Over the last few weeks I have been spending some time exploring business models that address issues related to access to financial services and products for base of the pyramid consumers. Through this effort I came across eMoneyPool, a Phoenix, Arizona based business venture which is using technology to revolutionize an activity practiced across the globe by many different cultures for hundreds of years – money pools. Money pools are essentially shared savings programs where groups form contribute savings to a shared fund and take turns withdrawing large sums from those “pools”. eMoneyPool is revolutionary, because it is bringing these group savings mechanisms online and expanding dramatically the potential customer base. It is a concept which got them initial recognition and funding from the Phoenix based incubator SEED SPOT, featured on the White House Business Council as well as more recently investment and recognition from the SOURCE and Accion Venture-Lab. Read on to find out more.
As Google Glass is soon to be released and will perhaps be the hot new thing for 2013, today I would like to profile a creative social business also providing an innovative business solution using eyeglasses. VisionSpring has been operating for more than a decade to provide eyeglasses and job opportunities to people without prior access at the base of the economic pyramid in Bangladesh, El Salvador, India and South Africa. It has used an innovative human centered affordable product and delivery design model built in partnership with IDEO to sell eyeglasses to more than one million people to date. Its business model has been proven to provide productivity benefits to its customers and it has been featured in the New York Times and recently won a large grant from USAID’s Development Innovation Ventures fund.