The corridors were buzzing with ideas on Friday morning. Dressed in suits and team t-shirts, students filled the halls walking back and forth, perfecting their lines, hand gestures and body language. After two months of interviewing customers, writing business plans and mapping out financials, the New Venture Project (NVP) had reached its finale with teams presenting their new ventures to experienced entrepreneurs and investors. The hope is not merely get a better grade but a bite that might indicate their venture is more than just a class project.
The NVP is the entrepreneurship section of the Ivey Field Project, where students develop an idea or venture to tackle an existing market need. More than 250 students presented their final assignment on November 27th, which included 12 MBA and 33 HBA teams, with ideas as varied as clothes swapping social enterprises, mobile apps designed to improve financial literacy and the introduction of anaerobic digesters to produce more renewable energy.
Following presentations, a number of teams received funding and investment offers as well as connections to appropriate investors and entrepreneurs that could help fully realize the team’s potential.
Renewable fashion you can wear everyday
Voguabond is an upcycle-movement and marketplace that uses clothing swap events and a mobile platform to reduce clothing waste from people's closets and retailers’ warehouses by creating new clothes from old ones.
The team includes HBAs Alessandra Savoia, Marlie Goddard, Adrian Noronha, Erica Dixon, Amy Lin and Vanessa Townsend. They note that fashion is the 2nd most polluting industry, with Canadian women aged 20-44 alone contributing to almost $11 billion worth of wasted clothes.
Voguabond has already hosted three successful clothing swaps in Toronto and London, and there are calls for more from various clubs and organizations. Prior to a clothing swap, participants pay an admission fee and drop off their clothes for points that they can later trade for other clothes. The Clothing Swap includes local upcyclists who not only show off their work but can apply quick adjustments to clothes being traded. The left over un-swapped clothes are given to the upcyclists and un-used points can be applied to future clothing swaps or online discounts.
Voguabond has combined the team’s passion for sustainability and fashion to create a unique solution that not only allows consumers to buy sustainable, unique fashion but also provides upcyclists the opportunity to turn their passion into a career. They have received interests from a number of social entrepreneurs who want to support the venture beyond the classroom.
Gamifying a boring exercise that’s costing us millions
Low levels of financial literacy is a major concern in North America. Despite the disastrous consequences of financial meltdowns, climbing student debt (approximated at $15 billion in Canada and $1.2 trillion in the U.S.) and credit card debt, trying to learn financial concepts is a boring and often mind-numbing exercise.
An Ivey MBA team plans to change all that. Richlii takes the boredom out of learning financial literacy through gamification and social rewards so users, both young and old, can ultimately make better informed decisions about their finances. The team consists of Mark Mauleesan, Ying Wang, Erick Ko, Praveen Muthumanickam, Kunal Biswas and Manav Keni.
Richlii is a data-driven financial literacy app, which will be built for both iOS and Android devices that leverages the power of gamification and incentivization with real financial and social rewards to teach children (and adults) to become more financially savvy. Users can play pre-designed interactive learning modules covering topics like banking, budgeting, investments, taxes, mortgages, credit and others, as virtual dollars are accumulated in their profile. Through Richlii, users will passively learn basic and even complex financial concepts while actively participating in their financial success.
Following their presentation and Q&A, Richlii sparked real interest and garnered investment offers. With the added momentum, part of the team will use space provided through the Ivey-MaRS Partnership to further fine tune their product.