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Azmo
- Industry
- finance
- Product Type
- service
- Problem
- Small business owners struggle to access capital during growth periods due to high borrowing costs and inaccessibility to large, traditional banks.
- Market Size & User Personas
- Azmo targets small business owners with fewer than 100 employees and looks to provide an alternative to high-interest-rate loan options. We’re targeting an addressable market of 5 million small businesses in the US.
- Solution
- Azmo will provide an online platform, offering alternative forms of loan capital for small businesses. Azmo will use the latest technology and efficient business processes to create a simple, low-cost, customer-centric loan platform.
- MVP Features
- On the platform, small businesses will be able to find competitive loan options from quality lenders, compare loans via an in-depth recommendation engine, and apply for an immediate pre-approval. Azmo will also provide educational resources and customer support for loan applicants.
- Implementation Details
- Azmo’s web platform will be built using the latest technologies, including AngularJS, HTML5 and Node.js. The platform’s core functionality will be powered by an AWS-hosted MySQL database. The customer service team will be a combination of in-house professionals and remote customer support staff.
- Value Proposition
- Azmo will provide an easy-to-use loan platform that simplifies loan applications for small businesses while allowing them to compare loan products and access pre-qualified loan offers from top lenders.
- Pain Points to Solve
- Azmo will seek to reduce the hassles of researching, comparing and applying for multiple loan products by providing a single platform for small business owners to access loans.
- Sales & Marketing Channels
- Azmo will market its services using social media campaigns, digital ads, and email campaigns. Additionally, Azmo will partner with financial institutions, accounting firms, and other small business-friendly organizations to gain access to potential customers.
- Revenue Stream Sources
- Azmo’s revenue model is based on service fees from lenders, subscription fees from businesses that require frequent access to funding, and commission fees for each loan closed.
- Cost Structures
- Azmo will incur costs associated with developing its technology platform, customer service, marketing, payroll, infrastructure, and general administrative expenses.
- Key Activities
- Azmo’s key activities will include developing the loan platform, partnering with lenders, designing user-friendly interfaces, providing customer support, and building relationships with stakeholders.
- Key Resources
- Azmo’s key resources will include its technology platform, intellectual property, customer service team, and network of lenders.
- Key Partners
- Azmo’s key partners will include banks, financial institutions, accounting firms, and other small business-friendly organizations.
- Competition Landscape
- Competitors in the online small business loan market include Lending Club, OnDeck, and Kabbage.
- Competition Advantage
- Azmo’s advantages are its accessible platform, customer service, relationships with lenders, and educational resources for loan applicants.
- Idea Validation Steps
- Azmo will begin by interviewing small business owners to understand their needs and challenges. This will be followed by validating the product concept through A/B testing, customer surveys, and Usability testing.
- Potential Business Challenges
- Azmo’s potential business challenges include raising capital, building awareness among potential customers, developing relationships with lenders, and gaining customer trust.