Week 2: September 14th – September 21st: Pain points and user story
a). Who are your clients/users? → Individuals who suffer financial inclusion →Should we talk about 45 million in the USA? →Primarily mobile-first individuals, such as youth and millennials.
b). What are their pain points? → Access to no credit demonstrates the ability for lack of employment, housing, etc.
c). What is your product’s value proposition? → We empowering people to become trusted by strangers and be recognized for their authentic self and social worth in order to gain easier access to social and financial resources.
d). What is your distribution and go-to-market strategy? Who can you partner with? → Our initial go-to-market strategy is to collaborate with merchants and community residents to support the activities of the local community, and support business owners with in daily business operational tasks. This will allow individuals to develop value within the community and a social credit score which would reciprocate an actual credit score. → Our broader go-to-market strategy is to enable third party applications to integrate our commitments tracking and recognition system into their applications via our APIs.
e). What are the risks associated with your solution? → The risks associated with the solution can the current labour markets and financial institutions. The working force may see a decrease in hiring for general labour for local merchants, which can lead to wage disputes. Furthermore, merchants may abuse and exploit the exclusive use of individuals developing social credit. Financial institutions may not see the social credit similar to the current credit score which can hinder further opportunities to purchase a house, automobile etc.
f). What is the impact of your solution? How will it be measured? →Impact of our solution can potentially allow over 1.2 billion people access to financial credit and it will be measured via their Social Credit Score. Impact will be measured by the reduction in demand for social services by accelerating people’s progress to become financially independent and by accelerating the approval process for creditors, lenders, landlords, and insurers with more favourable business terms that reflect lower risk.
g). Define the technical specifications and development roadmap? →The socialXchange MVP is a Facebook Messenger chat bot, based on Chatfuel, integrated with Ruby on Rails. →Our hackathon team is porting some of the logic and database functionality to smart contracts on Ethereum and creating APIs to allow third-party integration.
h). Define your impact criteria and how you measure it? →For our pilot, we will measure the relative speed of getting employment by participating at-risk youth, as well as the willingness of participating merchants to extend tab privileges to customers with a high Social Credit Score.
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