Creativity in Creating Business with a touch on Social Impact

Creativity in creating businesses with a !touch on social impact, March 2015, ICYL

Synthesizing the following " 1.  Social innovation 2.  Balancing impact vs financial viability 3.  Fundraising vs Market based approach 4.  Understanding Impact

In the context of the PlayMoolah journey!

The Financial Empowerment Company



THINK ABOUT MONEY. How do you feel?


Job: Well-paid, stable, flexible,

something I enjoy Financial

Independence Investment and Passive Income

Travel at least 2-3 times a year

Marriage Start my own business

Own a fully-paid home (and a few other properties for investment)

Have enough for children’s education

Inspire the next generation Stay healthy Support family

well Have enough for

retirement

Afford Luxuries Own a Car Be influential and successful

Good education, at least a degree

Your Dreams and Aspirations…


52%struggle with your

finances

1. Parents (84%)2. Friends (69%)3. Society (50%)

are ranked the top 3 influencers in the way you handle money

What You Told Us…

63% have poor/fair

understanding of personal-finance and money-management concepts & practices


From the Financial Behaviours of young people…

•  Oftens avoid thinking about money issues and buy things to gain personal happiness

•  Often do not have any surplus on a monthly basis •  Always worried about their finances

Avoiders

•  Often achieve financial goals they have set and adjust their spending to reach these goals

•  Often have surplus on a monthly basis •  Rarely worried about their finances

Achievers

•  Rarely set financial goals •  Even when they do, they rarely achieve them and do

not adjust their spending to reach these goals Spenders


Money always seems insufficient

What to do with my savings

How to fight inflation

Not sure how much is enough for future expenses

Feels heavy to talk about money

Have trouble saving

Tough to curb spending

Avoiders


Always a need for more, there’s never enough to move

on to the next life stage

What to do to plan and grow my money

Where to find resources to help in financial planning?

What is enough? (e.g. parents, house, kids)

How to invest / grow / generate passive income

Discerning the “right career”

Tempted to follow friends in the way they spend

Achievers


Struggle to manage money or spend wisely

How to allocate my money

How to plan for the future?

How to allocate income to meet needs in life?

Money not growing fast enough

Have trouble saving

Lack discpline to track expenses or stick to a budget

Spenders


62% negatively charged

53.9% Anxious

53.9% Frustrated

38.5% Lost

38.5% Hopeless

53.9% Discontented

When faced with money issues (Avoiders)



36% Anxious

28% Frustrated

24% Fearful

24% Jealous

32% Discontented

When faced with money issues (Achievers)



46.2% Anxious

57.6% Fearful

34.6% Frustrated

34.6% Lost

42.3% Discontented

When faced with money issues (Spenders)


What do I need money for?!How much money is enough?!

How can I get that money?!

WORRY

WORRY

WORRY WORRY

WORRY

WORRY WORRY

Why is money so hard to think about?


•  Prices •  Financial Products (Jargon) •  Time Value of Money •  Markets and The Economy

•  Social Narratives •  Past Experiences •  Expectations •  Beliefs •  Values •  Emotions

Money and Its Layers of Complexity


My relationship !to money!

Daily habits !and practices!

How do we shift our relationship to money?

[Language] [Actions]


Giving every dollar job to do! !in a way that’s aligned with your deepest values J !

A Healthy Practice with Money

Pay down bad debt Basic Insurance Protection

Emergency Savings

Invest

Saving for Short-Term Goals


THE FINANCIAL EMPOWERMENT COMPANYWe enable people to live a flourishing life by developing a positive relationship to money


Digital Education – For Youth A life simulation based on real-world cost of living, that provides a safe environment for young people to experiment with different choices, and see the consequences of their decision play out over their lifetime. With our game-based learning platform, content modules can customized to cater to a specific community. !


What our users are saying To be very honest, the biggest thing I learnt was that I realized that I am still quite ignorant about a lot of money matters, even though I have been out in the workforce for a few years already, haha! I never knew about all of the details (like the exact percentages) different financial aspects would incur, so yes, this app has been very informative. And I realized through WhyMoolah that I DO need to be very aware about these nitty gritty details (sigh, looks like my plans to settle down have to be pushed back). I never bothered to read through all of the fine print regarding money issues, so I am honestly thankful that the app has been able to put across important info in an easy to digest manner. For that, I am grateful.

- Anna


What our users are saying I love unique life simulation games that can give an individual a different perspective than their current life. I love the many different choices that were completely up to the player, but each decision had consequences, rather good or bad. I love that the game teaches you about insurances, financial responsibility, loans, interest rates, how the stock market works, saving money, home buying, car buying, family budgeting, and so much more. I have the whole family playing WhyMoolah! ! I strongly believe that your team is on to something with your organization trying to teach responsibility to the the youth and old alike

- Ruby Adams

HAND

PRACTICE!Making smart !money decisions !and nurturing !healthy habits!

HEAD

AWARENESS Acquiring knowledge and tools for thinking to develop good habits of mind!

HEART

TRANSFORMATION !Building virtues !

and cultivating a !positive relationship !

to money!


Honesty Circles driving awareness of money conversations & small actions one can take

together as a community


Educational programs to serve demand, awareness and capacity building


What’s a social entrepreneur’s biggest

challenge?



IMPACT"GOALS

FINANCIAL VIABILITY


How do we "go about balancing these two goals? "Do they conflict?



Generating revenue from a

business model

Grant Funding

Angel funding

Spheres of influence for a SE

SE

Advisors & Investors

Non profit & cmty organizations

Govt & Private Institutions



Cultural Capital

Spiritual Capital

Experiential Capital

Intellectual Capital

Social Capital

Living !Capital

Material Capital

Financial Capital

Open your horizon on the definitions of wealth

©Copyright 2011 Ethan Roland & Gregory Landua


CREATIVITY IS CONNECTING !SEEMINGLY UNCONNECTED DOTS


SAY HELLO t: @audreytan, "Dreams Architect [email protected]