Throughout this blog, I have been outlining the concept of SORIN, the SOcially Responsible INitiative. Take a look at venture concept post for an overview of the initiative.
Existing Market
I believe the next thing I would like to spend more time on is exploring the concept of the SORIN app that I discussed in the Amazon Whisperer post. This is an idea that I have not fully developed to date.
Interviews
In order to start penetrating the existing market, I will start to build out the SORIN brand and online presence. This will allow me to slowly start working on the first major initiative of awareness and, in the process, interactacting with the existing market. I will also put together a plan for the Gap Fund and the SORIN app. This will entail further research and resource identification.
The other area I need to focus attention on is building the SORIN hybrid eco-system by identifying companies that wish to distribute socially responsible financial products and services. This will entail a proposal and plan but since I am most familiar with how insurance can work in a socially responsible way, I will focus in this space.
New Market
The SORIN concept that I have discussed thus far has focused on the middle class, so B2C but I believe there is a potential B2B market as well because more and more companies are interested in being socially responsible and have CSR initiatives. Industries of all types are focusing on this but as is the case with social responsibility in general, there is not a consensus for what is or is not socially responsible.
One of the key functions of SORIN will be to develop a consensus around socially responsible financial services. This opens the possibility of a SORIN consultancy practice that helps financial services firms develop CSR standards that are in line with the SORIN consensus. If they fulfill the requirements, they can advertise themselves as SORIN certified firms. They will have to agree to ongoing audits by SORIN that ensure compliance with the standards of social responsibility. This type of consultancy and compliance approach opens up a new market and revenue potential for SORIN. It is also in line with the overall goal of fostering a financial landscape that is both just and fair.
Interviews
On the current market front, one key learning was the need for an awareness campaign teaching people how to avoid financial gaps and how to plan for a stable financial future. The example of getting to students before they take on onerous student debts without investigating other possibilities really resonated with me.
On the new market front, the comment that first look at how what you are proposing will help for profit businesses is crucial. SORIN, inherently, will have a conflict of interest with conventional financial services firms but this does not mean common ground cannot be found. The challenge will be finding the balance that does not compromise SORIN principles but still provides an opportunity to work with for profit businesses in a win-win scenario.
Interviews
Reflection
On the current market front, one key learning was the need for an awareness campaign teaching people how to avoid financial gaps and how to plan for a stable financial future. The example of getting to students before they take on onerous student debts without investigating other possibilities really resonated with me.
On the new market front, the comment that first look at how what you are proposing will help for profit businesses is crucial. SORIN, inherently, will have a conflict of interest with conventional financial services firms but this does not mean common ground cannot be found. The challenge will be finding the balance that does not compromise SORIN principles but still provides an opportunity to work with for profit businesses in a win-win scenario.
The detail that you provided within this assignment is the best I have seen. You not only completed the requirements but really analyzed the information that you collected. I like the idea you had in terms of seeking a customer base in the B2B market. I agree that companies are definitely looking to be socially responsible and like to be associated with that image. I think your venture would be a good fit for this type of market as well! I enjoyed reading your post! You can check out my blog here: http://buschuf.blogspot.com/
ReplyDeleteHey Farsid I greatly enjoyed reading your blog post. It is clear that this is something that you have invested a decent amount of time on. I think the idea and groundwork for SORIN is incredibly. Way to go by utilizing the new market and reaching you to a new customer. I like you utilized this new customer to make sure expansion was possible for my product. Below my link is provided. Have fun and let me know what you think. http://boyettblog12.blogspot.com/2016/04/whats-next.html
ReplyDeleteHi there! Wow I also just did a comment for another one of your posts! I really liked your interviews and they were very professional. I struggle with finding people to interview that can really help me and give me some of their time. So great job getting lengthy interviews in!
ReplyDeleteFeel free to check out my blog at http://thereseverything.blogspot.com/2016/03/theres-my-venture-concept-no-1.html
I really like the way your blog looks- professional and creative. I think it's interesting you did your recordings through sound cloud- I haven't seen that done before and might try it (if there's anything else left we need to record since this class is almost over). I like your idea and think you really know what you want and how to tailor it to a B2B market instead of B2C. Good job and nice effort.
ReplyDeleteHi Farsid,
ReplyDeleteTo start off your blog looks very professional, and it looks very clear. I really like your idea and it seems very interesting. I like how you interviewed the customers. I like the name SORIN. I like how you look for a customer base in B2B markets. I believe that presentation is everything and your wording and spot on. Good Job