1
2
808
Idea Overview:
There is a clear need for budgeting support with budgeting apps being a rage all promising to help you. Admittedly for many, they work but there are several people not being catered to. The ones that cannot simply follow through with their intentions and stick to their budgeting plans. meaning that sometimes they end up developing mental health issues through being constantly stressed about money.
Who might use it/where it might be used?:
Students living from grant to gran, people on low income and people who have mental health issues means they are unable to stick to their budgeting plans. Realistically speaking anyone over the age of 18 may find value in this product/service. Even a multi-million air may want to park cash with CBA simply for the pleasure of knowing it's making money for charities. However, our targeted audience will be the 3 initially listed.
The Market (B2B, B2C or Both):
Both
Sector the idea belongs to:
Information technology
Why you think there is a demand for your idea?:
In my opinion, it's the next logical evolution of budgeting tools. The respondents to this survey give a clear indication I'm not wrong. https://bit.ly/2TnbFPk
Regardless the data relating to financial hardship is clear and vast and undoubtedly in existence. We aim to become a solution in part for these issues.
Who would be the ideal customers?:
A single mum working part-time, a student with no one to turn to when things get tough, an old age pensioner, a person who suffers from mental health issues ...
What ideas do you have to reach these customers?:
Our marketing strategy of utilising social media would be where the majority of the marketing campaign would be assigned. However, I would like to use the local sports team and sponsor them to the point where everyone in the league has us on their kits.
How far have you developed this idea?:
A business model with possible pivots planned, strategy for scaling and a basic prototype started.
I believe I have POC but some say I need a live MVP before I can say I have POC
What – if any – feedback have you had for this idea so far?:
The ideas intentions are good i picked a great one to move forward with but not many have been willing to delve too deeply into it. I understand I've been fully aware from the start what a poop storm I've chosen to go with but everyone understands the value it aims to bring to its target audiences however getting there is too great a journey with too many variables to consider.
This product need an established financial institution becoming dedicated to it.
What supporting material – if any - would you like to add to your proposal?:
https://www.cashboomerangs.app/deck
https://drive.google.com/file/d/1mP-Sua6bXLHZ-n9a-ZZ0l7k24fZ0wGmv/view?usp=sharing
The sales funnel will give you some insight into the target demographics although the product will be openly available.
2 comments to “Next level budgeting tool that aims to raise money for charity.”
You can leave a reply or Trackback this post.
Simon Krystman - July 5, 2021 at 10:12 am
Are there any examples of something similar to use as a comparison and then for you to highlight the differences?
Iskander Abd-Al-Kerim - July 8, 2021 at 7:53 pm
Yes, https://www.punk.money/ can be considered similar whereas people send their cash for set periods but as investments and expect returns (which HMRC may need talking about).
I did also plan a model that works on ethical loans being issued from the running balance, not the full amount, however, I came across punk. cash and https://www.quanloop.com/en/ whilst looking for ways to make the budgeting idea I had to generate revenue.
At first (and still am happy to consider) I was thinking of taking a portion of the running balance from user assets 6.5% max and investing with companies like the two mentioned (this was long before I started delving into ethical hedge funds).
Yes, so in a sense they are similar, they hold people’s money in trust, and they use them to generate revenue through loans.
Which is great! However, my goal is to help people budget their finances, sometimes for short periods like 14 days so I will provide them with this benefit and look to work with multiple ethical hedge funds. This will diversify and limit the risk in the event of one fund collapsing the others can easily make up for it and but not using the full amount (nowhere near) I can ensure that overheads are covered investors are kept smiling and we could generate some cash for charity.
The model of using people’s money to make money is old and clearly, one that works. I would easily consider diversifying some user assets into either of these organisations pot at some point my model thrives on 6.5% return on the assets use and by the looks of it, that is the bare minimum these companies offer as a reward.