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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

BMC Experiment Purpose: To gather information from FI’s, SME’s and secondary data to create a Profit and Loss (PNL) statement based on assumptions of how PEV would run a Microfinance business in Fiji. By evaluating the profits and losses of running a MF business in Fiji we can determine its capability and thus viability in the future. Whilst profit isn’t as accurate a measure for a Financial product (due to its inability to capture time values) we believe this experiment is a needed...

Liv Hendy
by Liv Hendy
6 Votes
Comments 1
Liv Hendy

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

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

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

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

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

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

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

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

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

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

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

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

Problem Phase Abstract: This post outlines the key financial issues that SoCon has identified in Fiji. Issues stem from the identified problem that Fijians lack access to financial capital stemming from the following: High interest rates Low and/or irregular income  Distrust of financial institutions Unwillingness to offer land as security or collateral on loans These factors are largely shared by the targeted customer segment, and suggest how a significant segment...

Jack Yeung
by Jack Yeung
4 Votes
Comments 1
Jack Yeung

Solution Phase: SoCon has developed a payment plan as a solution to the problem of the customer segment being unable to pay for the Buka stove upfront. The payment plan aims at providing low socioeconomic individuals access to the Buka stove. The higher overall cost of the payment plan serves the purpose of mitigating the high level default risk associated with paying off a loan. Set up payment plan for the Buka stove. Payment Plan Structure: 3 ½ month loan Upfront payment...

Dana Yeaman
by Dana Yeaman
1 Votes
Comments 2
Dana Yeaman

Revenue Streams Outline The Social Consulting currently has a single revenue stream, through their sales of the Buka Stoves on payment plans. Background Operate separate from Fuel team Uses ‘mobile money’ Although Social Consulting operates separately the Fuel team in order to expand into differing product offerings and an expanded customer segment. They are currently seeking to make systems of obtaining revenue in more efficient and cost effective ways to make their...

Tommy Moran
by Tommy Moran
4 Votes
Comments 1
Tommy Moran

The overarching channel SoCon has been using to create and distribute the payment plans is business to customer interaction. Key subdivisions of this channel include door to door sales, adoption of mobile money for repayments and SMS reminders. Within these two channels, there are many ways in which both the payment plans and the repayments are being delivered to customers and the business.   Door to door SoCon has been contacting customers through door to door sales. This channel...

Anastasia Cao
by Anastasia Cao
5 Votes
Comments 1
Anastasia Cao

Lean Phase: Solution Assumption: 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: This experiment is measuring the percentage of borrowers who default on payments. This will be tested with 30 sales of the Buka stove.   Green Light -  Success if 15% or lower default on loan. Success point - To...

aruna avanthika
by aruna avanthika
6 Votes
Comments 0
aruna avanthika

Currency Testing Experiment Lean Phase: Revenue Streams.   Assumption: Individuals are satisfied purchasing a $70 Buka Stove for  $105 on a 3 1/2 month, mobile payment plan to gain access to the product earlier.   Purpose: To test the acceptance of the payment plan and mark up price.   Time Box: 3 weeks (or time taken to interact with 50 villagers that are interested in the Buka stove and cannot purchase it outright.)   Success Metric: Metric: % of people...

Olivia Hensch
by Olivia Hensch
6 Votes
Comments 2
Olivia Hensch

Lean Phase: Solution Assumption: that customers are willing and able to pay $10 per week on a monthly repayment plan for their Buka Stoves. Note: this assumption is both location and income dependent; therefore, it is important to validate this across a strong geographic and income class spread. This experiment correlates with the income cycle experiment to determine regularity of repayments from customers and the amount customers can and are willing to pay on a repayment plan....

Jack Yeung
by Jack Yeung
4 Votes
Comments 1
Jack Yeung

  Lean Phase : Revenue streams Question : Can we utilise a financial model to establish a sustainable and scalable business? Purpose : To determine the usefulness of a financial model. Assumptions : We assume that a financial model will help us gain better insight into our payment plans for buka stoves r.e: Margins Prices Revenues Time Box : 4 weeks Success Metric: The financial model will consist of 4 aspects (stated below in the experiment build), as based...

Vanessa Zheng
by Vanessa Zheng
6 Votes
Comments 0
Vanessa Zheng

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

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

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

Lean Phase: Channel Testing Assumption: that consumers are familiar with, know how to use, and are willing to use mobile money as a payment system. We need to prove that: 1. They are familiar with mobile money, and 2. They know how to use mobile money (ideally, they are current users), and 3. They are willing to use mobile money to access financial services Note: these variables are very location-dependent; therefore, it is important to validate this across a strong geographic...

William Lee
by William Lee
3 Votes
Comments 5
William Lee

Lean Phase: Channel Testing Assumption: that consumers have access to mobile money as a payment system. We need to prove that: 1. The level of phone penetration is sufficiently high 2. There is reliable network coverage in communities to enable mobile money transfers 3. There is close proximity to a mobile money dealer to be able to convert cash into mobile money for transfer Note: these variables are very location-dependent; therefore, it is important to validate this across a...

William Lee
by William Lee
4 Votes
Comments 2
William Lee

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

Lean Phase: MVP Prototyping / Solution Assumption: Those who are able to regularly pay their other important bills on-time (water bills, phone bills) will be much more likely to be able to make on-time repayments of loans. Gathering the data from individuals will allow SoCon to determine for ourselves whether these individuals are going to pay on time by creating inputs for credit risk model (i.e. not default). Time Period: 6 weeks Success Metric: Various identified forms of data and...

Seif Zakri Stacey
by Seif Zakri Stacey
1 Votes
Comments 5
Seif Zakri Stacey

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

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

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

PEV as a potential investor The following idea is the second part of the test experiment on the microfinancing model with NAYO. The first part which establishes the background knowledge on the model is available here . It is clear from all the research done by the Social Consulting Team in Malawi that a major influence on the microfinancing systems in Nancholi region of Malawi are the Village Banks providing individual loans (more prominent and outreaching in the villages) and NAYO that...

Riddhima
by Riddhima
7 Votes
Comments 3
Riddhima

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

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 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

This is a rudimentary moonshot design for long run competition, which I have attempted to tailor to current solar-based micro-financing operations in Malawi. An issue associated with micro-finance is the inherently high interest rates. There is high default risk and monitoring costs are proportionally high. Whats more, we discovered today that there are already several institutions providing services in this market, which may make it difficult to scale effectively as a for profit,...

Kurt Michl
by Kurt Michl
16 Votes
Comments 18
Kurt Michl

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

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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

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