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Microfinancing Life Re-Financed at 50

What if there was a way to cover the expenses and debts you have accumulated by using the knowledge you gained getting there as collateral.

Photo of Kenneth Walton
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Who is your idea designed for and how does it support the dreams and obligations of those 50 and older?

Sr. Startups made up of AARP members are chosen each month to participate in a Pitch Event, each will have a demo table to showcase their company as well as network with AARPAngels, and guests.

The AARP has a program named Life Re-imagined, I have been waiting since I turned 50 (I am now 54) to re-imagine my life. But that is at least ten years away (money to save, bills to pay, kids to get through college). But what if there was a way to cover the day to day expenses and debts you have accumulated through life getting to age 50, by using the knowledge you gained getting there as collateral, so I can re-imagine my life now, and be stronger financially at 64.

The Idea here is to create a microfinancing organization. MasterCard + AARP would be an example of organizational structure.

Sr. Startups made up of AARP members are chosen each month to participate in a Pitch Event, each will have a demo table to showcase their company as well as network with AARPAngels, and guests. Attendees will then vote for their favorite Sr. Startups, and the top five will get to present to a (MasterCard + AARP) Microfinancing distinguished panel.

Winners will be given 6 months to work in an AARP Life Re-Financed accelerator with a range of experts and weekly inspirational lectures.

Loans would be made to AARP members through the Pitch Event / Accelerator process.

The Accelerator could generate income by leasing space to both Life Re-Financed participants and other entrepreneurs.

Life Re-imagined now!

What early, lightweight experiment might you try out in your own community to find out if the idea will meet your expectations?

I think we can work with the local AARP office in my city to do a Pitch Event, and then help the winner develop an Indiegogo or kickstarter of their winning proposal.

What skills, input or guidance from the OpenIDEO community would be most helpful in building out or refining your idea?

There were a lot of really could ideas in the research phase. I would like add some elements of their projects to this proposal and add the submitters to this team. Maybe work with the OpenIDEO community to develop a few prototype solutions approaches to the accelerator concept.

Tell us about your work experience:

I am a primarily designer, but have a range of other experiences as well teaching, 3d modeling, animation, VR and AR.

This idea emerged from

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Photo of Kate Rushton
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HI Kenneth!

I hope you have had a good start to the year.

What would be the user journey of a 50+ customer using your solution/product? What early stage feedback could you undertake of a prototype of a part of the journey?

There is an idea from another challenge that might give you a few ideas - VETT. ‘We are Veterans Empowered Through Technology. We teach veterans how to use industrial machines by teaming them up with younger ‘makers’.' - https://challenges.openideo.com/challenge/youth-mentor/impact/project-sidekick-is-all-grown-up-introducing-vett

It has a really interesting display of the user journey. Although, the user journey can be simply post its notes showing the transitions and this is a project that has had a long time in development.

An example of how to prototype a small part of the user journey is given in the Women’s Safety Challenge:
https://challenges.openideo.com/blog/experience-prototyping-preparations-for-womens-pool-idea

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