MIT Solve

Solution Overview

Solution Name:

DS4C-One Step Solution for Entrepreneur

One-line solution summary:

DS4C is a digital platform to develop capacity, get capital, make collaboration and manage communication to initiate business.

Pitch your solution.

DS4C platform will create 1 million entrepreneurs and 1 billion jobs opportunity. But for doing that required collaborative effort of businesses experts , IT professionals, investors. Microcredit is an effective option for financial recovery initiative for marginalised group after COVID-19 pandemic . Microcredit will support marginalised groups to generate innovative idea to do sustainable entrepreneurship . But before getting any credit support from microcredit organization, need to generate idea, business plan, develop budget, return of investment, manage Account etc. But before doing all these tasks, required series of training and regular mentoring support. In addition, collaboration among entrepreneurs and effective communication are the essential part of successful business.

If we ensure all these facilities than we will get many entrepreneurs from marginalised group to overcome from poverty .

DS4C a digital platform will provide all these support to start and grow business through AI and data driven essential tools.

What specific problem are you solving?

Main problem for entrepreneurs is lack of platform to build capacity, get capital, build collaboration and manage communication.

In Bangladesh, lack of enough scope to get training on necessary skills set required for entrepreneur. Some initiative has been taken by government and private agencies. But these initiatives are very much urban focused. Another problem is that appropriate data driven automated tools to create idea, plan, traction channel etc.

Second problem is lack of enough investment or credit support . Many innovative ideas cannot survive due to enough investment. Main reason is lack of proper communication channel between entrepreneurs and investors. Microcredit is an effective way to get sufficient credit to initiate business but still there is lack of proper communication channel and on the other hand entrepreneurs are not well informed about the process to get credit.

Third problem is that lack of some tools like accounting, HR or asset related softwares. For a startup, it is difficult to manage all these tools but mandatory to operate business.

Fourth problem is opportunity for collaboration among entrepreneur. Lack of communication channel and process to find out appropriate partner.

Lack of proper tools for communication with customers or social media marketing etc.

What is your solution?

DS4C is an one step digital to build capacity, get capital, build collaboration and manage communication to start and grow business.

Main mantra of this platform is get training, mentorship and IT support, generate idea and plan, get credit, operate business through digital mechanism, collaborate with others and promote and communicate with customer.

This platform will provide online training on businesses development. Business experts will involve with this platform to provide mentoring support.

Second functionality is various online data driven and AI based solution for idea generation, strategy development, canvas creation, traction Channel Identification, accounting, Human resource management, asset management. Apart from this, ICT experts will connect with this platform to support entrepreneurs as per their requirement.

Microcredit organizations will be engaged with this platform to provide necessary credit support . Entrepreneurs will communicate with them by sharing their profile and business idea through this platform for investment.

DS4C is an online platform where any entrepreneur will have option to make call for collaboration.

Through this platform entrepreneurs will manage their communication including email marketing and social media marketing. This platform will have option for job seekers which will be helpful for entrepreneur to recruit human resource.

Who does your solution serve, and in what ways will the solution impact their lives?

This is online platform will be a global platform to serve more than million entrepreneur to start and grow business. In addition , this platform will create work opportunity for job seeker, IT and business experts.

This platform will create 1 million entrepreneurs and 1 billion jobs opportunity.

Main focus group will be marginalised community but anybody who wants to be entrepreneurs can utilize this platform.

This platform will have option for job circular and any job seekers will get opportunity to communicate with job providers. So it will be win win situation for job seekers and entrepreneurs.

Local level will start their business to solve problem in their community. So this initiative will stimulate community level economy ensuring sustainable growth.

After COVID-19, everyone will go through economical hardship.Through this platform, businesses experts and IT experts will generate revenue through providing support to entrepreneur.

Which dimension of the Challenge does your solution most closely address?

Enable small and new businesses, especially in untapped communities, to prosper and create good jobs through access to capital, networks, and technology

In what city, town, or region is your solution team headquartered?

Rajshahi, Bangladesh

What is your solution’s stage of development?

Concept: An idea being explored for its feasibility to build a product, service, or business model based on that idea

Who is the primary delegate for your solution?

Sumon mohan maitra

More About Your Solution

Which of the following categories best describes your solution?

A new business model or process

Describe what makes your solution innovative.

DS4C will be an online platform for entrepreneurship development from marginalised group. There will be two type of functionalities. One type for business operation purpose like idea generation, business model development, manage accounts etc. Another one is online training, mentorship from businesses experts, technology support from IT experts, recruitment and collaboration with other entrepreneur.

This is real one step solution for entrepreneurs which is very unique.

Describe the core technology that powers your solution.

Big data and AI will be core technology for this platform.

This is first time design thinking, lean canvas, Poter five force model, bullseye framework will be used as algorithm for product development, business planning or data driven decision making.

Five type of users will engage with this Platform. Main user will be entrepreneur. Than business experts, microcredit organisation, IT professionals, and job seekers.

Entrepreneur will use all functionalities to grow their business.

Business experts will provide mentoring support. Entrepreneurs will pay for this support. Business experts will create their profiles with detail experience. Entrepreneurs will choose among them as per their need.

Microcredit organisations will create their account in this platform and if any entrepreneur want credit, need to share business idea, plan and other necessary documents with listed organisation. Than organization will evaluate those online documents and approve credit. If documents are not satisfied , than entrepreneurs will get feedback from organization for improvement. This process will be happened in this platform.

IT experts will create their accounts to support entrepreneurs if required any IT solution.

Entrepreneurs will use this platform for recruitment and this will support to job seekers to get job.

Entrepreneur can make collaboration with others entrepreneur. AI will be used for matchmaking for collaboration.

Apart from these, entrepreneurs will manage communication like social media marketing or email marketing through this platform.

Provide evidence that this technology works.

This is an idea need to implement, but if we can develop this platform, it will be a game changer initiative for entrepreneurship development.

Please select the technologies currently used in your solution:

Artificial Intelligence / Machine Learning
Big Data
Crowdsourced Service / Social Networks
Software and Mobile Applications

What is your theory of change?

Objective:To create more than 10 million entrepreneurs and through them create 1 billion jobs to boosting economy by 2023.

Outcome 1: User-friendly digital platform developed to strat and grow business.

Activity 1.1: Detail requirement analysis for online platform development.

Activity 1.2 : Develop prototype and strat field testing.

Activity 1.3 : Start product development ensuring continious stakeholders engagement.

Outcome 2: Business expert, IT professional, Microcredit organizations are motivated to engage with this platform.

Activity 2.1 Regional and national level conference.

Activity 2.2 Social, electronic and print media campaign.

Outcome 3: Entrepreneurs utilize this platform to start and grow business.

Activity 3.1 Social, electronic and print media campaign.

Activity 3.2 Regional and national level conference.

Select the key characteristics of your target population.

Rural
Peri-Urban
Urban
Poor
Low-Income
Middle-Income

Which of the UN Sustainable Development Goals does your solution address?

1. No Poverty
2. Zero Hunger
5. Gender Equality
8. Decent Work and Economic Growth
9. Industry, Innovation, and Infrastructure
10. Reduced Inequalities

How many people does your solution currently serve? How many will it serve in one year? In five years?

Now this is idea generation phase so total user 0 (zero).

After one year the platform will be developed. So users will very limited 5000.

After five years users will 1 billion.

What are your goals within the next year and within the next five years?

Within next year application will be developed. And within five years 1 billion people will use this platform.

What barriers currently exist for you to accomplish your goals in the next year and in the next five years?

Now fund is required to initiate the idea.

How do you plan to overcome these barriers?

Applying for fund.

About Your Team

Your Business Model & Funding

Partnership & Prize Funding Opportunities

Why are you applying to Solve?

To implement this idea required grants. For receiving grants required a valid registration. Apart from this, for successful implementation of this idea need strong collaboration with IT and business experts.

This project will be started from Rajshahi division of Bangladesh which is very underprivileged area in terms of entrepreneurship development. But many schools, Colleges and universities are there. There are also many ethnic groups do not get enough opportunity to start business. The project required partners in this area.

In which of the following areas do you most need partners or support?

Business model
Product/service distribution
Funding and revenue model

Please explain in more detail here.

Partner will support for fund raising. For fund raising required a valid legal entity. But in Bangladesh, get a legal certificate from government authority required long time. And valid registration also required for revenue generation.

Microcredit is the key component of this project. So NGO as a partner will support in this regard.

Apart from this partner will engage with overall initiative.

What organizations would you like to partner with, and how would you like to partner with them?

I would like to partner with non government organizations (NGO) who have micro-credit program. Because microcredit is the key factor of this project. Apart from this, this type of organization has long experience on entrepreneurship development and development initiative for marginalised group.

Explain how you are qualified for this prize. How will your team use the Innovation for Women Prize to advance your solution?

DS4C is a digital platform to support entrepreneurs for capacity, capital, collaboration and communication. So this platform will be the best platform for women to start and grow their business.

Woman from marginalised group often face problem to get training on entrepreneurship due to cultural, social and economical barrier. This platform will create opportunity to get online training on entrepreneurship. They do not need to go outside for credit. They can do that through this online platform. They can get secured mentorship support and make collaboration. They will manage communication and recruit through this platform.

This platform will create new era of woman entrepreneurs development . So this idea deserve global support.

Explain how you are qualified for this prize. How will your team use The GM Prize on Good Jobs and Inclusive Entrepreneurship to advance your solution?

This digital platform will create more than 1 million entrepreneurs and more than 1 billion jobs opportunity. This initiative will create new era of entrepreneurship development.

This digital platform will support to entrepreneurs on 4 major issues which are capacity, capital, collaboration and communication. If anyone has courage and get proper support on those four issues than entrepreneurship development initiative can be successful.

Online training and mentorship support will crate larger entrepreneur community. Members of this community will collaborate with each other through this digital platform. AI based matchmaking technology will support entrepreneur to find appropriate partner.

Capital is the another key for successful entrepreneurship development. Simple way to get credit or investment stimulate the creation of enterprise. Most of the case, effective business idea can not get success due to lack of credit or investment. There are some cases where entrepreneurs basically from marginalised group do not know about appropriate channel or process to get credit or investment. Through this digital platform, entrepreneurs and microcredit organization will come together to solve this problem.

Some basic softwares required from very beginning like accounting, asset management, human resource management etc. But very initial stage, entrepreneurs cannot afford these application. So this platform will provide these applications. if they need additional than there will be a IT experts to support.

This digital platform will serve the entrepreneurs coming from marginalised group for economical recovery after COVID-19.Therefore, this initiative deserve support for its growth.