Project Everest

[JAN 19] Further Exploring Access to Finance (Problem)- Fiji SoCon I

Further exploring access to finance

NB: This experiment can be run concurrently with the experiment Business Operations and Customer Segment Testing. https://projecteverest.crowdicity.com/post/891700

Lean Phase: Problem

Assumption:

There are three key barriers for small business owners accessing finance from traditional and established financial institutions in Fiji. These include

  • Irregular income and individuals’ inability to repay loans due to the inflexibility of payment schedules.
  • Individuals have an inherent distrust of financial institutions, leading to a preference of saving over financing.
  • Traditional institutions require a minimum level of savings in order to obtain a loan, which deters many individuals from accessing finance.

Time Box: 3 weeks

 

Success Metric:

% of small business owners who identify with the problems outlined in the above assumption.  

 

Green Light -  If successful and green is light is achieved, further research and surveys will be conducted regarding the customer segment.

Success Point- If over 60% of respondents identified with the assumption.  

Orange Light - Iterate on survey questions, and the way we are explaining SoCon and finance.

Failure Point - Failure if less than 30% identify with the assumption.  

Red Light - Understand why small business owners are not accessing finance and what factors have led to the lack of finance.

Experiment build:

Testing 30 people

1. Design a survey including the following ideas:  https://docs.google.com/document/d/1xD5qIy8ruomIH-Ef30jeHP0hdpKuHm7KVfzEgsxr0T0/edit

2. Creating google sheets and spreadsheets for results

3. Set up interview script and practice

4. Set up interviews with customer segment (small business owners) including:

  • Villages we have already had meetings with (see Hubspot)
  • Villages we haven’t had any previous interaction with
  • Market stalls

5. Conduct surveys

6. Organise data and analyse results

7. Upload results to Crowdicity

 

edited on 25th January 2019, 04:01 by Brittany Nipperess
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