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Adopted Experiment

Lean Phase: UVP Assumption: Micro-enterprises in Fiji are willing to meet with PEV to understand and discuss methods and solutions to financial management.  Time Box: 2 weeks Success Metric: The number of micro-enterprises that find value in a solution to help them with financial management. Criteria Green Light: Proceed to currency testing and building out MVP deliverable. Success Point: 50% of businesses agree to a follow up meeting. Orange Light: Adapt the...

Rose Martin
by Rose Martin (Admin)
2 Votes
Comments 4
Rose Martin
by
Rose Martin (Admin)
Work Update

Since the Microfinance team has been involved with the solar project, we have learned a lot about how a potential Microfinance system could be applied to asset products such as the solar light. However, our high default rates and inability to track payments with automated processes also shows us that there is a long way to go in terms of understanding how to manage and run this system effectively. As a team, we still need to explore a few things in order to guarantee that this system can...

Rose Martin
by Rose Martin (Admin)
1 Votes
Comments 1
Rose Martin
by
Rose Martin (Admin)
Proposed Experiment

Lean Phase: Solution Assumption: The solar team are ‘ willing to pay ’ for access to the Microfinance ‘product in a box’ solution, and the solar team will prove this by paying with usage of the system. Time Box: 2 weeks. Success Metric: The success of this experiment will be measured by whether the solar team actively uses this ‘product in a box’ system, which will be tested with sales of the solar unit. Criteria: Green Light: Proceed to utility testing and iterating...

Rose Martin
by Rose Martin (Admin)
0 Votes
Comments 1
Rose Martin
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Rose Martin (Admin)
Proposed Experiment

Lean Phase: UVP Assumption: The solar team is willing to work with PEV on their Microfinance ‘product in a box’, as it will allow them access to a greater customer base if they are able to loan their solar product effectively and efficiently. Assumptions related to this: This relies on the ability of the Microfinance team to explore and efficiently set up the following attributes of this ‘product in a box’: A CRM that is able to track payments effectively A list of security...

Rose Martin
by Rose Martin (Admin)
0 Votes
Comments 1
Rose Martin
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Rose Martin (Admin)
Work Update

The Microfinance team in Malawi has done a bit of research in the past into village banks, and have identified a problem of theirs as access to sufficient amounts of capital in order to increase the amount they can loan out to their customers, as well as the frequency of these loans. This July, the Microfinance teams will explore this further by proceeding to offer and currency test to village banks, offering to solve this problem by allowing them access to low interest loans for more...

Rose Martin
by Rose Martin (Admin)
0 Votes
Comments 1
Rose Martin
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Rose Martin (Admin)
Proposed Experiment

Lean Phase: Solution Assumption: Village banks are willing to share their accounting information and customer data with PEV, in exchange for a low interest loan to be used as increased capital for the village bank, therefore allowing them access to larger loans and more frequent loans for their customers. This will require PEV to gain access to important information about village banks, their customers, and their accounting and payment records in order for PEV to successfully build...

Rose Martin
by Rose Martin (Admin)
0 Votes
Comments 1
Rose Martin
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Rose Martin (Admin)
Proposed Experiment

Lean Phase: UVP Assumption: Village banks are willing to meet with PEV to discuss the potential to increase capital amounts in village banks, therefore allowing access to larger loans and more frequent loans for their customers. Time Box: 2 weeks Success Metric: The success metric is the number of village banks who identify with the above assumption. The team will interview 15 village banks. CRITERIA Green Light: Proceed to currency testing with village banks....

Rose Martin
by Rose Martin (Admin)
0 Votes
Comments 1
Rose Martin
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Rose Martin (Admin)
Problem

The Problem and Background: Village Banks in Malawi are informal institutions that work whereby villagers come together to guarantee each other’s loans by providing capital to the bank to be invested. Village Banks are an interesting customer segment for the Social Consulting teams because they have incredibly low default rates, and thus could be an interesting institution to leverage to provide sustainable financial access to Malawians. In Malawi these village banks are used by many...

Rose Martin
by Rose Martin (Admin)
1 Votes
Comments 1
Rose Martin
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Rose Martin (Admin)
Work Update

After a long summer looking into the viability of becoming a Microfinance institution in Fiji, the Social Consulting project looks to pivot and explore a new direction. This is because the viability of becoming a Microfinance institution in Fiji is extremely difficult because it is high risk, has large regulatory challenges, and is difficult to become profitable and sustainable. In this sense, the Social Consulting teams in Fiji are looking into a solution that ‘bridges the gap’ between...

Rose Martin
by Rose Martin (Admin)
2 Votes
Comments 1
Rose Martin
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Rose Martin (Admin)
Adopted Experiment

Lean Phase: Problem/Customer Segment Question: Does our customer segment have difficulty managing their finances? Assumption: Micro-enterprises in Fiji identify a lack of access to financial management and budgeting resources in enabling their businesses to grow, diversify, or run as they please. Time Box: 2 weeks Success Metric: Whether the proposed customer segment identifies with the assumed problem, measured by the % of micro-enterprises seeking a solution to...

Rose Martin
by Rose Martin (Admin)
1 Votes
Comments 4
Rose Martin
by
Rose Martin (Admin)
Project Summary

SoCon Fiji has reached a pinnacle stage in its development on the back of three months of teams working on the ground. For February, the two teams operating on the ground focused effectively on the consumer and institutional space of the problem. Our higher goal across both teams was to evaluate, is it viable for PEV to operate as a Microfinance Institution in Fiji, and ultimately would that solve the underlying social issue of barriers to accessing this business capital.  The outcome of...

Liv Hendy
by Liv Hendy
1 Votes
Comments 1
Liv Hendy
Experiment Results

Lean Phase: Problem The purpose of this experiment was to narrow down on the pain-points of SMEs in Fiji and what blocks them from accessing financial solutions from traditional institutions. As can be seen below, this experiment proved that pain-points were much broader than we initially hypothesised, and thus we have validated a much broader range of pain-points in these results. Original Assumption: There are key barriers for small business owners accessing capital from...

Georgina Hollsten
by Georgina Hollsten
4 Votes
Comments 1
Georgina Hollsten
Experiment Results

Lean Phase: Customer Segment Assumption from adopted experiment:  https://projecteverest.crowdicity.com/post/915870  In our experiment, we explored the customer segment and problem phases for small business owners in the retail, tourism and agriculture industries. Our experiment involved multiple assumptions based on research conducted by the January 2019  Social Consulting team. The original assumptions made were as follows: The early adopters of SoCon’s customer segment are...

Georgina Hollsten
by Georgina Hollsten
3 Votes
Comments 1
Georgina Hollsten
Adopted Experiment

Lean Phase: Customer Segment Purpose: The purpose of this experiment is to understand SoCon’s customer segment in relation to the problem of access to capital, and at what stages of the business lifecycle they face this problem. Assumption: The early adopters of SoCon’s customer segment are characterised by: Business owners actively seeking to access capital for their business whom are likely starting up (in an introductory phase) or a growth/diversification phase of their...

Jacqueline Saykao
by Jacqueline Saykao
3 Votes
Comments 9
Jacqueline Saykao
Adopted Experiment

Lean Phase:  Problem Assumption: There are key barriers for small business owners accessing capital from traditional and established institutions in Fiji. These include: Irregular income and individuals’ inability (or lack of preference)  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 rarely give out access to...

Georgina Hollsten
by Georgina Hollsten
2 Votes
Comments 4
Georgina Hollsten

The Social Consulting and Microfinance teams in Fiji are still very much in the empathy stage of operation; looking to further define the problem and customer segment aspects of this project and space before moving to offer any product or solution.  The January SoCon team's in Fiji worked hard this month to define the customer segments and problems within the Microfinance space. The segments and problems explored this month looked into small businesses and SMEs, agricultural merchants, and...

Rose Martin
by Rose Martin (Admin)
3 Votes
Comments 0
Rose Martin
by
Rose Martin (Admin)

Business Operations & Customer Segment Testing Lean Phase: Customer Segment NB: This experiment can be run concurrently with the experiment Further Exploring Access to Finance. https://projecteverest.crowdicity.com/post/891680 Assumption: The customer segment that falls under SoCon’s operations can be characterised by the following business operational assumptions. Business owners have a good understanding of their position in the market Business owners are aware of...

Brittany Nipperess
by Brittany Nipperess
1 Votes
Comments 0
Brittany Nipperess

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...

Brittany Nipperess
by Brittany Nipperess
1 Votes
Comments 0
Brittany Nipperess

Experiment Post: https://projecteverest.crowdicity.com/post/828010   Lean Phase: Customer Segment/Problem In our experiment, we explored the customer segment and problem phases for small business owners. Our experiment involved multiple assumptions based off research on small businesses and preferred loan structure, information of which has been consolidated in the following document: https://docs.google.com/document/d/10UHJkKvExl93XCfVQ9Zz3tFtMIKShbtEtNoXw4Q8k5A/edit . The...

Henry Edwards
by Henry Edwards
1 Votes
Comments 0
Henry Edwards
Adopted Experiment

Lean Phase: Customer Segment/Problem Assumption: The customer segment is small businesses with the following attributes: Been selling products/ offering services for at least 18 months. Running the business by themselves or with at most two other employees. Mainly in food, retail, & service industries (repairs, transport and hairdressing) The problems faced by this customer segment are: Lack of access and/or awareness of financial advisory services....

Lachlan Hogno
by Lachlan Hogno
2 Votes
Comments 4
Lachlan Hogno
Adopted Experiment

Lean Phase: Customer Segment Assumption : SoCon’s customer segment are Buka stove customers with the following characteristics: Women aged 20-60 yrs Work from home (often handicrafts) and cook for their families Have a preference for firewood as cooking fuel Both urban and rural location Prefer payment plan over upfront financing for the Buka stove because They can’t afford it upfront, and/or They prefer financing it over a period of time...

Sian Cliffe
by Sian Cliffe
2 Votes
Comments 3
Sian Cliffe
Proposed Experiment

Lean Phase: Solution Assumption: SoCon team will receive the deposit and the first two payment plan repayments. This assumption is currently being used in conjunction with the financial model and survey results to determine the payment plan structure. [Purpose: By observing and analysing the default rates and demographic data we will be able to construct better risk mitigation system and better determine the payment plan components.] Time Box: 3 1/2 months. Success Metric:...

Brittany Nipperess
by Brittany Nipperess
4 Votes
Comments 4
Brittany Nipperess
Proposed Experiment

Lean Phase: Solution/Revenue Streams. Assumption: Buka stove customers that are interested in a payment plan, are satisfied purchasing a $90 Buka Stove 4.0 for $135 on a 3 1/2 month, mobile payment plan. NB: The purpose of this is to test the acceptance of the payment plan and mark up price. NB: These prices need to be confirmed, but the concept behind structure of payments can be found here: https://docs.google.com/document/d/1fRr4budMMGO1CnVcC-3CAMAxowQRtzAqctNAZS8kSwQ/edit...

Brianna Townes
by Brianna Townes
3 Votes
Comments 3
Brianna Townes
Proposed Experiment

Lean Phase: Solution Assumption: Individuals willing to purchase a Buka stove would be willing to pay either; A $100 Buka Stove for $150 on a 3 1/2 month, mobile payment plan A $150 Buka Stove for $225 on a 3 ½ month, mobile payment plan A $200 Buka Stove for $300 on a 3 ½ month, mobile payment plan NB: These prices need to be confirmed, but the concept behind structure of payments can be found here:...

Angel Cheung
by Angel Cheung
2 Votes
Comments 2
Angel Cheung
Proposed Experiment

Lean Phase : Channels Assumption: Retailers selling or interested in selling the Buka stove would provide payment plans for it through their store. Time Box : 2 weeks. Success Metric Percentage of retailers that sign EOIs for the positioning of payment plans in their stores. Green Light - Move to looking at the logistics of providing loans through these retailers. Success point - Success if 60% of retailers sign an EOI to offer the payment plan.  Orange Light - Look...

Naomi Boulton
by Naomi Boulton
4 Votes
Comments 4
Naomi Boulton
Proposed Experiment

Lean Phase: Customer Segment Assumption: Fijians save a portion of their income when they get paid. Purpose: To find out if and how much Fijians regularly save, as this will assist in deciding on payments and structure of loans. Time Box : 1 week Success Metric: Percentage of people who regularly save money when they are paid, as opposed to just spending it when they receive it. Green Light:  Proceed to Monthly Repayment Schedule experiment Success Point: In order...

Naomi Boulton
by Naomi Boulton
1 Votes
Comments 2
Naomi Boulton
Proposed Experiment

Lean Phase: Problem/Channels Assumption: The assumption to test is that there is a product, similar to the Buka stove in either price, segment, or similar factors that the SoCon teams could use to test their payment plan solution on. Assumptions related to this for the purpose of this experiment include the assumption that individuals in surrounding Sigatoka villages will have an idea of products that they have tried to either obtain and couldn’t because they were too expensive, or...

Rose Martin
by Rose Martin (Admin)
2 Votes
Comments 4
Rose Martin
by
Rose Martin (Admin)
Proposed Experiment

Lean Phase: Customer Segment Assumption: Buka Stove customers are paid on a monthly financial cycle and willing and able to make loan repayments on a monthly basis. Or they aren’t paid monthly but are willing and able to make monthly repayments. Purpose:  To verify the financial cycle on which customers are paid and if they are willing and able to make repayments on a monthly basis. Time Box:  1 week Success Metric: Metric : % of people 1. Get paid monthly. OR 2. Who...

Naomi Boulton
by Naomi Boulton
2 Votes
Comments 5
Naomi Boulton
Proposed Experiment

Lean Phase: UVP Assumption : Individuals are willing to purchase; - A $90 Buka Stove for $x on a 3 ½ month, mobile plan to gain access to the product earlier - A $100 Buka Stove for $x on a 3 1/2 month, mobile payment plan to gain access to the product earlier. - A $150 Buka Stove for $x on a 3 ½ month, mobile payment plan to gain access to the product earlier. - A $200 Buka Stove for $x on a 3 ½ month, mobile payment plan to give access to the product earlier. Time Box: 2 weeks...

Rose Martin
by Rose Martin (Admin)
3 Votes
Comments 5
Rose Martin
by
Rose Martin (Admin)
Adopted Experiment

Lean Phase : Solution Assumption:  Given our current risk prevention methods, the default rate on buka stove loans over 4 weeks is around 15%. This default rate must be monitored in order to understand how to further tighten our security requirements.    Time Box: 4 weeks. Success Metric: This experiment is measuring the percentage of borrowers who default on payments. This will be tested with 20 sales of the buka stove in conjunction with the Fuel team in December. Part of...

Adam Metcalfe
by Adam Metcalfe
7 Votes
Comments 4
Adam Metcalfe
Adopted Experiment

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

Rose Martin
by Rose Martin (Admin)
4 Votes
Comments 3
Rose Martin
by
Rose Martin (Admin)
Adopted Experiment

Lean Phase: Problem/Customer Segment Assumption: Fijian Farmers are having trouble managing cash flow year-long. This could be to do with issues such as seasonal harvesting, or volatile and changing weather conditions which prevent them from having a stable income year-round. 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...

Rose Martin
by Rose Martin (Admin)
5 Votes
Comments 2
Rose Martin
by
Rose Martin (Admin)
Idea thumbnail
Adopted Experiment

Lean Phase: Solution Assumption: Rocket stove loan customers prefer a loan structure with the following attributes: Prepayments available Fixed interest rate Individual loan 4 weeks Weekly repayments Time Box: 1 week. Success Metric: We are measuring what percentage of this segment prefers the above loan structure. The assumption above will be validated if rocket stove loan customers preference the above five attributes over the others mentioned in the research...

Rose Martin
by Rose Martin (Admin)
3 Votes
Comments 9
Rose Martin
by
Rose Martin (Admin)
Proposed Experiment

Lean phase: customer segments (empathising) Assumption/s: The following are barriers to applying for loans: Geographical location Lack of financial information Lack of finances Lack of business knowledge Differences in the following factors will directly influence the disparity in behaviours, needs and wants towards financial assistance: Geographical location Age Occupation/ industry Unbanked or banked Education Income Family structure Financial history...

Rose Martin
by Rose Martin (Admin)
5 Votes
Comments 2
Rose Martin
by
Rose Martin (Admin)
Idea thumbnail
Proposed Experiment

Lean phase : Testing proposed solution (MVP prototyping)   Purpose of this experiment This experiment is to test the assumption that alternative data methods can assist with accurately measuring the risk of a loan applicant.   Assumption Alternative data helps to assess the risk of a loan applicant accurately and is reflective of someone’s ability repay back a loan.   Success Metrics Default rate Factors affecting ability to repay   Green light: If...

Ineke Mann
by Ineke Mann
4 Votes
Comments 4
Ineke Mann
Post Not Ready

The Problem Having reliable and valid financial statements is one way of traditionally measuring the risk of someone applying for a loan. But how do we combat this if our client does not possess such statements? There is an argument for financial training. How do we know what to train for? In previous months in Fiji, SoCon operated an educational model which looked at all areas of business training; from finance and accounting workshops to marketing and business strategy. While...

Rose Martin
by Rose Martin (Admin)
10 Votes
Comments 4
Rose Martin
by
Rose Martin (Admin)

What is the end goal for SoCon Fiji? A digital platform where people can gain access to finance. But, how can we reduce our risk of providing loans, by ensuring that consumers have the ability to pay back their liabilities?   There have been a number of ideas floated for reducing risk. These include, but are not limited to; Data collection (e.g. social media data, phone and telecom data, third-party data etc.) Training platform (education) Endorsement/referrals/group...

Rose Martin
by Rose Martin (Admin)
10 Votes
Comments 3
Rose Martin
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Rose Martin (Admin)
 

Rose Martin

Sydney, Australia

Joined this community on Jan 24, 2018

University or Company
USYD

Degree or Work area
Business

Country you Trekked/are Trekking in
Cambodia

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