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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
5 Votes
Comments 2
Rose Martin

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

Lean phase : channels Assumption This experiment is to test the assumption that providing product loans (tokens) for equipment will give us relevant and accurate data on the loan behaviours of our customer segment of farmers. Timeline This experiment should be conducted over the space of 2 months to ensure we can monitor repayment over this period. Success metric (measurements) Adoption rate (no. of products taken out on loan at current interest rate) Default rate...

Ineke Mann
by Ineke Mann
3 Votes
Comments 2
Ineke Mann

Lean phase : Customer segment Aim :  This months aim was to restart the lean canvas to identify our customer segments who extracting data from both financial institutions (FIs), as well as small-to-medium business holders (SMEs).  Through data collection and survey results from 11 institutions across 16 branches, 3 customer segments have been identified: Early adopters, Early majority and key stakeholders. The segments differ in how many of these categories they satisfy: Have a...

Charlotte Jones
by Charlotte Jones
3 Votes
Comments 6
Charlotte Jones

Lean phase: MVP prototyping/ solution   Assumption: We are testing the assumption that loan structure directly correlates to the default rate of loanees and that consequently certain loan structures will be more effective than others at reducing risk.   Time period: This experiment (loan period) should be conducted over 3 months to allow time for repayment and enough time to see if the loanee will default.   Success metric   Default rate Factors affecting default...

Ineke Mann
by Ineke Mann
10 Votes
Comments 4
Ineke Mann

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
10 Votes
Comments 4
Rose Martin

The Problem   Too much of the past data collected by previous FarmEd groups has been unquantifiable and unanalyzable. This is due the fact that the metrics for simple questions such as ‘Do you have access to a mobile phone’ change monthly. With responses ranging from – ‘yes, my brother has a smartphone’, or ‘yes, I own a Nokia’. Whereas the answers can be kept discrete by having the following three options to the previous question: -       Yes, my own phone. -       Yes, somebody...

Isaac Crawford
by Isaac Crawford
7 Votes
Comments 5
Isaac Crawford

What is a sale? How to conduct currency tests? In generic terms, a sale constitutes of exchanging an item for money. But is it possible to sell something that doesn’t exist?  Well… this week, FarmEd II conducted currency tests to see if people are interested in a farming advice app using a simple demonstration. There are three parts to this: Empathy, Demonstration and MoU. Empathy: Our team worked out a set of questions to ask the farmers to understand their pain points and created a...

Allan Jose
by Allan Jose
13 Votes
Comments 6
Allan Jose

This month, Social Consulting 1 is focusing on increasingly accessibility to microfinance. Our first goal is to understand the environment by undertaking a thorough competitive analysis of the microfinance space in Fiji and the South Pacific as a whole. Through this process we will identify what is effectively delivering value in this market and what pain points are not currently being addressed.   Our second goal is to build and test the viability of a proposed business model through...

Ineke Mann
by Ineke Mann
13 Votes
Comments 5
Ineke Mann

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Ineke Mann

Sydney, Australia

Joined this community on Aug 14, 2017

University or Company
USYD

Degree or Work area
Business

Country you Trekked/are Trekking in
Fiji

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