Final EUvsVirus Contribution 1.6.2020
It's about empowering Entrepreneurs with Expertise. What is MicroAdvisory & why could it be a solution for a Recovery from the Economic Crisis? Let us introduce you to Sophia: https://www.youtube.com/watch?v=IT5yPNP-z00
Inspiration: Micro-Loans give people the Chance to help themselves out of Poverty by being Entrepreneurs, Micro-Advisory gives Entrepreneurs the Toolset for being successful with their Business - even in times of a Crisis.
- Physical Distancing could lead to a lack of Expertise in the Financing/Management Processes of Businesses
- Loans can't be the only Solution for an Economic Crisis - Liabilities weaken Companies, because they need to be repaid with future revenues.
- unhealthy Companies can't preserve jobs & lead to a default-series in the future
Solution: stayhealthy: physically and economically
One Platform to join forces of everyone who can make a contribution to economically healthy businesses: Bank Employees, Equity and Crowd Funders, Business Continuity Experts, Management Advisors, Self-Financing-Experts, Lawyers, Tax Advisors, Employees of Public Institutions,...
...matched based on the current Problem of an Entrepreneur & connected in Video-Advisory-Rooms. Example: “I need Feedback on my Business Plan” → all available Experts for Businessplan in the Country listed (already Experts of Public Institutions pre-registered for that specific Micro-Advisory-Service)
Entrepreneurs can access the Expertise they need remotely, to get a new Perspective. Solving urgent Needs with Orientation of Experts, enables Entrepreneurs to help themselves. Advisors can offer precise micro-advisory to Businesses at the exact time they need it, to make further progress in their health/recovery/fitness-plan or in case of urgent need. help Businesses helping themselves with Sophisticated Advise in a comfortable customised Video-Advisory Room, without travelling and borders.
- when Public institutions use the Platform, it brings Knowledge of Institutions closer to the point of Impact: People needing it.
update 29.5.2020 Success of Matchathon.
57 International Partnerships will be announced on Tuesday. EUvsVirus showed the strength of one united continent. EU Institutions, National Institutions, Companys, Universities and People united in the Mission to improve the Life of 450 Million Citizens and more, through supporting the 120 ideas to come to Reality.
update 21.5.2020 ready for #EUvsVirus-Matchathon
Let us introduce you to Sophia & a new perspective for Businesses to recover from the Crisis: Micro Advisory. For a Contribution to #EUvsVirus, meet us and 119 other impactful Projects at: https://euvsvirus-matchathon2020.converve.io/
We build a Platform connecting those who can enable Businesses to help themselves with the Companies needing Support. In efficient 30 to 60 Minute Video-Calls, useful tips give a Perspective for the next Steps to take. We want the Economy to #restartStronger with healthy Companies through the support of many sophisticated Advisors. #StrongerTogether
Example: "i need help with bank negotiation" --> matching with Expert on Bank Negotiations that gives Orientation in 30 Minutes to enable the Entrepreneur taking his/her next steps.
Update 18.5.2020: We provide a Platform for the efficient collaboration of businesses & economic health experts (basically everyone that can the answer the question: "can you add value to businesses' economic health?" with "yes")).
one step at time, from urgent needs, to financial health and further to resilience for future crisis and growth potential.
SMEs can't handle an army of advisors & project managers, but still need the same program as a corporate: thats why we create halloSophia - fast lane for sophisticated advice, making compaines healthier step-by-step
Update 6.5.2020: www.hallosophia.com
Update 8.5.2020: after meet-ups with several experts, we re-focussed a little: #stayhealthy Economic Health Center, all financial experts to help businesses stay healthy financially, because only ecomomical healthy businesses can restart stronger, advising remote to also stay healthy physically
Status Hackthon: Contactless Financing Expertise for Businesses - our smart Assistant SOPHIA knows which financial instrument fits your business best & what financiers need & organises advise without physical contact https://youtu.be/ESa0pdhnGGs https://xd.adobe.com/view/5980ffeb-bae9-425f-433b-14ce25117069-2fb1/
#restartstronger with joint finance & business expertise
a solution to not only survive the crisis, but to restart stronger!
The Virtual Branch: Home to Loan Experts, Corporate Finance Advisors, Equity & Subordinated Debt Experts, Alternative Financiers, Insurance Brokers, Tax Advisors, Public Grants Experts - SOPHIA's assisting Businesses in the (remote) collaboration with all kinds of financial experts, to get the most sustainable financing concept! Her own intelligence includes, for example, Equity/Debt-Optimisation, because Debt-only would be a Liability limiting the future potential
We tackle two Problems:
1. Problem Physical Distancing The COVID-19 affects our daily life, Businesses need to shut down without sufficient compensation. Without Revenues they struggle for liquidity and mostly need to contact several financial experts to preserve their liquidity: like loan experts at banks, crowd-funding platforms, tax advisors, corporate finance advisors. some banks still want documents handed offer in paper. That makes no sense to us: Closing Stores because of physical distancing & then queuing at a bank branch to apply for a loan?
2. Problem Lack of Equity/additional Equity Instruments Most Businesses don't know alternative financing instruments or don't use them and therefore are relying on debt financing only. But low equity/debt-ratios lead to a weakening in the long-term growth potential of the company. we fear that this crisis will have a negative long-term impact on small and medium sized enterprises, when we can't build awareness for sustainable financial structures.
the general problem with lack of equity, could potentially be a accelerated disadvantage after the crisis, compared to other business locations. too little equity leads to smaller amounts of growth funds for the innovation driver of the economy: small and medium sized enterprises
we are sure: the best ways to tackle this, are improvements in financial structures
How we tackle the Problems
we created the virtual branch to
- avoid physical contact
- develop holistic bridge financing concepts: all experts, not only bank experts - including additional equity experts
SOPHIA, our smart assistant, knows banking and how to be prepared for a meeting & she connects to the right experts and connects the business representative with the expert in a video-meeting-room.
But not only bankers. we are open to all kind of financiers, especially those wo deliver additional equity, like subordinated bonds.
A virtual branch can be home to all kind of financial experts, not only those to find in a bank branch. connecting those experts and alternative financiers with businesses, leads to better and more sustainable financial structures. For a better restart after the crisis.
Bureaucracy is another Topic we tackle here. SOPHIA, our Smart Assistant knows which informations and documents are necessary for efficient meetings with experts and can help business, not only to meet the fitting expert, but also to be prepared perfectly, to use the time efficiently.
The Features in a nutshell
Solution: Online Branch, Virtual Assistant & Digital Document Handling on Approved Bank-Standards & Meetings via Videoconferencing on "Bank-Standard-Secure" Servers (at the moment we use eyeson.com on the A1 Exoscale Cloud. Secure European Cloud)
*Benefit 1: Document Exchange with Banks online to speed up the Loan Application
*Benefit 2: Online Process helps avoiding unnecessary physical contacts
*Benefit 3: Virtual Assistant SOPHIA knows what Banks need to speed-up the Application
*Benefit 4: SOPHIA knows the Equity Criteria for Business and advises Equity & Mezzanine Instruments as well + connects to Alternative Financing Platforms & Corporate Finance Advisors
A dedicated Team
Markus is a Member of the European Financial Planning Association and a big fan of holistic, sustainable SME-Financing. He's a bit nerdy when it comes to financial mathematics.
Johannes is an Allrounder in Softwaredevelopment. He worked for a Crowdfunding Platform, Developed Blockchain Application and now takes care of the complex software architecture of SOPHIA's Backend ("SOPHIA's Brain")
Matthias is a UX/UI professional and marketing-allrounder, he loves beautiful design, especially when he can give this design to a beautiful mind like SOPHIA
Peter is in love with smooth and user-friendly applications, that make life easier for users & feel good while using
What you have done during the weekend
We already startet in March, because we realised early that a Crisis like that could have negative long-term effects on SMEs
That's why we already startet with a early screen design, a feature list and first lines of backend code ("brain to SOPHIA's Skills" like Equity/Debt-Ratio optimisation)
we used this weekend to get feedback from Mentors and got further progress in the backend intelligence of SOPHIA, our screen design & featurelist + we invested time to focus on what we really want to communicate to our target group (SMEs), the mentoring-sessions and the pitch video have been a good challenge to really become more clear in our vision and communication.
The solution’s impact to the crisis
less physical contact in the financing process, less bureaucracy with preserving liquidity and more sustainable financial structures (equity/debt-optimisation) for a better restart after the crisis
The necessities in order to continue the project
we are definitely continuing on this project. we'll bring it live in Austria mid of May.
our next steps:
*finishing the software development
*finding bank partners
*finding startups all over Europe to internationalise together
*getting early user-feedback on the MVP
The value of your solution(s) after the crisis
even if physical distancing isn't a thing anymore. (who knows when?) we can point out the simple access to expertise and the holistic approach of bringing additional equity (like subordinated loans) into financing concepts and through this improvement, to the growth capital structure of SMEs.
because one of the main problems – in the Team’s Opinion – with Innovation in Europe is the lack of funds for innovation. we have the best brains in Europe, but they prefer working for established big corporations. Improving financial structures in financing processes increases the amount of growth funds accessible for Startups & SMEs