Inspiration

Our inspiration stems from recognizing the systemic economic inequality, education reform and racism within America. We all come from different parts of the world and we saw common themes within societal discrimination of the minority as we discussed our issues. We wanted to create something that would create a large impact within America, but also a system that could be implemented anywhere discrimination existed. We were incredibly inspired by the work of Muhammed Yunnus, who is considered the father of micro-financing. We also observed the work of a company called, Rang De , which created opportunities for women in the rural parts of India using micro-finance.

What it does

Commoncoin is an app that creates a social experience by use of low-risk investments in Black entrepreneurs. It allows anyone that is interested in an existing project on the app, to contribute a small investment to make this possible. The investment would be paid back, by the borrower, within a set period of time while adding interest. This process also stimulates a more level playing field for Black entrepreneurs to receive funding for their projects, as opposed to dealing with the racial discrimination of banks and public policy that have been going on for generations.

How I built it

The app is built with Android 4.1.1. We developed the interface using a combination of graphic design tools while following a process of design thinking.

Challenges I ran into

Challenges we ran into included being a technically challenged team in regards to programming apps and the back-end of websites.

Accomplishments that I'm proud of

The ideation and collaboration within our product was very seamless. We are all passionate about these issues and how they affect our community.

What I learned

We all learned better ways to collaborate and delegate the splitting up of tasks in order to make our creation process as efficient as possible. We did hours of research on the actual statistics and history of the growing racial disparity within wealth in America. We spent hours researching different business models from peer-to-peer businesses and micro-finance examples. We learned about how these strategies are implemented in some of the most successful American businesses, today. We learned a lot about practical uses from the phone interviews that we conducted, as well.

What's next for Commoncoin

Next for Commoncoin is further developing the app, doing user-testing and in-person interviews. These all will create a much greater and more practical understanding of how what we're creating can be implemented in the every day life. We're also looking into investors to help fund the creation of this app, and seeking partners that will compliment our mission. We would also be using Capital One's API, Nessie, to create actual peer-to-peer transactions network - which will be vital when scaling our app for public use. This would also simulate diverse and realistic cases.

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