Utilizing consumer-centric methodology, we were able to identify our target market, app features, and business model. We began gathering data by conducting a survey on current University of Maryland students to get insight on their interest in investing. We wanted to know whether or not they want to invest, manage their money well, or feel confident about investing. We discovered that out of our pool of eighty-five students, eighty-two percent would like an opportunity to invest and sixty-five percent did not believe they were educated on how to invest. The results confirmed to us that one of our target demographics, college students, have a strong demand for investment opportunities but do not engage in investments because they do not feel
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An idea seems to be good when the only focus is on what could go right, but having an implications wheel allowed us to have an understanding of all the different positive and negative implications of incorporating group investing on our platform. We were able to utilize this tool to determine the opportunities that stimulate the positive implications and eliminate or mitigate the negative implications. Finnovate is beyond early financial planning, critical money management skills, and even beyond money itself. Finnovate is about freedom. Freedom to fulfill your time with activities that bring you joy with the people you love and care about. Finnovate is a platform to make financial freedom for the futures of young adults more of a reality. We believe the time to invest in your future is always …show more content…
We also were interested in helping to inform students of job opportunities so that they could gain excess cash to invest with. When our four member team sat down for the first time, we thought it would be better to focus mainly on educating our users how to invest mainly in equity because they would keep our idea simple. We also noted that many of our potential users may not have enough money to invest with, therefore it would be essential to help them find opportunities to expand their cash flow. We were very passionate on our target market being all non-accredited investors initially, but we realized that this was too broad of a market for us to target as over 99% of the population is considered to be a non-accredited investor. At this stage of our project, the SEC passed a regulation that provided us with a unique opportunity to set ourselves apart from our competition when they approved equity crowdfunding for any non-accredited investor. With equity crowdfunding, our users would be able to gain a stake in an asset such as a business or real estate and earn a potential return on their equity. Our team knew that this was essential to include in our platform. As a result of this, we determined that it would be best to select a target market of young adults from the ages of sixteen to
An idea seems to be good when the only focus is on what could go right, but having an implications wheel allowed us to have an understanding of all the different positive and negative implications of incorporating group investing on our platform. We were able to utilize this tool to determine the opportunities that stimulate the positive implications and eliminate or mitigate the negative implications. Finnovate is beyond early financial planning, critical money management skills, and even beyond money itself. Finnovate is about freedom. Freedom to fulfill your time with activities that bring you joy with the people you love and care about. Finnovate is a platform to make financial freedom for the futures of young adults more of a reality. We believe the time to invest in your future is always …show more content…
We also were interested in helping to inform students of job opportunities so that they could gain excess cash to invest with. When our four member team sat down for the first time, we thought it would be better to focus mainly on educating our users how to invest mainly in equity because they would keep our idea simple. We also noted that many of our potential users may not have enough money to invest with, therefore it would be essential to help them find opportunities to expand their cash flow. We were very passionate on our target market being all non-accredited investors initially, but we realized that this was too broad of a market for us to target as over 99% of the population is considered to be a non-accredited investor. At this stage of our project, the SEC passed a regulation that provided us with a unique opportunity to set ourselves apart from our competition when they approved equity crowdfunding for any non-accredited investor. With equity crowdfunding, our users would be able to gain a stake in an asset such as a business or real estate and earn a potential return on their equity. Our team knew that this was essential to include in our platform. As a result of this, we determined that it would be best to select a target market of young adults from the ages of sixteen to