What solution(s) does your initiative address to help emerging entrepreneurs and small businesses grow and thrive in underserved communities? (select all applicable)
Access to financing, Access to technology, Access to economic opportunity.
What has been the impact of your solution to date?
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.
What is your projected impact over the next 1-3 years?
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.
What barriers might hinder the success of your project? How do you plan to overcome them?
Financial literacy classes are conducted by a local InVenture employee. The curriculum includes basic financial vocabulary, how to categorize different kinds of expenses, and how to calculate revenue, loss, and profit. After providing this foundation of financial understanding, students are taught how to use the InSight SMS application to maintain financial records.
We partner with already-established NGOs and self-help groups and with with women who are community leaders,well versed in using InSight and are responsible for ensuring that the users in their area report regularly and accurately. Dependant on familiar local trusted networks, our product-delivery system allows for InSight to have greater and lasting traction in a community.
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
In six months we want to have 10,000 users on InSight gaining financial acumen and better access to credit.
Now think bigger! Identify your 12-month impact milestone
In one year, we want to have 40,000 users utilizing InSight.