MADISON, Wis. -
A new tool has been developed to help credit unions determine if a member’s idea for a new business is most likely to go boom or bust. Noting that millions of Baby Boomers are preparing to retire from their various careers only to launch a small business, the Filene Research Institute’s i3 innovation group has developed an online business readiness tool, The Big Idea Evaluator, to help aspiring entrepreneurs evaluate the market-worthiness of their enterprise.
The team that developed this tool is now looking for credit unions interested in piloting the idea, according to Filene.
Based on respondents’ answers to questions in three categories (market, management and money), the Big Idea Evaluator gives them feedback, offers advice and counsel, and suggests resources to help refine plans and create successful new ventures, its creators said.
To attract attention to the tool and business services credit unions have to offer, the team reported it has put a reality-style twist on their project. Dubbed “What’s The Big Idea Challenge,” the reality-style challenge consists of a three-question, online application that outlines the member’s business proposition.
“What’s the Big Idea Challenge” is currently being piloted by the $345-million Mazuma Credit Union in Kansas City, Mo. The current Mazuma challenge runs through March 31, and is open to non-members as well as members. Submissions are judged by current Mazuma business members, which produces an added benefit of deepening the credit union’s relationship with those members, Filene reported.
“‘What’s the Big Idea Challenge’ gives our members a simple, easily accessible resource through which to develop their ideas,” says Eric Jones, Mazuma’s vice president, business services. “The boomer target market also has significant equity and savings with which to launch their business, thereby reducing initial risk to the credit union.”
$3,000 Prize Is Offered
The winner of the “What’s the Big Idea Challenge” will receive a $3,000 marketing package, including logo and stationery design and printing.
“‘What’s the Big Idea Challenge’ is an opportunity for credit unions to provide business-friendly services that promise significant rewards in future business deposit and lending services,” says Lisa Renner, i3 member and CEO of CU Holding Company, LLC, an aggregation of Mazuma CUSOs. “It is just one tool credit unions can use to attract boomers and provide services that contribute significantly to the bottom line,” Renner says. “When we help members take their business ideas from conception to implementation, we are in an excellent position to earn their business checking and other deposit relationships. For years the industry has looked for ways to attract younger members, ignoring the opportunity staring us in the face. We own this age group. It’s just a matter of anticipating their next need so we can help them turn their dreams into reality.”
i3 reported that additional pilots in the queue include Wright-Patt CU and Alliant CU.
For More Information
Filene and i3 are seeking CUs interested in joining the pilot for the “What’s the Big Idea.” To learn more about the online tools, or to establish a pilot project, contact Lisa Renner at 913.310.9292, ext. 5401 or lrenner
