ERE: Expansion of Rural Entreprenuership

ERE solves the lack of communication between local businesses. Collaboration is one of the largest parts of a successful company, thus it is key that local entrepreneurs come in contact with others in their field. By combining forces, brand enhancement and product expansion is inevitable. By creating powerhouses of local companies, entrepreneurs can gain recognition on a larger scale. This solution comes in the form of a user-friendly application. This app has the capabilities to track financial records, inventory, and branch progress for these powerhouses. It also allows small businesses to view local opportunities to merge and work with other related companies. With a manageable financial record system, the application also educates entrepreneurs on how to maintain these records and how to calculate specific revenue values. This app will serve as the future of local business expansion, and will help put aspiring entrepreneurs on the map for angel investments.

Many businesses in rural or impoverished areas cannot get the outreach they need to generate significant revenue. This is primarily due to issues such as lack of education and the inability to communicate. The problem at hand stretches to a global scale. Less than half of all business owners have college level education, and those in rural areas don’t have the time, money, or resources to even reach this level. This lack of access can be seen in many countries, and the efforts to improve financial literacy are futile and lack government spending. The average cost to receive a business MBA in India is 7.5 lakhs, and the average salary of a rural Indian family is only 0.81 lakhs. This tremendous cost completely discourages any aspiring entrepreneurs in a rural setting to pursue a proper education. Even observing the USA, there is only one significant rural funding program called the RBIC. The application is extremely sophisticated, and without an education, the probability of writing a professional and appealing proposal is very low. In addition, less than 3% of professional businesses ever professionally work together. Farms and local restaurants are hitting all-time high bankruptcy rates.

The ERE App has the capabilities to connect businesses in need of expansion while educating local business-owners about financial literacy and profit optimization. With interactive lessons and engaging videos in all languages, this app gives business-owners a crash course into improving their business model. ERE doesn’t stop here, as it has the capabilities to analyze financial records and inventory to make sure every product is accounted for. In addition, the ERE team is developing an algorithm which observes company data to generate AI-based financial advice and projected earnings. The benefits don’t end here, as ERE matches up local businesses to increase revenue and clientele. This ability to pair businesses puts a completely new business model on the table that has not been explored before. At the bottom of any successful business is the concept of collaboration. By creating a matching system based on geolocation and product variety, the ERE App provides outreach to other businesses to in turn create a multi-branch business with an enhanced brand. By merging small companies, local areas can create a recognizable brand with promising numbers. These numbers will lead to the ability to gather larger investments and gain national or even global recognition.

Local business-owners are neglected everyday because they don’t have the same resumé as privileged entrepreneurs. Although from an investor’s standpoint this may seem reasonable, the number of jobs and the amount of revenue a local business pitch could bring could be incredible. ERE makes these businesses stand out from others to grab investors with convincing numbers progress. The core issue these owners face is the inability to reach out for capital, or in general for expertise. Thus, ERE brings the expertise to them. If they are in need of a certain specialist, the ERE network matches up any available specialist in the area to meet up with the owner. If the owner decides to add their product to the catalog of a larger business, the ERE network matches up this owner with any interested corporations in the area. This network ensures that every business-owner can complete any outreach they would like to. By enabling outreach with the click of a finger, the ability to expand the company and grow revenue exponentially increases. With an AI algorithm to offer financial advice, even if the owner is uneducated, they have the ability to choose the next best move to grow their business. 

The core of this challenge revolves around the fact the potential of local businesses is left untapped. The ERE application allows for these businesses to be discovered by investors and gain recognition on a national to even global scale. With the ability to help rural business owners communicate, as well as grow financially, the ERE is the future of small business growth.

ERE proposes several abilities that have not been seen on the market. The largest of these is the ability of collaboration. There is no network available to local business-owners that allows them to merge and develop branches with each other. Serving as almost like a dating app for businesses, this could serve as the next social network which brings together the best businesses in an area while optimizing profit and expanding clientele base. This business model has never been explored, and proposes opportunities that could change local company success forever. In addition, no application has been marketed to local businesses which assists them with financial advice and inventory. This is because technology has still not been exposed to areas like this, but with proper marketing, rural communities could be revolutionized. Apps such as Gusto and QuickBooks allow tracking of financial records, but no app like ERE exists which gives the capability to automate analysis of records and manage inventory. This brings management and optimization to a completely new level in the business field.

The main technology around my solution is mobile application software. In a time where practically everyone owns some kind of cellular device, it is key that the majority of applications can be downloaded and operated on a phone. Inside this application, there are sublevels of other technologies. There is geolocation technology paired with social networking to match up businesses in the same area. Once the businesses are matched up, they can chat and set up a meeting to create a merger deal. In addition, the ERE team has developed an algorithm which analyzes financial records and inventory to determine how the company is doing and the steps which it should take to optimize profit. This algorithm uses a machine learning model, which is upcoming technology that can benefit all businesses. Finally, ERE uses cloud technology to securely store financial records such that business owners can input records safely and conveniently. This inputting method ensures that any business can be successfully run and managed with the help of ERE.

ERE has both short and long term effects. When clients begin to use ERE, they get exposure to similar businesses in their area, so they can partner and expand their brand. Every business-owner knows that brand positioning is vital for success. Thus, ERE starts with the incentive of improving any business’s name brand through collaboration. This incentive is what allows ERE to become successful and bring rural businesses to the top. The short term results don’t stop here, because after powerhouses are formed, there will be competition fueling the usage of the ERE application, and ERE will be able to develop the best compound businesses. The long term results start with the idea that compound businesses with proper brand positioning will have the spotlight on them. This idea can take ERE powerhouses to the next level. The ERE application helps organize businesses as well as track and predict financial projections, so once a company achieves significant numbers, it can expand to a larger scale. This doesn’t mean combining with businesses anymore, but rather opening other branches of the business in other locations, spreading brand name even more. This idea will take ERE fueled rural businesses to the next level, and will create the next successful powerhouses leading the jobs numbers. This all stems from the basic incentive that every business owner desires, which is nothing but expansion and brand positioning. With the right brand development and rigorous marketing, ERE will ensure the success of every rural business.

The goals for the next year are ensuring that the application is functional and secure. By proving this, the application can begin its marketing phase. It's essential that the marketing phase begins within the next few months because the ERE business model depends heavily on the success of its clientele. In the next five years, the goals of ERE will become to make every rural business thrive and collaborate to create powerhouses. By developing a large clientele, ERE can be taken to the next level and can become almost a form of social media for rural companies. Once a user base is developed, companies can team up, and increase revenue and job numbers. exponentially.

One of the largest barriers is the lack of influence to be able to commercialize ERE. In addition, it will be extremely difficult to market and sell an application that has not had a pilot program yet. With this, there are also legal barriers. A terms and conditions must be specifically drafted such that entrepreneurs cannot sue the application in cases of financial turmoil, as this could happen regardless. Finally, the last barrier is that the terms and conditions must be airtight such that when they decide to start ERE, the overall money given back to ERE is 10% of their monthly profit, once the company has reached financial stability. This contract must be drafted in a way that cannot be escaped out of.

The first step is building a reputation, as this will improve the ability to market ERE to fellow entrepreneurs. This must be accomplished through a reliable team and set of collaborators. I hope to partner with a professional app development team or a team in the Solve Community to gain credibility during marketing. The next barrier I plan on overcoming is creating considerable progress. I plan on solving this issue by using a pilot company before commercializing. This adds reliability to ERE, allowing for more expansion. The final barrier I must overcome is hiring a proper legal team to be able to create a contract which ensures ERE profit and lack of exposure. This all in all gives 100% credibility to ERE.

Only one currently.

As a business-oriented teenager, many of my ideas and plans are underestimated and discarded due to my age. Breaking into the field of entrepreneurship is extremely difficult without knowing an influential figure or having the capital yourself. As one of the youngest participants in this challenge, I believe I know the true struggle that every aspiring entrepreneur feels. In today’s day and age, no business will grow without a lengthy resumé. With the technological knowledge and motivation to help those in my position, I believe I am in the perfect position to deliver a solution which will benefit every local business-owner across the globe. With faith from the judging committee, I believe I can create real change and hire a team to commercialize this solution to entrepreneurs. Unlike any other team or pitch, my app comes from my passion to solve the problem of underestimating entrepreneurs without credentials.

The business model which ERE uses depends on the clientele and rural companies which partake in this system. Like many venture capital firms, ERE takes stake in the company and uses the company’s success to get revenue. ERE puts hope and helps out smaller companies that cannot reach massive investment firms by teaming together and developing business juggernauts. By compounding multiple local businesses, ERE is opening up for expansion amongst all rural companies, and allowing for better brand positioning and advertising. Once ERE assists these compounded businesses in expansion and advertising, the model allows for the developed rural company to pay ERE back through stake in the company. The target customer of ERE is rural businesses interested in expansion. ERE is almost like a dating app for small rural businesses, and by helping to compound them, their revenue increases, clientele grows, and a spotlight is put on the business. By offering inventory management, business connection, and marketing suggestions, ERE sets up compounded business to exponential expansion, thus resulting in credibility and revenue for ERE.

This solution is currently in the prototype phase, thus adequate app testing is necessary to ensure security and functionality. However, once security is established, it’s essential that a starting fund is created for professional review of the application. This money will be funded through grants and venture capital firms, and once the app is deemed credible, revenue streams can begin. Money will need to be allotted for advertising for the purpose of collecting clientele. This is essential for ERE to collect revenue, because clients are what powers the solution. In a maximum of 2 years after implementation, ERE should have broken even and should start collecting significant profits from the compounded rural business powerhouses.

As a teenager, I lack the reputation to be able to commercialize a financial-aiding application to fellow entrepreneurs. Solve gives me the opportunity to earn the credibility to implement the ERE application. This application has the potential to better the lives of every rural business owner. With the proper marketing, testing, and funding, these businesses can grow exponentially, and be put in the spotlight. By working with Solve, I can enter the next phase of true implementation. ERE could be the future of business development, and Solve can be the passageway to that future.

The ERE application does exactly what is requested in this grant. This application opens up opportunities to so many adults, by developing compounded businesses and countless job opportunities. Serving as almost a social network for rural businesses, this application will allow companies to collaborate and crate even more jobs. The ERE team will use this prize to first test the security and functionality of the mobile application professionally. Once this is complete, it is essential that rigorous marketing begins. This funding will allow for the ERE team to advertise and develop a proper clientele to get this business moving. ERE has a business model which depends heavily on the clientele, so by using proper marketing techniques, ERE can build a reliable user base.