1. Applying ‘Web 2.0’ principles to Microfinance Online Giving Marketplace Conference Premal Shah President Kiva www.kiva.org "Revolutionising how donors and lenders in the US are connecting with small entrepreneurs in developing countries”
2. Kiva 101 Internet Lender Online marketplace Local Partner (MFI) Entrepreneur Money Information
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6. How Kiva tries to make it “Easy” Designed for everyday people, not affluent experts “ I can see the person I’m lending to…” Low cost to entry Business relationship based on mutual dignity, not pity Quick and easy checkout
7. How Kiva tries to make it “Fun” Rich user generated content, changing fast... Loans are fully funded in hours (MFI staff love this)… Transactions happen every 37 seconds… Real time un-edited progress updates from around the world… ‘ Popular’ entrepreneurs rapidly rise to the top… Randomized “1 minute of fame “ for Lenders…
8. Results: +270,000 lenders from +70 countries in 2.5 years… How Kiva tries to make it “Fun” My Page, My Portfolio… “ My Page” encourages self expression, evangelism and loyalty… “ My Portfolio” concept encourages further lending, risk diversification and inter-lender competition…
9. For some, Kiva is becoming very addictive! KivaFriends.org – unofficial Kiva community forum (built by our users) Several results when searching for the word: “ Addicted ”
11. Kiva and Radical Transparency Paying for Kiva’s overhead is an explicit choice Results: 7 out of 10 users pay an additional 10% to cover Kiva’s cost. Kiva reached 70% self-sufficiency in year 2.
12. Kiva and Radical Transparency Data inaccuracy and defaults are made explicit Results: 3% delinquency rate. 3% refund rate. <1% default rate. TBD inaccuracy rate
14. Kiva and “Crowdsourcing” Kiva Fellows Program How do we train MFIs, gather progress updates and verify data accuracy hyper-fast?
15. Kiva and “Crowdsourcing” Kiva Translator Program How do we immediately translate entrepreneur profiles from native language to English?
16. Kiva and “Crowdsourcing” We have little money, but great partners! Free payment processing and employee support 120 Million free banner impressions Free Google Adwords – 25% of traffic Free Yahoo Search Marketing and employee support Free promotion (Community Impact Award) Funding for Field Research and Development Free phones for cell based data upload pilot Free promotion of Kiva widget to bloggers Free computers and early funder
17. Build in “Increasing Returns on Data” Leading public platform + Data integrity “ Increasing Returns on Data”
18. Result: 30,245,763 loans found Kiva and “Increasing Returns on Data” World’s largest DB of microfinance investments Long Term : Entrepreneurs could use Kiva as a public credit bureau… Short Term : MFIs could use Kiva to build credit worthiness to other funders…
-- Startup MFI in Ecuador , stanford classmates -- Established MFIs like ProMujer -- Banks, NGOs and NB Financial Institutions -- MFIs part of networks like Accion and Opportunitity and even Save the Children
-- Startup MFI in Ecuador , stanford classmates -- Established MFIs like ProMujer -- Banks, NGOs and NB Financial Institutions -- MFIs part of networks like Accion and Opportunitity and even Save the Children
-- Startup MFI in Ecuador , stanford classmates -- Established MFIs like ProMujer -- Banks, NGOs and NB Financial Institutions -- MFIs part of networks like Accion and Opportunitity and even Save the Children
-- Startup MFI in Ecuador , stanford classmates -- Established MFIs like ProMujer -- Banks, NGOs and NB Financial Institutions -- MFIs part of networks like Accion and Opportunitity and even Save the Children
-- Startup MFI in Ecuador , stanford classmates -- Established MFIs like ProMujer -- Banks, NGOs and NB Financial Institutions -- MFIs part of networks like Accion and Opportunitity and even Save the Children
There needs to be a very simple financial summary and use of proceeds analysis in the main section. As we discussed, I also think there needs to be a look to the future in terms of raising more money and really scaling. We need to identify what the key milestones are for the $1M being raised that will trigger the larger raise etc.
