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Business start-up

1

Transnational Families

THE TRANSNATIONAL FAMILY INNOVATION OPPORTUNITY: CO-CREATING NEW PRODUCTS & SERVICES WITH THE LATIN AMERICAN MIGRANT WORKERS

TRANSNATIONAL FAMILIES wants to help base-pyramid migrant families around the world to connect better. And at the same time gain better treatment and be really understood by three sectors: Government, Private, and NGOs. How? Opening spaces where these families can be co-creators and spread innovations for a better world.

Facts

Year of establishment

2007

Sales (US$)
Two years ago:
Last year:
This year (forecast): 10,000
Year 2 (forecast): 100,000
Year 3 (forecast): 300,000
Net profit after tax (US$)
Two years ago:
Last year:
This year (forecast): -90000
Year 2 (forecast): 10,000
Year 3 (forecast): 150,000
Total number of Employees
Two years ago:
Last year:
This year (forecast): 5
Year 2 (forecast): 10
Year 3 (forecast): 25

How do you expect this to be financed?

Own Contribution in cash 10,000
Loans (debt)
Shares in your company that you offer to investors (equity)
Other sources
Total finance needed (US$) 10,000

The Business

What is your product/service?

The BOP Consultants team has seen a tremendous opportunity in creating a service for both, migrants and all organizations that want to strengthen its ties with migrants and their families. And at the same time, create an research network for future innovations in policymaking, product and service development, and in international relations.

1) Our main consumer client are migrants and their families. Understanding that many migrants have left -or in many cases had to leave- their families in their country of origin, we want to increase their access to a better quality life by offering them access to realistic opportunities generated by our platform, which will help to organize and plan transnational families' future . These opportunities will at some point include things such as housing programs in their country of origin, supermarket goods, paying their bills or debts, etc.

2) Our main business client are all companies in migrants' countries of origin, where their families are living. We want to offer them our platform in developing countries to cross-sell or up-sell their products by creating incentive for migrants and their families to buy products and services from their country of origin.

3) Our real business is to create a human-wise interface that enables us to research migrants in order to facilitate and promote the co-creation of new product & services, by offering to the-bottom-of-the-pyramid migrant workers and their families, innovative and specially-adapted virtual research communities (e.g. virtual neighborhoods and homes, etc.) where they can not only ‘warmly’ meet, exchange migration tips, share pictures and stories, but where they they can access economic benefits (e.g. money transfer points) in exchange of their opinions and effective efforts to expand the research network. Part of our service will involve creating cultural innovations, which basically mean to create new roles among migrants, so they can see as a relevant and valuable action what they do through our business.

Explain how you will sell your product/service (marketing strategy) and how you will reach your customers (distribution strategy)?

Our business concept is quite new, hence we will be among the first ones doing such a thing, especially if we concentrate in Latin American migrants in Europe.

We are doing an initial research, which will need to be engrossed by another research with a greater budget. The data and its interpretation will allow us to know what are the main services that transnational families need to connect better among themselves, and what's the best from both worlds (developing and developed worlds) that they want and are willing to experience.

The first year. We plan to create an internet portal that Latinos with different levels of education can use to connect with their families and friends. The main concept here is that through the portal, they can gain access to the best of both worlds, and share it. That's the experience we want to generate.

At the same time, we are going to create small stores in developed countries, where migrants can eat, see and talk in their native colors. This stores will be partly financed by the stands that expose "Opportunities" (products and services) from Latin American countries, that are now accessible for transnational families.

The second year. After creating a brand, and visual icons for it, and expanding through buzz marketing techniques our Experiences Opportunities, we will franchise our stores in local communities in Latin American Countries. One local store in a developed country, will co-finance part of the infrastructure with local partner in a developing country.

The their year. After consolidating a franchise system, we plan to start giving for free information about migrants to migrants themselves, to public institutions, and sell part of the information (previously authorized by the transnational community network) to private service providers in Latin America and developed countries.

What makes your business different/better than your competitors (competitive advantage)?

Our main business is to connect families, creating economic opportunities for accessing to the best of both worlds (developed and developing worlds), and to create opportunities for companies to design better products for transnational families, while making families and companies co-creators of quality life innovations.

The Entrepreneur & Management

Describe the entrepreneur & management

Created my own company at 23, with two friends. A market research company. Sold it a year later. I've been doing research in Latin America for the past 8 years, in several countries of the region.
Have a Degree and Masters in Education. I'm a highly experienced consumer culture's ethnographer.

I'm a migrant myself.

Me and my team have been working for many global corporations, as market research and marketing consultants. I personally have been doing research in microfinance and savings in the base of the pyramid, cultural values in different countries, and migrants' life goals. Adding my teams experience, we are a bold think-tank of latinos with experience working in competitive environments.
Now we want to create a business that synthesizes our learnings, and our human-wise understanding of marketing and the role of migrants in a global economy.

Development

How does your business improve the local living standards (social and environmental)?

It will create an alternative stream for the money that migrants sell to their families, creating a familiar and trustworthy and humane support for transnational families.

Employment.
The direct input of money into local companies in migrants' countries of origin will create better and new jobs opportunities. That's for sure. We calculate the first year it won't increase employment in our providers, but it will prolong jobs in them. By the third year, if we create a solid franchising system, we can articulate 100 direct and 10.000 indirect local jobs in our developing countries.
Regarding our business clients, we believe that fresh money from abroad, going directly from the migrant to the company (shortening the chain of intermediaries), will increase their job demands.

Income.
The cost of money will be reduced for transnational families. Nowadays, for example most money-transfer services charge between 4% and 15%. Our business model will generate opportunities for both, companies and families, to reduce the cost of the money they use in their countries of origin.

Quality of Life.
We want transnational families to access to better financial and educational opportunities, and also to be more connected and enjoy the best of both worlds. All our business concept has to do with this simple idea: people come first. Our business, by reducing costs and increasing ways of co-planning for life the use of money, will help families to help better each other. Especially women, since they are a large proportion of migrants.

Education.
This is, in fact, an cultural innovation project, using a business framework.

Using our modest numbers, we believe that this business will generate in 3 years a community of 1000 transnational families, which will bring more opportunities for economic and educational freedom.

1 comment

Quick post to check t works

Hello David!
Im just checking if this comment posting works.

By the way, Very nice work!... I like the layout and how this system manages to outline our main objectives and proyections.

We'll be in touch!

Peter J. Ray R. - BOP Online Chile

31 May 07, 17:41 Peter Ray, 31 May 07, 17:41