Using Mobile Technology to InVest in Communities
InVenture believes in the power of entrepreneurs at the Bottom of the Pyramid when they are equipped with financial accounting tools. InVenture created InSight, a tool to reform the financial sector.
A propos de vous
A propos de vous
Prénom
Patrick
Nom
Furlong
URL Twitter
URL Facebook
A propos de votre organisation
Nom
InVenture
Site Web
Pays
États Unis, CA, Los Angeles, Los Angeles County
Pays dans lesquels ce projet crée un impact social
Inde, TN
Votre organisation est-elle une
Entreprise
Depuis combien de temps votre organisation opère-t-elle ?
1‐5 années
Votre organisation a-t-elle reçu des récompenses ou des prix ? Si oui, indiquez-nous lesquels.
2012 Top 5 Most Promising Social Enterpreneurs by Bloomberg Businessweek
2012 Sankalp Forum Finalist - Technology for Development
2012 Vodafone Finalist - Wireless Innovation Competition
2012 Raised $200,000 in current convertible round from notable angels
2011 Raised $300,000 in Seed Capital through equity investments
2011 Echoing Green Fellow
2011 Unreasonable Institute Fellow
2011 Young Challenger – Global Social Business Summit
2011 William James Foundation Finalist
2010 Winner of TechCrunch LA Demo Pit
Les informations que vous fournissez ici seront utilisées pour combler toutes les parties de votre profil qui ont été laissées en blanc, comme les intérêts,les informations sur l'organisation, et le site Web. Aucune information de contact sera rendu publique. S'il vous plaît décochez ici si vous ne voulez pas que cela se produise..
Innovation
Intitulez votre soumission
Using Mobile Technology to InVest in Communities
Sélectionnez la phase qui s'applique le mieux à votre solution
Croissance (votre pilote fonctionne et commence à prendre de l'ampleur)
Depuis combien de temps le projet existe-t-il ?
En place depuis 1 à 5 ans
Le besoin : quel problème tentez-vous de résoudre ?
As the rate of micro-lending continues to increase, microfinance portfolio risk worldwide has also increased. The increase in defaults and administrative costs is in large part due to the lack of reliable ground-level data. Higher default rates can result in higher costs of credit for micro-borrowers. Greater transparency is needed for microfinance institutions (MFIs) to mitigate loan risk and approve micro-borrowers who fit within their program parameters.
La solution: quelle solution proposez-vous ? Soyez précis !
InVenture is pioneering a standardized credit scoring system for unbanked individuals to qualify for financing -- something more than 2.7 billion individuals lack. Currently, there is no other organization in the market providing financial literacy, accounting and credit scoring through a text-messaging platform. The data captured by our product InSight will help us understand how bottom-of-the-pyramid (BoP) individuals, households, and businesses manage money. InVenture then provides the education, financial metrics and partnerships to revolutionize the low-income financial service industry.
InSight provides entrepreneurs a convenient, easy to use tool accessible through any text messaging cell phone that provides them financial literacy and accounting assistance. We are also able to use the data we get from these entrepreneurs daily entries, and create a unique credit score for them that banks and microfinance institutions use to provide credit to previously unbanked people.
Le système : décrivez un exemple spécifique montrant de quelle façon votre initiative fonctionne ; indiquez vos principales activités.
No download is required to use our mobile application—it works entirely over SMS. This makes the app accessible to borrowers in the developing world who do not have smartphones or computers. Use is simple: it only requires sending a single daily SMS to our local access number.
Using a basic combination of numbers this message records expenses and revenue for that day. A message of “2000 1000” indicates 2000 INR of income and 1000 INR of expenses. If interested, the user can also use a basic key of letters and numbers to enter more detailed information about the nature of their expenses—whether it has been spent on food, travel, etc. Whether it is a basic revenue and expense report or a more detailed budget, the information in the SMS is routed through an SMS-gateway to InVenture’s cloud database. After the database receives this information, it replies with an SMS confirmation of what the user reported.
Users can view their aggregated income and expense information by sending simply “0” to their access number. The reply to this message is an SMS stating weekly income, expense and profit information. Finally, a user can request help by sending “00”. A staff member calls that member to answer any questions. InSight currently works in eight languages: five Indian dialects, French, Spanish and English.
Le marché : qui sont vos collègues et vos concurrents ? Identifiez les autres personnes qui travaillent à répondre au même besoin et indiquez ce qui vous différencie d'elles. Comment ces concurrents pourraient-ils influencer votre réussite ou votre croissance ?
Our main challenge is the current lack of accounting and financial literacy. Currently, there are no direct competitors.
Potential competitors include First Access (Tanzania) and Micel (Mexico). InVenture’s focus on combining real-time
accounting and demographic data provides clear differentiation and a market advantage from our competitors.
Impact social
This Entry is about (Issues)
Quelle(s) solution(s) votre projet propose-t-il pour améliorer la vie des femmes et des jeunes filles en recourant aux technologies ? (plusieurs réponses possibles)
Accès à la technologie, Accès aux opportunités économiques.
Jusqu'à ce jour, quels résultats a obtenu votre projet ?
InVenture is currently providing InSight services to two lenders and five NGO partners. InVenture is currently charging these institutions for portfolio servicing and lead generation. InSight is helping these organizations better manage the risk of their portfolio while helping the entrepreneurs using the product attain greater financial literacy and accounting acumen to help them manage their business. Our first group of users will soon complete their initial lending periods using the technology, and we'll then have an even better idea of how much their savings and revenue grew.
Quelles sont vos prévisions en termes d'impact au cours des trois prochaines années?
InSight has the ability to transform the finance services industry by increasing
efficiency, reducing costs and risk and has the potential to lower interest rates
across emerging markets. Additionally, through the use of InSight, individuals
have increased revenues, higher savings and financial literacy rates.
InVenture is initially targeting the Indian market with 30.1 million micro-
borrowers. By 2016, we plan on reaching 30 million users on InSight across
emerging market countries.
Three years from now, we'd like to see individuals who use InSight growing their business, and finding access to more affordable forms of credit than before they worked with us.
Les meilleures propositions possèdent un programme solide détaillant leurs prévisions pour atteindre et suivre leurs objectifs de croissance. Identifiez vos objectifs à 6 mois pour accroître vos résultats
In six months we want to have 10,000 users on InSight gaining financial acumen and better access to credit.
Définissez les trois tâches principales à accomplir pour atteindre ces objectifs à six mois
Tâche 1
We will be hiring field staff to manage on the ground programs far away from where our staff is located.
Tâche 2
Expand financial literacy trainings from one time sessions to recurring sessions to ensure users grasp the concepts.
Tâche 3
Create a web portal that will help us manage the transparency that is needed when we go to find 10,000 users.
Et maintenant, voyez les choses en plus grand ! Identifiez vos objectifs à 12 mois
In one year, we want to have 40,000 users utilizing InSight.
Définissez les trois tâches principales à accomplir pour atteindre vos objectifs à 12 mois
Tâche 1
We will be hiring someone with a high level of experience in business development to be our business development director
Tâche 2
We hope to partner with an MFI to enter the market in Kenya.
Tâche 3
We are looking to create ten new MFI and bank partnerships.
Création de l'organisation : nous voulons tout savoir sur votre déclic. Expliquez-nous oú et quand les fondateurs se sont rendu compte que cette solution possédait un véritable potentiel pour changer le monde.
Working for the United Nations Population Fund, Shivani got a chance to go into the field and talk to microfinance borrowers, and really learn about their daily lives. Does your daily life feel better as a result of these programs? What Shivani found was that most of the time the answer was no, their lives weren't getting any better. She started InVenture as an organization that would crowdsource funds to invest in a business but a year ago, we saw that was also lacking. Maybe what India needed wasn't more loans, but rather smarter access to manage that capital.
There is an entire layer of companies that are below small and medium enterprises, they're micro enterprises. People often don't believe these businesses can really grow. Maybe we can't value them the same way we do a corporation, but there is value and potential there! She started InVenture to give people an opportunity to enter formal financia markets, receive better loans, and learn smarter ways to manage financesl.
Viabilité
Quels sont vos différents partenariats ?
We have a few partnerships with NGOs on the ground in India: Unnati, Ashwini Mahila Snagha, IYD, and Vistaar. Working with these nonprofits will give us greater access into the communities we want to work in. We will be training the NGO's in the use of InSight, and those NGO's will be able to serve as support for the entrepreneurs that decide to use InSight. We are exploring other partnerships with other groups working on the ground in India, as well as Kenya.
Expliquez plus en détails les besoins et les offres indiqués ci-dessus ou proposez un type d'aide non mentionné dans la liste
We are always looking for ways to fund and publicize our innovation. The most important idea of InVenture Foundation is to provide opportunity for entrepreneurs that other organizations deem too risky to work with. We strongly believe in providing access to credit, and providing that access alongside financial literacy training.
| Fichier attaché | Taille |
|---|---|
| InSight- money management and big smiles! | 1.13 Mo |
| An infographic that explains how InSight works | 167.76 Ko |
| Curious how InSight works- here it is in action! | 104.65 Ko |
 | il y a 39 semaines Ami Gosalia said: Thanks Joshua! It's been great to work with so far so we are excited to see where it goes! In regard to She Will Innovate, we focus very ... about this Competition Entry. - lire plus > |
| il y a 39 semaines Joshua Caleb Collins said: Hi Patrick, Great idea! I think it has unbelievable potential to impact the micro-lending industry. Focusing specifically on the She ... about this Competition Entry. - lire plus > |
| il y a 39 semaines Ami Gosalia said: Hey Cynthia, Thank you! We are working on the G2012 app as we speak. I appreciate the heads up! about this Competition Entry. - lire plus > |
| il y a 39 semaines Cynthia Drayton said: Hi Patrick, Thanks for entering the She Will Innovate Competition. Are you also aware of our G2012 Mexico Financial Inclusion ... about this Competition Entry. - lire plus > |
| il y a 40 semaines Ami Gosalia updated this Competition Entry. |
| il y a 40 semaines Ami Gosalia updated this Competition Entry. |
| il y a 41 semaines Ami Gosalia updated this Competition Entry. |
| il y a 41 semaines Ami Gosalia submitted this idea. |