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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
0 Votes
Comments 0
Georgina Hollsten

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
0 Votes
Comments 0
Georgina Hollsten
Experiment adopted

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
1 Votes
Comments 9
Jacqueline Saykao
Experiment adopted

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
0 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
1 Votes
Comments 0
Rose Martin

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
0 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
0 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
0 Votes
Comments 0
Henry Edwards
Experiment adopted

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
1 Votes
Comments 4
Lachlan Hogno
Experiment adopted

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
1 Votes
Comments 3
Sian Cliffe
Proposed Experiment
Under Review

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
3 Votes
Comments 4
Brittany Nipperess
Proposed Experiment
Under Review

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
2 Votes
Comments 3
Brianna Townes
Proposed Experiment
Under Review

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
1 Votes
Comments 2
Angel Cheung
Proposed Experiment
Under Review

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
3 Votes
Comments 4
Naomi Boulton
Proposed Experiment
Under Review

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
0 Votes
Comments 2
Naomi Boulton
Proposed Experiment
Under Review

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
0 Votes
Comments 4
Rose Martin
Proposed Experiment
Under Review

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
1 Votes
Comments 5
Naomi Boulton
Proposed Experiment
Under Review

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
1 Votes
Comments 5
Rose Martin
Experiment adopted

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
6 Votes
Comments 4
Adam Metcalfe
Experiment adopted

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
2 Votes
Comments 3
Rose Martin
Experiment adopted

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
3 Votes
Comments 2
Rose Martin
Idea thumbnail
Experiment adopted

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
1 Votes
Comments 9
Rose Martin
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
3 Votes
Comments 2
Rose Martin
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
3 Votes
Comments 4
Ineke Mann
Post not complete

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
8 Votes
Comments 4
Rose Martin

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
8 Votes
Comments 3
Rose Martin
Idea thumbnail
Work Update

As our month on project in Cambodia comes to an end, we reflect on what we have achieved, the challenges we have faced, and the impact of this on the future of FarmEd.   The direction we took this month was guided by our goals, which changed as we continually reevaluated what avenues were achievable and useful. This is a summary of what we achieved.   Supply chain. In order to create a system that links customers of our products to buyers in the area, we researched and...

Rose Martin
by Rose Martin
4 Votes
Comments 1
Rose Martin
 

Rose Martin

Sydney, Australia

Joined this community on Jan 24, 2018

University or Company
USYD

Degree or Work area
Business

Project completed as trekker (if applicable)
FarmEd

Country you Trekked/are Trekking in
Cambodia

Reputation ranking

Ranking
2
Points
689
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