New Venture Creation:
- Luke Mallon
- May 2, 2020
- 1 min read
In my Social Entrepreneurship class, my team and I decided to create a new social venture, aimed at becoming a profitable company, while also addressing social issues. Together, we created StuDebt. StuDebt is an educational and savings platform that give college students the tools to properly manage their debt while also learning about personal finance. Our app features a unique round-up feature that automatically rounds up each user purchase to the nearest dollar and uses that change to pay off monthly student loan interest.
This experience was extremely insightful. First, I learned how to truly empathize with a customer and create a product that they will actually use. We pivoted many times before landing on our final product, each time was because we learned more about the pain of debt and the student experience. I also learned valuable lessons in team work. In developing our company, we learned each other's strengths and weakness. We were able to play to those roles and operate as an efficient team. The last thing I learned was more personal, I learned about my own passions. We decided to turn this school project into a real company. Through this work I realized that I want to contribute to helping others and using business as a social impact tool.
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