Adopted Experiment

[Experiment Adopted]: Agricultural Financing in Fiji December 2018 (2/2)

Lean Phase: Problem/Customer Segment

Assumptions: Fijian farmers have trouble accessing important capital to increase yields and productivity of their farms. This can come in the form of:

  1. Access to high cost farming assets and machinery, and/or

  2. Access to low cost farming inputs such as seeds and fertiliser.

NB: Assumptions around this problem.

The farming process requires both knowledge (FarmEd’s value proposition), and financial management (SoCon’s value proposition). It is quite evident that you need both:

  1. If you don’t have the farming expertise or knowledge, it doesn’t matter if you have money - you won’t improve outputs.

  2. Conversely, if you know what you need to do, but don’t have the money to buy inputs or assets, then you are limited in the strategies and actions you can take to improve outputs.

Here, for the SoCon’s project, we will assume that our customer segment falls in the second category of people - those who know what to do, but don’t have access to capital to enable them to improve their yield.

Time Box: 2 weeks.

Success Metric:

This experiment is measuring the percentage of Farmers in Fiji that identify with the above problem.

This will be tested with 30+ Farmers.

Green Light- Proceed to synthesising the customer segment, and move to offer test the problem.

Success point - Success if 65% of Farmers identify with the above problem.

Orange Light - Iterate on survey build, iterate on surveying approach.

Failure Point - Failure if less than 35% of Farmers identify with the above problem.

Red Light- Failure protocol is to iterate on the hypothesis of Farmers issues with acquiring finance, and make a more solid assumption as such.

Experiment build:

  1. Build survey to address the above hypothesis. It should include questions outlining; 
         Questions about the customer segment of Farmers (to define the segment),
         Questions about issues accessing the above capital, as per the assumption.

  2. Contact Farmers from the FarmEd database, or contact village heads to organise meetings for surveying.

  3. Conduct surveys with over 30 Farmers.

  4. Collate data and determine if success and failure.

NB: For more information about Agricultural financing, see Will’s doc here

edited on 3rd December 2018, 01:12 by Alex Staples

Rose Martin 6 months ago

Ag Finance Experiment 2

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Liv Hendy 6 months ago

This is critical for our testing to see what input farmed on the ground can give around our assumptions. If farmers are facing issues what processes have farmed gone through to determine whether their success is based on their agrarian abilities or their access to inputs and then how does this impact their needs/want for the farmed app (in a way their interest in the farmed product represents a want/need for sophisticated inputs) and how does that input their value prop for what the app can give them? Could this in build into your experiments this month to share some knowledge?

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Alex Staples 6 months ago

Status label added: Experiment adopted

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