The five important elements of my business concept, SORIN, the SOcially Responsible INitiative are as follows:
1) You.
I am a seasoned financial services and technology professional with 25 years of experience. I have been described as a jack of all trades in that I have been experience in technology, finance, marketing, business development, product development, and management. I see SORIN as being my ultimate accomplishment typing in all my past experiences and future education into a movement dedicated to proving that socially responsible financial services are not only possible but necessary to thwart the potentially self-destructive tendencies of capitalism.
2) What are you offering to customers?
SORIN will work to establish the brand of socially responsible financial services by first defining the concept and then creating awareness and education campaigns to develop consensus within the market. Next, SORIN will great a Gap Fund designed to be a safety net for middle class individuals and families who typically have no one to turn to when financial difficulties arrive. They are too proud to beg so the SORIN Gap Fund will provide interest free loans to help families recover quickly and prepare for a better tomorrow. Finally, SORIN will create socially responsible products and services that will be distributed through its for profit network. These products and services will be based on the parameters of social responsibility that SORIN will have already transparently established.
3) Who are you offering it to?
My target customer base is the fast shrinking middle class of America is expected to fend for itself even as cost of living continues to increase, buying power remains stagnant for the fortunate but for most continues to decline, and left to fend for itself when financial difficulties unexpectedly and inevitably arise.
4) Why do they care?
The middle class will care because SORIN's financial ecosystem will be comprehensive and targeted for them specifically. It will document the frailties of the conventional financial system but will respond with solutions designed to overcome them and achieve the high standards of social responsibility. The middle class will also be assured that if someone slips through the financial gaps of the system, there will be a safety net, a Gap Fund, ready to offer assistance.
5) What are your core competencies?
The SORIN eco-system is envisioned to have a hybrid nature where SORIN, a non profit, is surrounded by a network of like minded for profit businesses all working together to meet the mandate for socially responsible financial services. What will ultimately set SORIN apart is that it will be powered by individuals who truly believe in the cause and are dedicated to delivering by whatever socially responsible means necessary. Additionally, having worked in the area of socially responsible financial services for a few years, I have first hand experience and a proof of concept that directly relates to SORIN.
I have been thinking about and fine tuning the SORIN concept for a few years. My analysis along with the feedback from potential customers and industry players has been encouraging. The major hurdle in the beginning is managing expectations because the overall concept is very ambitious. I have yet to determine if the three main initiatives of SORIN can be launched in unison or will they have to be staggered according to need and market expectations.
Taleem,
ReplyDeleteReading through your idea post for SORIN, I found myself in some areas of confusion. Some things are unclear to me about this concept. So I understand that the premise is to offer interest free loans and provide assistance to the not so up high in the social classes families. If this is the main purpose of SORIN I think it would be a very appreciated service! Well done, I would just make SORIN's mission statement a bit more clear and straightforward because it was hard for me to understand the main point of SORIN. Other than that, great job.
Here's the link to my blogpost which discussed the making of an application that helps the younger generation be more aware of politics and voting in an unbiased way.
http://jbasta.blogspot.com/2016/02/week-6-idea-napkin-no-1.html
Farrukh,
ReplyDeleteI am in agreement with the previous comment - While some of your business ideas are a bit unclear to me, I believe that what you're trying to do would be a wonderful service. It sounds like it would act to stabilize the economy when necessary and help bridge some of the financial gaps. Like you mentioned, it is a large project to take on and the initiatives would need to be figured out, but overall good job!
Here is the link to my idea napkin, if you would like to check it out as well: http://marissaent3003.blogspot.com/2016/02/idea-napkin-no-1-2-bus-y-4-u.html
Marissa
Hi, Taleem. I agree with the other commenters about being slightly confused, since we don't have the level of financial experience you do. To be specific, I don't exactly know what a Gap Fund is. Although your plan to spread education and awareness may ameliorate this problem. I agree that the shrinking middle class is a huge problem looming over our country and economy. My only concern would be about how easily these loans are granted/what the potential default risk would be. Here's the link to my post: http://hmilam95.blogspot.com/2016/02/idea-napkin-no-1.html
ReplyDeleteThis sounds like a great opportunity for the user, but I have a hard time understanding where the profit comes in. My first guess was that the socially responsible products you mention are some kind of financial service that would net fees or collateral that you could invest to make interest or decent market returns on? How would you cover the cost of money on the loans? This sounds very interesting and could be a great alternative to the micro-loan business that's taking off in less fortunate areas of the world. Here's my like if you're interested: http://poweredbysuccess.blogspot.com/2016/02/idea-napkin-no-1.html
ReplyDelete