Wait, We’re Already Halfway?
A guest post from INVANTI Cohort 1
A lot has happened since our INVANTI v1.1 post a little over a year ago!
This past September, we launched our first full-time cohort with the mission of activating talented people to discover and pursue new venture opportunities at the intersection of important problems and big markets.
We recruited five exceptional individuals into the cohort, most of whom relocated to South Bend for this opportunity. They came with backgrounds in investment banking, early-stage startups, innovation consulting, and nonprofit leadership, and each was committed to taking shot at finding an opportunity in the financial inclusion space and launching a new venture.
They are currently three months into their six months with us, and today we’re excited to share a guest blog post from one of our INVANTI Cohort 1 entrepreneurs, Jada McLean about her experience so far.
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It’s so hard to believe that we are already halfway through INVANTI Cohort 1 (Okay…almost, but close enough). It feels like just yesterday I was standing outside of South Bend International Airport wondering how I landed here.
Thinking back on my thoughts the days preceding my departure from NYC, I came here not knowing exactly what to expect or what will come of this but had the intention of starting a new company by the end of the 6 months. As I explained the journey I was about to embark on to my friends and family, it became equally more daunting and exciting. 6 months to start a new business? It seemed a bit ludicrous, no? Not to mention a business that I did not have an idea for yet. This reality hit me standing in the baggage claim at the South Bend International Airport and I must admit I was feeling comfortably uncomfortable.
We hit the ground running and after a very stimulating first week of visiting a significant amount of community members (Apparently close to 100!), we jumped into Kumu, our problem landscape visualization tool. The INVANTI team loaded up Kumu with research reports, articles, current technology, and people branched out from a number of problem areas within financial inclusion. Cue overwhelmment. There was so much to look into and how do I start?
Over the week of chatting with community members and learning about some of the problems people in South Bend face, along with their counterparts across the country, I was beginning to feel anxious about finding a problem. At this point, I was unsure how I would be able to narrow it down and find something that 1) resonates with me and 2) is a problem that has legs. Somehow between hours of research, hundreds of clicks exploring around Kumu, and interviews with community members, I have developed the preliminary makings of a business plan striving to solve two very big problems. And, I could not be more pumped about them! For the aspiring entrepreneur, here are 5 things I have learned at INVANTI:
- South Bend is Awesome
People are sincerely invested in your success. The community is enthusiastically committed to the revitalization of South Bend. This manifests as community members from all different walks connecting with you over coffee at Chicory Cafe and connecting you to anyone that they may deem helpful to your cause for more coffee at Chicory Cafe. As a girl coming from sizable metropolitans like Los Angeles and NYC, let me tell you, this was unbelievable. I was able to not only learn and get the answers I needed but I was able to do it very quickly. Further, there are some inspiring people doing inspiring things in South Bend (Some organizations featured in INVANTI’s epic halloween costume featured on Instagram). All of the needed support is here, so come on down.
2. You Don’t Need an Idea to be an Entrepreneur
Five of us came into INVANTI with no ideas. But what we lacked in ideas we made up for in curiosity, perspective, and passion. A bit cheesy but very true. All of us come from completely different backgrounds, and we challenge each other daily on the problems and related assumptions we are learning about. We are constantly feeding each other’s ideas with new perspectives. And now, there are 6 budding solutions between the five of us!
3. There are Big Problems That Need Solving
Financial services and products for low to moderate income individuals are seriously lacking. While there are some good actors in the space, there are plenty of bad actors. According to CFSI, 57% of Americans are financially unhealthy, 53 million Americans are credit unscorable or invisible, and payday lenders accumulated $26 billion in fees and interest in 2016. As you can see, there is plenty of whitespace in this space, and the best part is that there is so much room for innovation.
4. Validate Validate Validate
One of the most common problems of failed startups is lack of product market fit as a result of not identifying their target market. At INVANTI, we spend a lot of our days interviewing as many people as possible. The people have all the insights you will ever need. Keep asking why.
5. Ask the Hard Questions
These are the things you do not want to hear for fear that there are holes in your precious idea. Something heard in our office that stuck with me was “look for all the reasons an investor would say no.” Understand where the risk is and potential ways to mitigate. More importantly, get into the habit of constantly challenging what you think you know.
— Jada McLean
