Explore GEN family of websites, social media experiences, blogs and more.

Unleashing ideas.
Strengthening startups.

Back to search results
    Date submitted
  • 12-Feb-2018

Social Savings

Abstract

Social Savings is a platform designed to help young professionals plan, borrow, and save together by pooling and circulating money to reach their financial goals even faster and without incurring additional debt.

Video

Additional Questions

Who is your customer?

Our initial customers are post-college young professional 1st or 2nd generation U.S born immigrant women with high debt aged 22-35. The value our product provides for our initial target market addresses their major financial needs such as having enough for living expenses, becoming financially independent, getting out of debt, saving for a big purchase and planning for the future.

What problem does this idea/product solve or what market need does it serve?

Social Savings helps young professionals unlock community capital and access cash when they need it most. We offer short-term, low-interest cash loans at the point of sale without any credit history for young people with a consistent and stable income. Our product features include planning financial goals, inviting contacts to reach our goals together, finding a circle to join with others that have similar goals, and earning trust (creditworthiness) all while getting rewarded with trust tokens. The gains we are creating for our customers are quickly & easily getting them access cash, helping them reach their goals to be debt-free, and planning for expenses without incurring additional debts. The pains we are solving for our customer are providing them with a no interest loans that do not require a bank or credit history as it solely relies on the community.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

Besides having a team capable of producing an innovative product that achieves a double bottom line of generating sustainable ROI and having a social impact, we strongly believe that now is the right time for Social Savings. Debt is a burden many young professionals, especially millennials, are too familiar with and continue to hold them back from pursuing their dreams, goals, and aspirations. Social Savings diverts young professionals from incurring more debt by unlocking community capital in order to plan, save, and borrow for larger expenses.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

Our team is diverse and experienced with practical expertise that gives our team a competitive advantage in successfully launching this venture. We are multi-disciplinary team of innovators and strategists with experience in design, communications, business, technology, and engineering. Led by the only woman in the team, Heba develops multi-dimensional visual strategies for startups looking to pitch their ideas creatively. Omar has over 6 years of experience serving one of the most heavily dense, underserved areas in downtown as a Administrative Supervisor in LA County’s Department of Mental Health (DMH). Godfrey is a serial entrepreneur with a fintech startup that has already been acquired by PayPal. Jomar is currently pursuing a Ph.D. in Aerospace Engineering from USC Viterbi and working as a Systems Engineer at Northrop Grumman. And lastly, Josh’s experience grew in Disney Interactive as Product designer, having worked on major projects such as Starwars.com and other children’s mobile applications.