Thursday, August 6, 2009

Session 4a: Jessica Jackley and the KIVA Story

  • “My parents convinced me I could do anything and I believed them.”
  • “I can do something of ultimate significance.”
  • Learned about Microfinance in school, the power of a small amount of capital, and the difference it would make for poverished entrepreneurs
  • Individuals can go to site and view profiles of people they can loan to... as little as $25 can be loaned... Average loan size is $500-$600.... average contribution is just over $100
  • Repayment rate is 98.5%
  • The fact people are out there that care is bigger to the entrepreneurs than the money in many cases
  • Meritocracy- "The Best Ideas Win"
  • We create tools to make it easier for people to expand the vision, Open Source, co-creation
  • What- Connect People, How- Through Lending, Why- Poverty Alleviation (Mission)
  • Decisions are made against the vision... they've turned down millions of dollars when it was "off-vision"
  • Common purpose is the best way to predict outcomes in an unpredictable environment
  • The church should be the greatest place for the life of new ideas, innovation, and revitalization
  • The loan is an opportunity for connection with people
  • Give people the opportunity to "experience" the joy of giving, don't "tell" them why they should give
  • "I hope fear never causes us to not take chances, pioneer, and new risks..."
  • Don't be afraid to start small... have the patience to work with one person at a time and eventually work to scale
  • Start. You'll learn more actually doing rather than getting bogged down in a business plan for too long
  • When we truly believe in the possibility of one another, you don't have to convince people to act. People will respond.
  • Theoretically, a Kenyan food stand worker could some day loan to a San Francisco entrepreneur and continue to build the world community

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