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Project Summary

In July 2019, SoCon 1 and 2 broke new ground by doing extensive work on validating the problem and customer segment on the Financial Institutions (FIs) side as well as the Individual Small Business Owners side. This was then followed by offer testing the UVP of SoCon as a future solution and also prototyping a minimum viable product (MVP).    SoCon 1, was focused on empathising with individuals, more specifically empathising with small and medium enterprise owners (SMEs). The team in...

Behshid Golshani
by Behshid Golshani
1 Votes
Comments 1
Behshid Golshani
Key Partners

Aim  This post will outline the key partners we’ve worked with to assist our research and help develop our MVP. On the customer side, our primary partners are villages with microenterprises. Specifically, this includes our case study villages Biasevu, Vatukarasa and Naroro. It also includes various financial institutions located around Fiji. The post will include a short description of the partner, geographical location, a description of the relationship of the partnership and the...

Stacey Thetephakeaykeaw
by Stacey Thetephakeaykeaw
1 Votes
Comments 1
Stacey Thetephakeaykeaw
Work Update

Work Update After validating our problem and customer segment, that Native Fijians living within inland villages and working within the industries of tourism and agriculture highlight emotions of helplessness, frustration and demotivation when dealing with issues of financial management we worked in collaboration with the SoCon II in order to develop and MVP to propose to consumers and financial institutions, as our first step towards the UVP and Solution stages of the lean canvas....

Nikki Theodorakis
by Nikki Theodorakis
0 Votes
Comments 1
Nikki Theodorakis
Proposed Experiment

  Lean Phase: Solution Assumption: People are willing to pay for a budgeting system that enables them to grow or diversify their business. Time Box: 4 Weeks Success Metric: % of people are willing to pay for a budgeting system. Criteria:   Green light: Utility test more features of the MVP, and find what channels we can distribute our solution through. Success Point: 70% of people who are pitched the MVP see value in what we offer, and are willing to pay for it....

Shaun Teh
by Shaun Teh
2 Votes
Comments 1
Shaun Teh
Proposed Experiment

  Lean Phase: Solution  This experiment is a follow up of the 6-month case study which can be found here:  https://projecteverest.crowdicity.com/post/2099510 Assumption: A tech based budgeting and financial system helps people grow and diversify your business  Time Box: 4 Weeks Success Metric: % of people that achieve their one-month business/savings goal   Criteria: Green Light: Continue to develop the MVP and go on to utility test any new features....

Diya Redhu
by Diya Redhu
2 Votes
Comments 2
Diya Redhu

[EXPERIMENT RESULTS] Financial Institution - Solution Experiment - July 2019 Reference to Experiment Design post: https://projecteverest.crowdicity.com/post/2092360 Lean Phase: Solution  Assumption: FIs have particular features that they require in the financial documentation they acquire from customers. Success Metric: The % of FI’s that give features which inform an MVP based on improving customers financial management and documentation.   Results:  60% of FIs gave us...

Shaun Teh
by Shaun Teh
3 Votes
Comments 0
Shaun Teh

Lean Phase: UVP   Aim:   This post highlights the value PEV can offer to small to medium enterprises (SMEs) and financial institutions (FIs). The value added is twofold. FIs are able to expand their customer segment because the loan application process, specifically financial documentation, is being simplified for their potential customers. Providing micro-businesses with a platform in which they can manage their finances better and improve their financial documentation will improve...

Yayna Lee
by Yayna Lee
1 Votes
Comments 0
Yayna Lee

Lean Phase: Solution Assumption: FIs have particular features that they require in the financial documentation they acquire from customers.  Time box: 1 week Success Metric:   % of FI’s that give features which inform an MVP based on improving customers financial management and documentation.   Goal: Speak to 8 FI’s  Criteria:  Success point:  50% of FI’s provide features that inform an MVP based on improving customers financial management and documentation.  Green light:...

Sophie Richardson
by Sophie Richardson
2 Votes
Comments 0
Sophie Richardson

Reference to experiment post: https://projecteverest.crowdicity.com/post/1833520   Lean Phase: UVP Assumption: FIs operating in Fiji see value in increasing their customer base and are willing to work with PEV to do so, who will act as the bridge/middle-man between micro-businesses wanting loans and the FIs who can provide them. Success Metric: The % of FIs who we have identified as early adopters and agree to have a meeting with PEV for further discussion in the next week....

Kenneth C
by Kenneth C
2 Votes
Comments 1
Kenneth C

  [JUL 19] Customer Segment Experiment Results - Financial Institutions - SoCon 2 Fiji Link to the experiment Design Post:  https://projecteverest.crowdicity.com/post/2002280 Lean Phase: Problem/Customer Segment  Assumption: FI’s can be a potential early adopter for PEV. They: Have identified a problem accessing or profiling customers, thus they are missing out on viable customer segments such as small businesses.  Are aware of the fact that they have this problem...

Shaun Teh
by Shaun Teh
2 Votes
Comments 0
Shaun Teh

[JUL 19] Problem Identification Experiment Results - Micro-Businesses- SoCon 2 Fiji    Link to the Experiment Design Post: https://projecteverest.crowdicity.com/post/2002270 Lean Phase: Problem/Customer Segment  Assumption: Individuals must complete set requirements to access a minimum loan.  Success Metric: % of FIs that have set loan requirements. Results: In this experiment we achieved a green light as we found 100% of FI’s have set loan requirements.  On...

Kenneth C
by Kenneth C
2 Votes
Comments 0
Kenneth C
Adopted Experiment

Lean Phase: Problem/Customer Segment Experiment is to be run concurrently with: https://projecteverest.crowdicity.com/post/2002270 Assumption: FI’s can be a potential early adopter for PEV. They: Have identified the problem of accessing or profiling customers due to poor processes and strict requirements. This means they are missing out on viable customer segments such as small businesses.  Are aware of the fact that they have this problem accessing or profiling...

Kenneth C
by Kenneth C
2 Votes
Comments 1
Kenneth C
Adopted Experiment

Lean Phase: Problem/Customer Segment This experiment is to be run concurrently with SoCon I To be conducted concurrently with:  https://projecteverest.crowdicity.com/post/2002280 Assumption: Individuals must complete set requirements to access a minimum loan.  Time Box: 3 Weeks Success Metric:  % of FIs that have set loan requirements Goal: Interview 10 FI’s Criteria: Green Light: Go on to offer test micro-businesses  Success Point: 60% of FIs have set loan...

Fiona Ye
by Fiona Ye
1 Votes
Comments 2
Fiona Ye
Adopted Experiment

Lean Phase: UVP Assumption: FIs operating in Fiji see value in increasing their customer base and are willing to work with PEV to do so, who will act as the bridge/middle-man between micro-businesses wanting loans and the FIs who can provide them.  Time Box: 1 Week   Success Metric: The % of FIs who we have identified as early adopters and agree to have a meeting with PEV for further discussion in the next week. Goal: Speak to both the early adopters and the early majority...

Jamie Butler
by Jamie Butler
1 Votes
Comments 7
Jamie Butler

Results: 5 customers signed the loan contracts and took out loans at an average amount of $1000 each.  After 8 weeks all 5 customers had made the monthly repayments that was required of them meaning that we had a 100% repayment rate for this period Reinado was happy with the outcome of this and offered to change the required collateral to 10% versus the original 20% in the contract. We agreed to a $10,000 convertible note from Reinado to cover the costs of starting the business. This...

Charlotte Crofts
by Charlotte Crofts
n/a
0 Ratings
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Charlotte Crofts

Lean Phase:  Solution Assumption:  The sales and revenue streams will be making considerable progress towards the victory goal of $30000 Time Box:  15 months Success Criteria Progress: Assumption confirmed. Business is worth continuing. Green Light: <90% towards victory goal Orange Light: Optimise features of product, utilising customer advice. Red Light: >20% towards victory goal Failure Protocol: Experiment failed. Re-structure cost and revenue streams Experiment...

Charlotte Crofts
by Charlotte Crofts
n/a
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Charlotte Crofts
Experiment Results

Lean Canvas Phase: Solution   Assumption: USSD (mobile money) is the best way to organise savings for the desired customer segment.   Positive results:   In Jumtha, of the 9 surveys we conducted amongst villagers with mobile phones, 1 person didn’t know what it is and 6 responded positively towards the concept of USSD whilst 1 person expressed distrust in mobile systems. 1 person did not respond at all.   Therein, USSD utility passes our greenlight with a 66% positive result....

Charlotte Crofts
by Charlotte Crofts
n/a
0 Ratings
Comments 1
Charlotte Crofts
Experiment Results

  Lean Canvas Phase: Solution   Assumption: That rural community members whom don’t have access to a bank are willing to pay for education about savings and banking.   Results:   Vengara: Have not been able to establish engagements in Vengara due to external circumstances     Jumtha: Over the course of 2 days we engaged 20 residents of Jumtha testing our MVP. 5 residents responded to a village community survey positively and signed MOUs to place down the initial MVP...

Charlotte Crofts
by Charlotte Crofts
n/a
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Charlotte Crofts
Solution

Our product attempts to bridge the gap between people in lower socio-economic areas and accessing the knowledge and the infrastructure to start a savings plan. This product is also aligned with the bank of Amisen and will set up a pathway, for this customers segment, to the loans they need to grow their income.   The first unique value proposition of our solution is providing education about the banking system and building savings. Using the financial plans that are drawn up for...

Charlotte Crofts
by Charlotte Crofts
n/a
0 Ratings
Comments 2
Charlotte Crofts
Experiment Results

  Lean Canvas Phase: Solution   Assumption: That rural community members whom don’t have access to a bank are willing to pay for education about savings and banking.   Results:   Vengara: Have not been able to establish engagements in Vengara due to external circumstances     Jumtha: 8 residents of Jumtha engaged were receptive to the offer, with 3 purchasing our MVP. Residents were of varying occupational backgrounds, attitudes and experiences to formal banking...

Charlotte Crofts
by Charlotte Crofts
n/a
0 Ratings
Comments 1
Charlotte Crofts

State lean canvas phase: Solutions Why are we testing this? These metrics should indicate insights into making our channels more efficient to reach more customers and yield more revenue, improving the sustainability of our business model.   Customer acquisition cost Here we are testing the customer acquisition cost for 2 of our current channels as well as the projected cost for our proposed business model channel Face-to-face village or spontaneous consultations and meetings...

Jamie Butler
by Jamie Butler
n/a
0 Ratings
Comments 1
Jamie Butler
Channels

Channels Black Label Lean Phase: Channels Link to Results Post:  https://projecteverest.crowdicity.com/ post/1321250  We needed a means of distributing our financial plans across Holcombe and Jumtha. The core channel chosen for distributing this MVP was face to face (F2F) village consultations. This was needed as a key problem identified for the customer segment was the fact that they are lacking in financial education, for example having no thoughts regarding saving money in the long...

Jamie Butler
by Jamie Butler
n/a
0 Ratings
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Jamie Butler

The solution that we have developed is a service that provides a financial plan to people who currently cannot access a banking system. The financial plan sets out the customers current income and expenditure, looks at the disposable income and develops a plan, using mobile money infrastructure, to put this money away and make it safe.  Upfront costs that Project Everest’s Microfinance team needs to be accountable for include the following: 20% of the loan amount that the team has been...

Charlotte Crofts
by Charlotte Crofts
n/a
0 Ratings
Comments 0
Charlotte Crofts

April 19-Amisen [Experiment Results] Channels Microfinance Amisen April 2019 Proposed Experiment:  https://projecteverest.crowdicity.com/post/1319680 Reassert Lean Phase: Channels Reassert Assumption: Village consultations are a viable channel for distributing the MVP Results: 100% of customers consulted in their village purchased the MVP. Surveys and MVP pitches in Jumeira were conducted to its community. This consultation entailed a discussion depicting their knowledge of...

Jamie Butler
by Jamie Butler
n/a
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Jamie Butler
Proposed Experiment

April 19- Amisen Lean Phase- Solution  Assumption- USSD (mobile money) is the best way to organise savings for the desired customer segment.   Time Box: 1 Week Success Metric: % of customers stating they have access to and have a positive reception towards using USSD in the MVP. Green Light: Continue to use USSD in the MVP. Success Point: >60% of customers have access to and have a positive reception towards using USSD in the MVP. Orange Light: Look at the feedback...

Jamie Butler
by Jamie Butler
n/a
0 Ratings
Comments 1
Jamie Butler

April 19- Amisen Lean Phase: Channels Assumption: Village consultations are a viable channel for distributing the MVP Time Box: 1 Week Success Metric: % of customers that were consulted in their village purchase the MVP. Green Light: Continue to use the channel for the distribution of the MVP and validating further elements of the Lean Canvas in the future. Success Point: 30% of customers that were consulted in their village purchase the MVP. Orange Light: 10% of customers were...

Jamie Butler
by Jamie Butler
n/a
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Jamie Butler

  Lean Phase: Customer Segment Assumption: Our viable customer segment is rural community members and households, living in Zangara and Jumtha, that do not have access to a bank and are actively seeking a solution to their financial insecurity. Time Period: 1 week Success Metric: % of community members, that identify that they are unbanked and currently taking active steps to seek a solution   Criteria: Green Light: Proceed with proposed offer testing experiment using channels...

Jamie Butler
by Jamie Butler
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Comments 1
Jamie Butler
Proposed Experiment

Lean Phase: UVP  Assumption: That rural community members whom don’t have access to a bank are willing to pay for education about savings and banking. Time Box: 4 hours Success Metric: Percentage of eligible people who are willing to pay $7.00 for a financial report. This can either be $7 upfront, or a 25% deposit on conducting the survey and the other 75% upon delivering the report. We plan on finding at least 8 people who fit our customer segment. CRITERIA: Green Light:...

Charlotte Crofts
by Charlotte Crofts
n/a
0 Ratings
Comments 3
Charlotte Crofts
Adopted Experiment

Lean Phase: Customer Segment/Problem  Assumptions: Rural community members feel frustrated because they lack support with regards to financial services. Time Box:   1 week Success Metric: Out of 25 eligible people interviewed, 30% of people will agree to a follow up meeting after actively engaging with offer test Criteria: Green Light- Assumption confirmed. Move along to currency testing. Success Point – 30% of people agree to follow up Orange Light –...

Charlotte Crofts
by Charlotte Crofts
1 Rating
Comments 3
Charlotte Crofts
Experiment Results

Reference To The Experiment Design Post:  https://projecteverest.crowdicity.com/post/967690 Assumption: It is viable for PEV to run a Microfinance Business in Fiji. Results Data BMC:  https://docs.google.com/spreadsheets/d/1b28ctX5_X4KAGl103gxIEdIZ9YBBGueh9pMYy02K5cQ/edit#gid=0 Results Spreadsheet (PNL):  https://docs.google.com/spreadsheets/d/1EVv73ncnJx23k9ll6-D6sEANmLqa0QFZVuBRswIHlfA/edit#gid=1071818701 SoCon II Results Spreadsheet:...

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

[FEB 19] Problem/Customer Segment Experiment Results - Fiji SoCon Reference the Experiment Design Post https://projecteverest.crowdicity.com/post/924700 Due to the nature of the experiment focusing on empathising, we had no direct assumptions and collated solely qualitative data regarding Financial Institutions (FI’s) pain points and operations. Resultantly, we took our survey results and coded it into a binary format (Y/N). This binary analysis allowed us to quantify the qualitative...

Jamie Butler
by Jamie Butler
2 Votes
Comments 3
Jamie Butler
Adopted Experiment

FEB 19 – Fiji SoCon I Lean Phase: Problem/Customer Segment Purpose: Empathise with banks to understand the issues they face offering financial products in Fiji. By evaluating larger issues affecting the Microfinance space in Fiji, PEV will be able to infer likely common blocks that we will face when operating. This will also allow us to critique the inferred ‘barrier’s’ institutions face in order to assess this potential operating space for SoCon that is not currently targeted by banks...

Jamie Butler
by Jamie Butler
3 Votes
Comments 1
Jamie Butler
Problem

Lean phase: Problem Aim : To identify the most prevalent issues regarding financial management for micro-enterprises, and how these issues inhibit them from successfully running and expanding their businesses. Furthermore, we looked at how these issues restrict financial institutions from accessing customers.  This post will look at the big picture of the problem, issues and external factors for businesses and financial institutions and the critical future actions that need to be...

Jack Yeung
by Jack Yeung
4 Votes
Comments 1
Jack Yeung
 

Jamie Butler

Sydney, Australia

Joined this community on Oct 30, 2018

University or Company
Lancaster University

Degree or Work area
Other

Country you Trekked/are Trekking in
Fiji

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