Carolyn Commons is a Marketing Manager and Investment Officer at Development Innovation...
Financial Hueristics for Microentrepreneurs: Rule of Thumb capacity training
To help micro-entrepreneurs to take actions that will benefit their business.
At a Glance
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About This Innovation
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Status Update
The proposed solution will only prove scalable only if it is both broadly adaptable to different contexts and if there is a compelling business case for microfinance institutions and other stakeholders to adopt it, both of which will be demonstrated with the DIV funding. A mobile phone app will be developed to deliver the intervention.
How it Works
The proposed solution defines the problem as one of behavior: “how can micro entrepreneurs be helped to take actions that will benefit their businesses?” Using insights from behavioral science, Behavioral Ideas Lab, d.b.a. “ideas42” designed an intervention based on “simple and easy to implement rule of thumb” to help micro entrepreneurs improve business and financial outcomes. Ideas42 will then evaluate the effectiveness of the intervention with RCT.
Strategy for expanding use of your innovation
ideas42 will conduct tests with microfinance institutions in two different developing countries – India and Philippines – to investigate the effectiveness of the proposed solution in different contexts and provide evidence for scalability.
Next Steps
In each country, ideas42 will adapt the rules of thumb to local context and develop scalable delivery channels.