Check out MoneyIsland.com — the new teaser site as part of BancVue. MoneyIsland version 1.0, which expands significantly on the existing CentsCity beta version, is set to launch at community financial institutions nationwide in September 2010.
It’s been a whirlwind. And the days have blown right on by. So, we missed giving the updates on NYC Days 3 & 4, but in the words of Luther Vandross — “Never Too Late” (bet you don’t hear about Luther on too many tech company blogs!).
Day 3
We demoed. We showed the crowd CentsCity!
The full day was Finovate. From 8:30 am until 6 pm, 32 companies gave 7-minute demos of their financial and banking innovations. It was one after another — some of our favorites being the folks from SmartyPig, TILE Financial, SimpliFi, and BrightScope. Also really digging Credit.com and Home Account.
Skill-Life wasn’t scheduled until the bottom half of the final group, so we took stage at around 3:15 pm. This was a new setting for us and CentsCity, so we spent a good portion of the day taking it in and making connections where we could. The morning and afternoon sessions of demos were followed by 2 hour networking sessions. Since we had not yet demoed, we spent the morning networking session meeting folks including contacts at FastCompany and Fidelity Investments.
The demo itself went wonderfully well. By the time we got on stage, we had rehearsed it a number of times. Both the pitching (Felix Lloyd) and the driving (Todd Waits) went as planned. We finished with 40 seconds to spare and even gave a moment for the CentsCity soundbed to groove for the audience.
And how did the audience respond? All signs were up! The product is so different in look and function than anything that’s out there. You could tell it caught everyone’s attention.
During the afternoon networking session, we had a table set up and got a constant flow of traffic. Without getting into great detail here, we had significant conversations with a few venture capitalist, two very likely pilot customers, and a number of potential strategic partners. Hopefully, more detail to come in future postings as these things take shape.
The “Best in Show” award somehow slipped us by, though the event organizers told us we lost out by hundredths of a point. Hats off to the guys from BancVue and FirstROI — they guaranteed victory and they delivered. Helluva demo from those guys with their Kasasa product.
And where did Wednesday leave us off? Well, the night ended at a bar by the hotel with a few of the other demoing company execs and the good folks from Atomic PR. More than that, it left us with lots to do in the days ahead and some important conversations to continue.
Day 4
Our final day in NYC was all about making the most of the time we still had in the city. We met with a few people from the William J. Clinton Foundation, having originally come into contact with them at a meeting on Financial Education & Games at the Casey Foundation in Baltimore. They had the opportunity to see CentsCity up close as we dug deep into the demo and our expected road ahead. We’re now working to partner with the Clinton Foundation to have youth in Harlem learn financial skills through CentsCity during the next Financial Literacy Month (April 2010).
Otherwise, I had a great lunch with a potential investor and advisor at the Core Club, before we rushed off to the airport.
From what we’ve been able to track, CentsCity has attracted some coverage from the Wall Street Journal , Spend on Life, PaymentsViews, Student Lending Analytics, and Keeping Nickels. We also had a recent interview with the Baltimore Sun, which has been looking closely at Financial Education and Video Games.
More to come.
We’re winding down our first full day in NYC for the Finovate Conference. It’s been an action-packed one and our 7-minutes on stage are less than 24 hours away (actually less than 18 hours — we’re scheduled to demo at around 3 pm EST).
The highlight of the afternoon was actually getting to check out the venue and take the stage for a rehearsal. It’s a phenomenal looking space with big screens and all the work s everywhere. A lot of time and effort has clearly been put into the planning of this event. The list of companies with which we’ll be presenting includes some heavy hitters including Mint, which was recently acquired by Intuit. And the audience is comprised of execs from Citibank, ING Direct, Wells Fargo, and other banks as well as a number of venture capitalists and influential press. This will certainly be our biggest stage to date — an opportunity that we’ve worked hard to gain and intend to make the most of.
The rehearsal went off without a hitch, which we can only suppose is a good thing (we’re actually assuming that the rehearsal was a minor disaster so as to keep us honest for tomorrow). We’re well prepared on this end and, more importantly, our innovation stands out on its own. CentsCity has a look and feel that’s distinct and our potential value to financial service institutions is tremendous.
After rehearsal, we had the opportunity to have crepes with Heather Marold Thomason of Bad Feather and Andy Hieb of Dtek Digital Media. These two companies have played major roles in the design and execution of the Skill-Life.com and CentsCity.com sites. It was a rare opportunity to sit down with them face to face. We got to talk shop (we’ve just put to print another round of 2,000 CentsCity Passports and are initiating another phase of development on the CentsCity beta that will include the introduction of our first in-world mini-game — the Ducket Dash!). And, as it turns out, all of us have dogs that we love immensely. Go Wendell!
For much of the evening, we met up with folks at a Finovate happy hour. Among the most notables were John Waupsh and Gabriel Krajicek of BancVue and FirstRoi. These guys were full of energy and personality. They had some very interesting and insightful perspectives on the industry and CentsCity’s value to financial service institutions. They also insisted that they would be hands-down the best demo tomorrow (turns out they lobbied to bring a lion on stage with them and/or a choir to hum the “Battle Hymn of the Republic”). Of course, we then let them know that they were up against a giant in CentsCity and the Skill-Life team this year — they’d have to settle on being a great opening act!
Otherwise, it was a southern-cooking dinner for the Skill-Life team. No need for details there aside from saying we tried to keep it light as much as is possible when choosing from a menu on which mac & cheese is a vegetable.
Now, it’s getting in game mode. More to come.
Over the last week, we have quietly taken CentsCity.com live. In the weeks ahead, we’ll be continuing to develop on the existing platform. Our initial pilot partner, WYEP 91.3 FM’s “Your Money, Your Future” Initiative, will begin distributing 600 CentsCity Passports to youth this week. We’ve already seen a steady uptick in visitors and customers at CentsCity.com. The site has operated smoothly as intended.
With our recently having been invited to demo at Finovate 2009, we’re planning to use that stage to launch CentsCity at a higher volume. At Finovate, on September 29th, we also expect to introduce new features not presently available online.
Stay tuned. Much more to come.
Skill-Life has been chosen as one of 32 companies to demo at Finovate 2009, which showcases “the best new financial and banking technology innovations from leading established companies and the hottest young startups.”
These companies will be showcased to an audience of senior financial/banking/credit union executives, influential press, industry analysts, venture capitalists, bloggers, tech companies and entrepreneurs. A few of the organizations already committed to attend include: Bank of America, Citibank, WSJ, Microsoft, HSBC, Wells Fargo, American Express, Dow Jones, the Financial Times, E*Trade Financial, SunTrust, ANZ, Capitol One, Financial Insights, Discover, Sybase, Cardinal Venture Capital, Intuit, Consumer Reports, DataMonitor, Canaan Partners, The Economist, BusinessWeek, and Aite Group.
Skill-Life will demo our CentsCity product and will introduce an expanded set of features to our current beta while on stage at Finovate this September 29th. More info appears on the Netbanker blog, the text of which is also included below.
Finovate 2009 Demoing Companies RevealedBy Eric Mattson on August 5, 2009 |
The demoing companies selected (that we can reveal so far) are:
|
These companies will be showcased to an audience of senior financial/banking/credit union executives, influential press, industry analysts, venture capitalists, bloggers, tech companies and entrepreneurs.
A few of the organizations already committed to attend include: Bank of America, Citibank, WSJ, Microsoft, HSBC, Wells Fargo, American Express, Dow Jones, the Financial Times, E*Trade Financial, SunTrust, ANZ, Capitol One, Financial Insights, Discover, Sybase, Cardinal Venture Capital, Intuit, Consumer Reports, DataMonitor, Canaan Partners, The Economist, BusinessWeek, and Aite Group.
We’d love to have you join us at the fall event and watch the future of finance/banking unfold onstage. If you register today you’ll save $200 via the very-early bird ticket discount. Please note that those prices expire on Friday August 7th at midnight.
Skill-Life CEO Felix Lloyd is featured in this month’s Black Enterprise Magazine. The article appears below and at BlackEnterprise.com.
- BLACK ENTERPRISE – http://www.blackenterprise.com -
Spend Less Money on Your Startup Budget
Posted By Marcia Wade Talbert On July 29, 2009
Felix Lloyd received consulting services and startup capital from Echoing Green, a social venture fund, to help launch his company Skill-Life Inc.Finding capital to launch your business might be the hardest part of entrepreneurship. An examination of census data [2] shows that black-owned businesses have very low levels of startup capital relative to white-owned businesses and these differences persist across all major industries.But don’t let that dissuade you. There are a plethora of organizations, universities, and companies that provide pro bono or professional services at a reduced fee, ranging from accounting to information technology and from human resource management to marketing. When such services are free, this practice is often referred to as skills-based volunteering.
“When you are capacity constrained thinking outside of the box in terms of pro bono services and volunteer support is a really smart and effective way to add capacity to your organization without adding to your expense line,” says Cheryl Dorsey, president of Echoing Green [3], a New York-based social venture fund that provides capital to support social entrepreneurs.
When Felix Lloyd was looking for backing for his startup, he turned to Echoing Green, which had provided financial support for a former employer. Lloyd, a former educator, needed funding for an online game that would help high school students develop financial literacy and math skills. As an Echoing Green fellow he received consulting services and startup capital to help launch Skill-Life Inc [4].
Echoing Green also reimbursed Lloyd for healthcare expenses, paid him $60,000 over a two year period, and matched him up with free and reduced cost legal services.
“Echoing Green provided my company with critical legal support, branding expertise, and an extensive professional network while challenging me to think and act strategically in building my business,” Lloyd says.
At AlphaLab, a small business accelerator, Felix Lloyd received $25,000, free office space, and an opportunity to network with other tech entrepreneurs.Another entrepreneur introduced Lloyd to AlphaLab [6], a Pittsburgh-based small business accelerator. An accelerator generally includes a group of investors who help expedite the start-up or expansion of a company. In exchange for 3% equity in his company, AlphaLab provided Lloyd with six months of free office space in Pittsburgh, access to software consultants, and $25,000 from AlphaLab’s parent company Innovation Works [7].So far, an estimated $400,000 in money and services has been invested into Skill-Life. Of that only $10,000 came from Lloyd’s personal funds. Although he has never had to take out a bank loan, 27% of Skill-Life equity will be distributed among investors and employees. He owns 43% of the equity and his wife owns 30%.
His first client, a Pittsburgh public radio station, paid Lloyd $3,000 to give 600 students access to CentsCity [8], his online game that launched this month. Lloyd’s accomplishment can be duplicated. If your business budget won’t stretch far enough, use these three steps as a road map to finding and efficiently utilizing pro bono and skills-based volunteer services.
Do your homework. Not every pro bono provider is going to be the right fit for your start up. “The single most important thing that we are looking for are people that have a clear picture of what they need and how our skills will fit with their needs to develop,” says Gaute Ellingsen, an MBA student and vice president of clients at the Small Business Consulting Program [9] at Columbia Business School.
Doing research on what kind of services each kind of pro bono organizations offers will pay off because it will enable you to tailor your requests to what is most beneficial to you and also to the priorities that the pro bono organizations have.
Network, network, network. Existing relationships (with investors, supporters, or friends) can open doors to different pro bono services.
Through an acquaintance, Lloyd learned that Pittsburgh had a strong technology community. At AlphaLab Lloyd shared ideas with his peers and he gained exposure to the breadth of Pittsburgh’s entrepreneurial, investment, and software expertise.
It was through these interactions that he was recommended to advisors and more free office space at Idea Foundry [10], another non profit in the city that specializes in launching information technology and engineering related enterprises.
Check with your local university’s business school for resources and possible skill-based volunteer organizations. Lloyd used the Technology Collaborative [11] at the Tepper School of Business [12] at Carnegie Mellon University and sought free services at the Small Business Development Center [13], a Small Business Administration program housed at Duquesne University [14]. Students at the universities did market research for him without charge and helped him create cash flow projections.
Demonstrate an ability to produce results. Organizations and individuals that offer skills-based volunteering want to be certain that they are not wasting their time and resources. Demonstrate your talent by building a strong Website and public face, says Echoing Green’s Dorsey.
“We have to have some sense that the entrepreneur can execute an idea because essentially ideas are a dime a dozen,” she says.
However, she also emphasizes that a charismatic personality is just as important as a strong business plan.
Copyright © 2009 BLACK ENTERPRISE. All rights reserved.
From Tuesday (7/21) to Thursday (7/23), we will be conducting private testing of the CentsCity Beta version. CentsCity is a fun online world where tweens learn financial skills and earn real-life rewards!
We are presently looking for a limited number of people to test drive the product. If you would like to give us feedback on CentsCity before we launch publicly, please let us know by responding to this message.
Best,
Skill-Life, Inc.
–
Skill-Life, Inc.
CentsCity — http://centscity.com/ — Learn Money, Earn Rewards!
1739 East Carson St. #323
Pittsburgh, PA 15203
Phone: 412-871-3713
I recently attended a White House event, on behalf of my social enterprise Skill-Life, Inc., during which President Obama launched a new Office of Social Innovation and Civic Participation. A number of other Echoing Green Fellows attended, including Andrew Butcher & Chris Koch (GTECH Strategies), Kara Bobroff (Native American Community Academy), Sara Horowitz (Working Today), Michael Brown (City Year), Vanessa Kirsch (Public Allies), Eric Schwarz (Citizen Schools) and Mark Levine (Credit Where Credit is Due). Andrew, Chris, and I made the midnight drive down to DC from our home city of Pittsburgh, PA. Cheryl Dorsey also attended and facilitated introductions to leaders in the social sector and from the Obama administration.
There’s nothing quite like sitting in the White House East Room surrounded by portraits of Presidents past and social entrepreneurs present. It’s a rare opportunity that demonstrates the place that social innovation will have in this nation’s journey forward. For me, to be included in a group that the President says is creating the most innovative programs that are transforming communities around the country, is humbling and inspiring.
President Obama’s speech celebrated the work being done by social entrepreneurs across the nation and mobilized us to do more in these times when social innovation is immensely critical. I took away a few major points:
- Financial Support: The administration has begun a $50 million Social Innovation Fund. The President challenged the private sector and philanthropies to match and surpass the government’s efforts to support organizations and approaches addressing the challenges of our communities
- Results Result Results: What matters most to the President and his team is what works. We have to set goals and then achieve exceed, and, ultimately, measure them.
- Take It To Scale: If it works, the White House wants it wherever its needed. It’s key that creative approaches be implemented with expectations to scale up as impact is achieved.
- Not the Usual Suspects: The staff at the Office of Social Innovation — which is led by Sonal Shah (former head of global development at Google.org) along with Michelle Jolin, Carlos Monje, Charlie Anderson, and Howard Buffet — will search the nation for the most innovative and effective organizations and social enterprises. They expect to break out of the box — opportunities will be there for those of us at the early stages of our impact or otherwise outside of the spotlight. In Pittsburgh, we’re planning a follow up roundtable with the White House, Echoing Green, and other public and private partners for the coming months.
In true Echoing Green style, a group of us, including Cheryl and some of the staff from the Office of Social Innovation, ended up talking shop across the street from the White House at the Old Ebbitt Grill. The overwhelming sentiment was that this is the time. At Skill-Life, we intend to harness this energy, action, and opportunity as we launch the beta version of CentsCity, an online world packed with cool games that build tweens’ financial skills, this month. In the next several months, it’s upon all of us to meet the President’s call. As he declared, “now more than ever, we need to build cross-sector partnerships to transform our schools, improve the health of Americans, and employ more people in clean energy and other emerging industries.”
I was just writing to Mike from AlphaLab where Skill-Life was incubated last summer and fall. He asked about the trip down to the White House.
As I told him, it was incredibly exciting to be in the White House — one of those things you can’t actually fathom until you’re in the East Room looking at a portrait of Abraham Lincoln that you remember seeing in middle school history books. Even more, to be included in a group of social entrepreneurs who the President says are creating the most innovative solutions to our communities most challenging problems, is humbling and inspiring.
The $50 million fund will help take social enterprises like Skill-Life, Inc. to higher levels as will the fact that the President has established an Office of Social Innovation. Knowing that real dollars are being committed makes a tremendous difference. We made some excellent connections to folks from the private, philanthropic, and government sectors.
These times are calling for the kind of double bottom-line work and outside of the lines innovation that Skill-Life is doing. There is real energy, action, and opportunity that we will continue to build on as we release the beta version of CentsCity this month and continue to grow our business.
Skill-Life has entered into an agreement and pilot partnership with WYEP 91.3 FM Pittsburgh. This partnership is part of WYEP’s “Engaging Communities on the Economy” project for promoting financial literacy among Pittsburgh youth ages 8-18.
WYEP has agreed to purchase a total of 600 “access passports” for Skill-Life, Inc.’s “CentsCity” financial literacy online program. These access passports will allow up 600 students to be among the first paying users of CentsCity once it becomes available for public use.
Skill-Life, Inc. will be working with WYEP to determine the best way to distribute the WYEP-sponsored access passports. WYEP will promote CentsCity as a financial literacy resource for students on wyep.org under the “WYEP FreeZone for Students” section, as well as in e-newsletters, print pieces and other non-broadcast materials throughout the duration of the partnership term. WYEP will also promote CentsCity to its youth services partners through the WYEP FreeZone program throughout the duration of the partnership term.
The term of this partnership will span June 8th through August 31st, 2009, with the possibility of extension beyond August 31st pending review and approval from both parties.