Team 119 AiM Connect

AiM Connect is an online portal where start-up businesses, investors, and bookkeeping firms use to connect.

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Inspiration

This is inspired by how our 11-day old business, AiM Online Review, started. We were able to conceptualize the idea two years ago, but we were unable to move because of a lack of capital. But one crazy day, we finally decided to start it without any money. Based on my computation, I needed at least Php150,000 to get this started, but I didn't have that money. So I figured if I can find 30 people with Php 5,000 each, I can have Php150,000. I posted on Facebook that we are working on a project and that I am open to partnership. Surprisingly, I was able to complete the money on the same day I posted it! And the investors were very diversified, current and old students, colleagues, friends, and relatives. During the time of COVID, some of my friends asked me if I needed more capital because they still have funds.

I realized that there are people who are willing to fund a project, as long as they trust you, you have clear objectives, have a timeline, and their earning opportunities are transparent.

It's just that people who have ideas, and people who can fund the project did not meet.

I am a professor, and I have seen and read hundreds of business ideas that never come to life. Some of them are social enterprises and very relevant to their communities.

What it does

This is a two-part portal composing of AiM Business Plan, where start-up business can post their business ideas and capital needs. It is an easy-to-answer portal that includes all of the elements of a business plan including computation of their start-up capitalization needs based on their projections. Part two is AiM Accounting Systems, a user friendly but integrated accounting tool to record business transactions.

The steps are simple. Start-up businesses will submit business plans and make an offer. Investors will see if they can fund the project. If both parties agreed with the terms. Bookkeeping firms will assist them in their business registration. We included business registration, because in this pandemic, a lot of businesses are sprouting but not registered. If these businesses so decided to go on with the business as a step to the next normal, it is of primary importance that they have to be a legitimate business. Lastly, once they are registered, the can set up their books of accounts through AiM Accounting Systems. The best part of this is investors will be able to have access to sales reports to see if the business they are investing in is earning or not.

Why is it relevant

Business Plan Portal

A lot of people are now considering jumping into the business. Government agencies, financing institutions, and organizations are also providing start-up funds. We don't want them to waste money. Some entrepreneurs might find it challenging to write down their business idea. The Business Plan portal is straightforward and easy to navigate and asks questions a business person should know. If an entrepreneur knows his/her business, he/she should be able to finish creating the business plan in a day; otherwise, this portal will help them think about aspects of their business they have not considered. The most common mistake of a start-up MSM is they only focus on the product or service but not considering other aspects such as marketing and distribution channels.

Accounting Systems

Aside from most MSMEs not separating business money from personal funds, they also don't record transactions. They have to learn how to do it; otherwise, they will always be clueless about their own business. AiM accounting system is simple and easy to navigate, including only underlying transactions such as cash receipts, cash disbursement, collections, and payments, including adjusting entries.

Target Users/Audience

Students, Online Sellers, MSMEs

*Where they can express their business ideas formally and based on a simple structure *Students who prepare business plans will have an avenue to present their ideas. *Online sellers and MSMEs who needs funding for start-ups or expansion

Investors

*Individual Investors who are willing to fund projects and business ideas *Cooperatives, Financing Companies, Banks, Government Agencies, and any organization that offer loans and fundings. This will give them a portal to review loans or funding applications. The Accounting System will be of great help to them in evaluating if the entity they funded is earning.

Schools, Colleges and Universities

*Most business schools require their students to prepare Business Plans. This portal will surely be helpful to these educational institutions. This is the innovative way of writing a plan, not wordy but very informative.

Existing MSMEs

*AiM Connect provides a two-part portal. But they need not be used together. Existing MSMEs need not use the business plan portal. They can directly use the AiM Accounting System

How we built it

AiM Connect is still in the conceptualization phase, although the accounting system's idea was already a 6-year old plan. If we have enough funds, we create an application for the accounting system. But for a start, we can build a web application that is mobile friendly.

Accomplishments that we're proud of

AiM Online Review launched 11 days ago. We were operating for four days when we were informed of the hackbang hackathon. We think we are crazy that we even joined, but opportunities like this don't come every day. We are glad we did. We were able to present a project which we plan to launch in two years because we need to save for the fund. Being able to submit is something we are proud of.

We are also proud that the idea was inspired by how the AiM Online Review started. How we raised funds and how we were able to launch an online review amid pandemic. Sometimes we cannot believe it is already up and running! Yay!

Challenges we encountered

It was a huge challenge that, for the most part of the hackathon, the team head was sick. Still, we managed to submit even if, for most times, we thought of not doing it anymore.

What we learned

We were able to learn a lot of tools and platforms to express your idea. It was terrific that numerous and powerful ways to bring your plans to the world.

Hackbang team taught us that there will always be a way to use your talents and skills to make something meaningful and relevant. It is amazing how they build this event with their strength and networks. We realized that Team AiM was was about building networks, too. Thus, the idea of AiM Connect is inspired by the same thought, network.

Team AiM is far from being a successful venture, but the fact that we get started is significant for us. And this platform helped us learn how connections can take you to places you never thought you will ever be.

What's next for Team 119 AiM Connect

Our Team had been on this idea for so long. Right now we set it aside because we just launched AiM Online Review. But this project is absolutely in our timeline. This must be done next year or earlier if we get lucky with this Hackathon.

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