We met with the Defynance team for this episode and learned how to go from the idea to MVP development and get the first investment.
- 1.6 trillion dollars is the amount of the student debt crisis in the US.
- 45 million people have student loans.
- 70 % of people who leave college have student loans (on average, it's 30 thousand dollars per person). That’s like a BMW 3 series.
From that perspective, Farrukh Siddiqui, founder, and CEO at Defynance, wanted to tackle this problem. He was obsessed with finding solutions that are not based on debt. Together with his team, he discovered the concept of an income share agreement.
But it’s not debt because a person doesn't have to pay a certain amount of money back. It’s just to share income for a certain amount of time.
So they started working on that concept and noticed that universities like Purdue and Coding Bootcamps were using it. But no one was using it to refinance student loans.
This idea became the starting point to creating the first fintech to refinance existing student loans using a smart income share agreement (ISA) that is debt-free.
In this episode, we’ll learn to go from the idea to MVP development and get the first investment.
Tune in to learn how the Defynance team:
- did PoC before proceeding with MVP?
- defined scope of MVP?
- used Zoho Creator to build the MVP.
- picked up technology stack and prioritized features?
- educated users and made them trust to start using the platform.
As usual, this is a great episode you won’t want to miss.
If you struggle with how to go from idea to creating the first version of your product, you’ll want to get this episode into your earbuds as soon as possible.
Click on the video below.