Project Everest

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Social Consulting

Social Consulting and Finance - Fiji

105 Ideas
318 Votes
215 Comments
368 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
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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 0
Pooja Nand

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 0
Emma Snow

This experiment is testing the utility of adding new features to the MVP (inventory log, CFS, balance sheet). Customers need to be surveyed to find out if they find the new version of the MVP to be of value.    Lean phase: Solution  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   Success metric: % of current clients who express...

Emma Snow
by Emma Snow
0 Votes
Comments 0
Emma Snow

This experiment focuses on evaluating how effective providing weekly income statements are in generating increased use of our MVP, The Ilavo Log. We will determine success by comparing current usage to usage after receiving income statements.    Lean Phase: Customer Segments 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...

Emma Snow
by Emma Snow
0 Votes
Comments 0
Emma Snow

Lean Phase: Solution Reference to Experiment Design post here Assumption: In the future, Project Everest Ventures will partner with Merchant Finance or another financial institution to allow our clients to easily obtain a loan. Time Box: 4 weeks Success Metric: Merchant Finance agrees to partner with us and offer our MVP as a product to clients who are unsuccessful in obtaining a loan for lack of financial documentation.    Results:  The experiment achieved an...

Emma Snow
by Emma Snow
0 Votes
Comments 0
Emma Snow

Lean phase: Solution  Assumption: Expanding and providing additional features to our existing MVP users will increase the likelihood of loan approval and make the process easier.  Time box: 1 week Success metric: % of MVP users that identify a need for more features in the MVP or express dissatisfaction with the current services available.   Results:  2 out of 3 clients from December were surveyed. 1 out of 3 clients have been using the MVP since December....

Emma Snow
by Emma Snow
0 Votes
Comments 0
Emma Snow

Lean Phase: Solution  Reference to Experiment Design Post: https://projecteverest.crowdicity.com/post/2829940   Assumption: That the client of the MVP is using our services continuously and thus is growing their business by obtaining a loan.  Time Box: 4 Week Success Metric: 66% (⅔) of people who purchased the MVP that has continuously used our service and thus have all the necessary documentation to obtain a loan.    Results:   One out of three clients used the...

Emma Snow
by Emma Snow
0 Votes
Comments 0
Emma Snow

Lean phase: Solution    Assumption:  The SME owners have been using the MVP sporadically and will find the product more useful if additional features (inventory log, balance sheet) are added.   Results: 2 Households visited Two clients; Reapi and Veronika Cua engaged in the survey, and the third couple were unable to be contacted   Customer 1 - Reape Nabulo: Of that, through meeting with Reape Nabulo on the 9th of January 2020, we found she was very enthusiastic...

Emma Snow
by Emma Snow
0 Votes
Comments 0
Emma Snow

Lean phase: Channels Assumption : Posters will be placed around Sigatoka town which will attract customers to increase our MVP sales. Time box: 1-2 weeks Success metric: % increase in people who call or email Project Everest to express interest in our product.  Criteria: Obtain consent from shop-owners to advertise our product in and outside of their stores. Also coordinate with the other teams (e.g. Fuel) and make sure that our posters will not be placed near theirs in...

Emma Snow
by Emma Snow
0 Votes
Comments 0
Emma Snow

Lean phase: Channels  Assumption: Based on previous interactions and contact, Merchant Finance (MF) will be willing to agree to a partnership plan and eventually a complete ongoing commercial partnership with PEV where they will refer unsuccessful loan applicants to PEV so that they can utilise PEV’s services in order to be successful for a loan in the future.  Time box: 3-4 weeks Success metric: % that Merchant Finance agrees to all of PEV’s proposed terms in the partnership...

Emma Snow
by Emma Snow
0 Votes
Comments 0
Emma Snow