Millions of baby-boomers are getting ready to leave their day jobs, but that doesn’t mean they’re ready to hang up their spurs. Americans aged 55-64 form small businesses at a higher rate than any other age group. And boomers are more likely to see credit unions as relevant providers of financial services than are other age groups.
With those facts in mind, the Filene Research Institute’s i3 innovation group has developed an online business readiness tool, The Big Idea Evaluator, to help aspiring entrepreneurs evaluate the market-worthiness of their enterprise. The team that developed this tool is now looking for credit unions interested in piloting the idea.
Based on respondents’ answers to questions in three categories (market, management and money), the Big Idea Evaluator gives them feedback, offers advice and counsel, and suggests resources to help refine plans and create successful new ventures.
To attract attention to the tool and business services credit unions have to offer, the team has put a reality-style twist on their project. Dubbed “What’s The Big Idea Challenge,” the reality-style challenge consists of a three-question, online application that outlines the member’s business proposition.
“What’s the Big Idea Challenge” is currently being piloted by $345 million Mazuma Credit Union, Kansas City, Missouri. The current Mazuma challenge runs through March 31, 2008, and is open to non-members as well as members. Submissions are judged by current Mazuma business members, which produces an added benefit of deepening the credit union’s relationship with those members.
” ‘What’s the Big Idea Challenge’ gives our members a simple, easily accessible resource through which to develop their ideas,” says Eric Jones, Mazuma’s vice-president, business services. “The boomer target market also has significant equity and savings with which to launch their business, thereby reducing initial risk to the credit union.” The winner will receive a $3,000 marketing package, including logo and stationery design and printing.
“It is an opportunity for credit unions to provide business-friendly services that promise significant rewards in future business deposit and lending services,” says Lisa Renner, i3 member and president/CEO, CU Holding Company, LLC, an aggregation of Mazuma CUSOs. “It is just one tool credit unions can use to attract boomers and provide services that contribute significantly to the bottom line,” Renner says. “When we help members take their business ideas from conception to implementation, we are in an excellent position to earn their business checking and other deposit relationships. For years the industry has looked for ways to attract younger members, ignoring the opportunity staring us in the face. We own this age group. It’s just a matter of anticipating their next need so we can help them turn their dreams into reality.”
Additional pilots in the queue include Wright-Patt Credit Union and Alliant Credit Union. Filene and the i3 innovation team are seeking credit unions interested in joining the pilot for the “What’s the Big Idea.” To learn more about the online tools, or to establish a pilot project in your market area, check out the Pilot Project Package and contact Lisa Renner at 913.310.9292, Ext. 5401 or lrenner@cuholding.com.
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