Pitching ideas at ISBA

Today we presented our startup ideas to students from the Zell program. For a few days, we had been working in small groups to modify an idea from one of the Zell entrepreneurs. My group chose Savey, a money-saving app with the goal of combating consumerism by helping users cut down on their impulse purchases.

Guest blogger: Callie is a sophomore at Washington University

We modified this idea so that it would be more goal-oriented; we wanted to help users be able to reach their long-term goals and do things that would give them more lasting satisfaction than a quick impulse buy. We also changed the revenue stream from being based on ads to partnering with companies that could provide “goal experiences” to users – we promote these goals through the app and offer them at a discount, and then receive a commission from the company when users put their money toward that goal.

After presenting our idea, we were able to spend some time with the Zell entrepreneurs and get their feedback. Because our group disagreed on some things, and also were very much in the early stage of developing a concrete idea and business model, I found this time especially helpful. It was great to hear the entrepreneurs’ feedback and advice, and I think this will help our group better develop and execute our idea.

Image: nytimes.com

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