It was in the year 2008 when I participated in GEE online Business proposal competition; this experience was totally new to me. I would just like to share you some of my experience during the time and what concept our team built up to participate in event. Until that day as a business school student I was acquainted only with the real project works communicating with my collage friends. But when I participated in GEE (Global Enterprise Experience) 2008 project I got the chance to form a team of global participants. It was like dream come true to me because I remember once I told my friend “What if we formed a team from different parts of the worlds and have a single undertaking?”. Initially I was not confident about whether I will be able to deliver and remain committed in what will be asked for me to do, but my team leader Tanuja Patel, Sergio and my friend Ashish with other group members were continuously in touch with each other. With fruitful guidance from Deb (our coordinator) it was more than easy for us to continue our work.
Our Concept of business:
In this virtual world where Millions of people in the world currently excluded from financial markets represent, not only a potentially large profitable market, but a new angle from which to reduce world poverty, one which is much more pragmatic and decisive than just charity. Our proposal was focused upon the fact that a huge untapped market for mirco-pension exists in the developing world as demographic trends show the number of elderly people is rapidly increasing. This concept begins with a voluntary compensation plan to grow into offering other financial products and services to the worlds’ poor and not only targeting the elderly but families also to help provide self-employed poor individuals with lifelong financial security. Pensions, currently unavailable to the majority of poor people, could offer this hope. Liberty Financial Solutions mission was to ‘Democratize the capital markets’ and bring financial products closer to the world’s 4 billion poor starting with voluntary pension plans with almost no minimum capital requirements at the time that it provides complementary financial education to its clients. Educating the consumers is a key element of the marketing strategy which will include educating the target market on the benefits of managing their personal finances as well as the products we wish to offer them and their benefits. We targeted to finance and supply both products using our association with Cajas de Compensacion. This was parallel to concept of similar structured non-profit organizations like Building Societies in Latin America that provide credit, health, education and recreation to their affiliates. The business concept we proposed was not to be considered ‘written in stone’, but a flexible template that fits the existing social dynamics of each city. In order to understand those dynamics and particularly understand ‘poverty’ as defined by each city or country we should, first of all, put together a think tank with prominent minds of the academic sector, for instance; urbanists, economists, sociologists, as well as the financial sector. This would assist in determining the needs of the poor in a given city/country, how to possibly meet their needs as well as find or fill any gaps in the current or future financial market.
Although we didn’t bag the first prize but our effort on the research and concept to establish Liberty Financial Solutions was appreciated by all. This experience brought a first milestone in my life where I was given “Voveo Commitment Award” for my continuous effort for completing the business proposal in cyber team. I would like to thank GEE (Global Enterprise Experience) 2008 project team for giving me this opportunity to get involved in global project and be acquainted with such a talented team members, I miss my GEE team and hope to be part of it in near future.
CHEERS to all
A.M. Dixit
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