Who is your customer?
Target lenders are: • Age 25-65 • $60,000 - $200,000 annual income • Professional Graduate Program alumni. The estimated size of this market is 17 million. Target borrowers are: • Age 25-35 • Skewed female • Employed • Accepted to or enrolled in an accredited graduate program. The estimated size of this market is 735,000. Enrollment in postsecondary institutions is expected to increase 13% between 2009 and 2020.
What problem does this idea/product solve or what market need does it serve?
SLICE Finance intersects two problems: the lack of impact investment options for the everyday consumer and the plight of student debt. Conscious consumers have few simple and accessible ways to make a positive social impact with their money while earning a return. Student debt at over $1T is leaving students alone and confused with expensive private lenders as their only and best option for financing outside of federal loans.
What attributes will make this idea/product successful? Why do you believe that those features will create success?
SLICE Finance combines the power of peer-to-peer lending with the strength of community, education, and user-focused design, for an innovative new approach to the financial system. Our volume-based revenue model allows lenders and borrowers to connect and decide on terms that meet their individual needs. Lenders know their money is going directly towards education, and students enjoy knowing their payments are going to a fellow community member.
Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?
SLICE combines the proven power of peer-to-peer lending with the strength of community, user-focused design, and values-aligned business for an innovative new approach to the current systems of lending and borrowing. We plan on launching a pilot program at Bainbridge Graduate Institute beginning in 2012. We plan to execute our first loans within the year through close connections within our community. We will then use our learnings to build our web-based platform. We start with the graduate school market to prove our model, and then expand to undergraduate schools across the country. We differentiate ourselves through our innovative financial model that decouples our revenue stream from interest rates charged to borrowers. This allows for the opportunity for exceptionally low interest rates offered to borrowers depending on lender’s preferences. We let our borrowers and lenders connect and determine their terms based on their individual needs.