practices are often unaffordable for MSMEs. These efforts require significant financial resources, making them impractical for smaller firms.
As a result, many MSMEs face huge obstacles and end up failing, despite their significant contribution, accounting for 70 per cent of global GDP and employment. In the UK alone, MSMEs account for 99 per cent of employers and 60 per cent of the workforce.
MSMEs can greatly benefit from access to essential tools, structural support, and tailored guidance to foster product and service development. If they had secure sustainable income streams, secure micro-credit opportunities, they could reach their full potential. With the support of Innovate UK, MedibleGo has further invested in refining its AI model, as it continues to foster MSME growth and sustainability.
“MedibleGo exemplifies the rapid sophistication of fintech companies. We are not only addressing but effectively solving issues within our economy and society that were previously overlooked or neglected by traditional financial institutions. MedibleGo’s success underscores the pivotal role fintechs play in advancing accessibility and innovation, reshaping the landscape of financial empowerment for MSMEs and beyond,” concluded Malachias.