Project Everest

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Social Consulting

Social Consulting and Finance - Fiji

113 Ideas
324 Votes
343 Comments
378 Subscribers

Bridging the gap between small to medium businesses in developing countries and loan providers.
Vision: Thriving business ecosystem accessible to all.

PROBLEM
Business owners struggle to understand the information required by loan providers to be approved for a loan. As a result, they often have significant delays in getting their loans approved, or receiving rejection, due to the documentation needed.
On the flipside, lenders and financial institutions find it difficult to risk profile their customers, as many of them don’t have the financial reporting and accounting information necessary to justify taking the risk of working with them.
PEV aims to improve access to capital for small to medium businesses and consumers seeking to get loans.

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  1. Rose Martin
    973 pts
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Proposed Experiment

  This experiment focuses on testing the viability for current customers and new customers to make monthly iLavo Log payments using a mobile system. This will be measured by whether or not users are capable of using mobile technology to make payments. It will also determine whether customers are content to pay for the service that we provide on a monthly basis. Lean Phase: Channels/Revenue streams Assumption: Customers of the iLavo log can be taught mobile payment methods to make...

Jack Geason
by Jack Geason
1 Votes
Comments 2
Jack Geason
Adopted Experiment

    This experiment is an ongoing experiment from February, and tests the number of customer referrals from a trial phase partnership with Merchant Finance, (MF) Fiji Development Bank (FDB) and other banks should partnerships be made. This information will also assist in understanding the market size for our product. Lean phase: Channels Assumption:   Banks will refer us SMEs that they have rejected from getting a loan due to lack of financial documentation. These referrals will...

Dharaa Chandrasekaran
by Dharaa Chandrasekaran
1 Votes
Comments 4
Dharaa Chandrasekaran
Project Summary

In February 2020 the SoCon team set engaged in three primary experiments.  1) Utility testing the new features added to the MVP - cash flow statements, inventory log, and profit projections. To ensure that all users are actively participating in the usage and they are not overly complex.  2) Motivating customer usage - We aimed to understand whether allowing customers to view their weekly income would increase their motivation to log sales and expenses consistently 3) Bank relationships -...

Jack Geason
by Jack Geason
0 Votes
Comments 3
Jack Geason

  This experiment is a utility test with the purpose of improving user experience in order to increase usage rates. Lean Phase:  Solution Assumption:  Improving the user experience will increase usage rates. Service features such as paperback log books and workshops will improve the user experience. Time Box:  2 week Success Metric:  Number of days that data is complete per 7 days. Criteria:  Replacing their current sales and expense notebook with an iLavo log...

Dharaa Chandrasekaran
by Dharaa Chandrasekaran
0 Votes
Comments 2
Dharaa Chandrasekaran
Experiment Results

  Lean phase: Customer Segments Reference to Experiment Design Post here Assumption: Providing physical evidence of the income statements will motivate clients to regularly input their finances into the MVP. Time Box: 4 weeks. Success metric: % increase in clients that input data weekly. Criteria: Creating a copy of each client’s income statement each week and making sure they receive the copy. Results: 3 Clients surveyed: Veronika Cua, Amelia Frances and...

Dharaa Chandrasekaran
by Dharaa Chandrasekaran
1 Votes
Comments 1
Dharaa Chandrasekaran
Experiment Results

Lean phase: Solution Reference to experiment design post here Assumption: The new features implemented in iLavo Log (inventory log, CFS, balance sheet) will positively benefit customers and aid them in obtaining their loan.  Time box: 1-2 weeks Criteria: Make sure the new features have been properly implemented into the MVP and all team members have extensive knowledge of the functions. Clients must also have been using the new version of the MVP for at least one to two...

Dharaa Chandrasekaran
by Dharaa Chandrasekaran
1 Votes
Comments 1
Dharaa Chandrasekaran
Experiment Results

Lean Phase: Channels  Reference to Experiment Design post  here . Assumption: Banks will refer the iLavo Log to customers who are wanting a loan but do not have the correct financial documentation to obtain one.   Time Box: 4 weeks Success Metric:   % of referrals of the iLavo Logs to unsuccessful loan applicants from MF and FDB.   Results:  The experiment achieved an orange light with both Merchant Finance (Suva head office) and Fiji Development Bank (Suva...

Dharaa Chandrasekaran
by Dharaa Chandrasekaran
1 Votes
Comments 1
Dharaa Chandrasekaran
Adopted Experiment

This experiment focuses on identifying the market size of customers interested in getting a loan. Lean Phase: Solution. Assumptions:  A majority of our customer segment within the Small to Medium Enterprises get rejected by Banks when applying for a loan due to lack of financial documents Time box:  8 weeks Success Metrics: Percentage of Small to Medium Enterprises that get rejected by banks for loans due to insufficient financial documents.  Green Light: A reasonable...

Dharaa Chandrasekaran
by Dharaa Chandrasekaran
1 Votes
Comments 2
Dharaa Chandrasekaran
Project Summary

In January 2020 the SoCon team set out to achieve four primary goals. Goal one focused on expanding the MVP developed by the December 2019 team, while goal two worked towards securing a partnership with two banks. In addition, the aim of goal three was to get current customers approved for loans. Finally, goal four tried to expand our customer base through pitching and making more MVP sales.    The team were very successful in garnering interest from local business through the use of...

Pooja Nand
by Pooja Nand
0 Votes
Comments 1
Pooja Nand
Adopted Experiment

This experiment is testing the utility of a trial phase partnership with Merchant Finance (MF) and Fiji Development Bank (FDB). It will be measured by the number of customers who get referrals from banks to use PEV’s services to obtain a loan in the future.    Lean phase: Channels Assumption: Banks will refer the Ilavo Log to customers who are wanting a loan but do not have the correct financial documentation to obtain one.  Time box: 4 Weeks    Success metric: % of...

Emma Snow
by Emma Snow
0 Votes
Comments 2
Emma Snow