At this year’s big.bright.minds event in San Diego, Filene’s i3 innovators gathered to showcase their cutting-edge ideas and advance the future of credit union solutions. More than 50 i3 participants from Waves 19 and 20 presented 10 groundbreaking concepts at an interactive Science Fair, highlighting their creativity and problem-solving skills. After careful deliberation by a panel of i3 alumni judges, Team BRAVO emerged as the winner for their visionary concept: a community impact fund for first responders.
Who is Team BRAVO?
Team BRAVO- short for Boldly Reimagining and Venturing Onward- is a dynamic group of innovators united by a shared passion for driving positive change. The team includes:
- Derek Smith (Family Focus Federal Credit Union)
- Jamie Meyer (Heartland Credit Union)
- Chris Kelley (Altra Federal Credit Union)
- Ryan Best (TruStage)
Throughout the i3 program, the team collaborated on every step of the innovation process – exploring community needs, refining bold ideas, and testing their concepts. By leveraging their diverse perspectives and a shared commitment to community impact, they developed a solution with the potential to create meaningful change.
The Winning Idea: Community Impact Fund
The Filene Innovation Method, a six-step framework designed to help credit unions tackle real-world challenges, provided the foundation for this year’s i3 participants. Using this approach, the i3ers developed solutions tailored to the unique needs of credit unions and their members. To begin, participants were tasked with selecting a population to focus on as a team. Team BRAVO chose first responders, drawing inspiration from Derek Smith’s work at Family Focus Federal Credit Union, which serves many utility workers- an often-overlooked group of first responders during disasters.
The group wanted to find a way to give back to those who are often the first to arrive at a scene when everything is going wrong.
Thus, the concept of the Rapid Response Impact Fund was born. The idea is rooted in simplicity and scalability. Embedded directly into digital banking platforms, this tool allows members to:
- Donate through various means, such as dividend contributions, round-ups, and recurring donations.
- Support causes like disaster relief, community initiatives, and individual hardships.
- Engage with a dashboard to track their contributions and see their impact.
This idea goes beyond first responders. We envisioned that a credit union could potentially have four or five different impact funds, allowing members to choose where their contributions go. For example, it could support teachers and early childhood development, first responders, utility workers like in Derek's case, low-income households, or other areas of need...Every community has unique needs, and this approach allows members to contribute to what matters most to them.
Altra Federal Credit Union
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Lessons in Innovation and Collaboration
The team shared that one of their biggest challenges was narrowing down their initial ideas and that, ultimately, they could not have developed the prototype without the help of their i3 cohort. "Initially, we started by dreaming super big," Ryan shared. "That's an essential part of the innovation process—to dream as big as you can. But it's equally important to figure out what actually works."
While tweaking their designs, each i3 group was asked to comment on other group projects; Derek reflected on this experience by sharing that "The other i3ers feedback was instrumental in reformulating our approach. It solidified the specific need we wanted to address, rather than trying to tackle a whole menu of options all at once."
What's Next for Team BRAVO and i3
With their big.bright.minds presentations behind them, Team BRAVO and their fellow i3 teams will begin drafting detailed concept documents, expanding on their solutions and business plans. These documents will be published on the Filene website in the Spring of 2025, providing a deeper look at their innovative ideas.
After Team BRAVO’s document is published, Derek and Ryan will graduate from i3 this spring, while Jamie and Chris will continue in their second year. Jamie's advice for the next wave of innovators is to consider applying, "Just do it. The program challenges you to think differently, connect meaningfully, and make a lasting impact."
She also shared: "Connecting with so many people from diverse lived experiences, both personally and professionally, and cooperating on ideation with other credit unions across the country to bring back locally is exciting and refreshing."
Join the Next Wave of Innovation
As applications for the next wave open, there's no better time to step into the world of innovation. This year’s participants embraced collaboration, experimentation, and real-world problem solving, gaining valuable insights along the way. The success of all ten i3 teams that presented at big.bright.minds highlights the power of innovation and collective learning to drive positive change for credit unions and the members they serve.
Applications for i3 close on January 10th, 2025. If you have questions reach out to Maddie Gunderson at [email protected].
