Socioeconomic Empowerment for All
Youthful Savings is an ecosystem of learning products based on the principle of economic empowerment through youth. Currently, about half of the world’s population are under the age of 24 and historically this population is largely left out of the economic system due to schooling. With global poverty expected to rise for the first time in 20 years due to the COVID-19 pandemic, now is the time to reimagine education to include youth so the world economic system can be stronger. Our monetary and fiscal policy must include youth as a solution. Real world education is necessary to truly reimagine education and Youthful Savings is the company that is ready for the challenge.
We concentrate on bringing our tech based education to historically underserved communities in order to bridge the wealth gap. Our goal at Youthful Savings is to create a kinder history based on economic and social inclusion.
Since the beginning of time, economic warfare has marginalized communities - creating poverty. Youthful Savings was created with the sole purpose of socioeconomic empowerment in order to undo centuries of economic inequality and related racism.
Youthful Savings aims to reimagine how we approach modern education by including socioeconomic education into the education system. Just as math, science and reading is taught on a global scale, Youthful Savings aims to bring economics, entrepreneurship, financial education and necessary communication and soft skills into the lives of youth at a young age. By incorporating new modalities of education, we are no longer shielding youth from the real world but having them participate in the global economy thus increasing tax revenues, gross domestic product and overall civic engagement across the globe. With protests occurring across the globe, mostly started by youth, now is the time to give youth another powerful tool - purchasing power. Our education ecosystem allows youth to truly be the change they wish to see - in themselves and the community and world at large.
Our ecosystem of education tools and methodology encompasses on a theory that if given access to the right tools and guidance, youth can change their socioeconomic status at a young age and thus eliminate poverty. Education at its core needs to concentrate on real world tools that youth can use immediately to make their lives better. Our ecosystem includes Youthful Savings curriculum, The Learning Marketplace, Youthful Savings Marketplace and Youthful Savings Foundation. Each part of the ecosystem works together in order to empower youth to take charge of their lives and thrive.
Youthful Savings provides experiential based education products that teach youth socioeconomic skills. Our most popular product, My Own Business Challenge teaches youth entrepreneurship skills.
The Learning Marketplace (TLM) is an online learning platform that delivers online live learning seminars and self directed online learning. All of the Youthful Savings curriculum is available on the platform as well as third party curriculum.
Youthful Savings Marketplace is a hub for youth owned businesses. We believe that the youth deserve to partake in the global economy. Each of our youth business owners has been educated on how to create a business along with immense character development education through TLM.
Our target population is underserved youth that have historically been marginalized. This primarily includes people of color. We have consistently deployed our learning methodology to communities in urban markets that are at or below the poverty line. We believe socioeconomic education is the key to lifting this target market out of poverty and thriving in years to come.
Colonization is the prime cause of why economic marginalization occurs in America and beyond. Communities of color were targeted as free labor (slavery) and were unable to buy assets that would increase their net worth. Decades of this colonization has caused an unequal society and Youthful Savings is dedicated to righting these wrongs by concentrating on teaching the future (the youth) how to own a business, take care of their mental health and contribute positively in their communities.
We have been successful in the past decade in partnering with corporations, schools and after school programs in order to deploy our powerful learning methodology to the masses. We have much worth to do but we believe a powerful partner in MIT Solve could take us to the tipping point the worth deserves in undoing centuries of economic dominance that created a seriously unequal world.
- Provide tools and opportunities for equitable access to jobs, credit, and generational wealth creation in communities of color.
At the core of racism is economic dominance. Our social solution is narrowly focused on socioeconomic empowerment for those that have been historically underserved and currently at or below poverty. 99.9% of our youth not only have to worry about their economic future but also their mental and social well-being because of the color of their skin. Youthful Savings is dedicated to their economic empowerment, mental well-being and ability to uplift themselves and their community. Our entire learning methodology is anti-racism and meant to undo the lasting effects of racism. We are the perfect candidate for this challenge.
- Growth: An organization with an established product, service, or business model rolled out in one or, ideally, several communities, which is poised for further growth.
We are currently in the growth stage. We have an established slate of products and services that work together in order to socioeconomically empower youth in underserved communities. We actively work in a few urban markets including Los Angeles, Chicago and New York. Furthermore, we are doing a pilot with Human Rights First where we are deploying our learning products to refugee youth and creating dual language products to fit their needs.
We have an established partnership with the city of New York and serve over 500 youth each summer as part of their Summer Youth Employment Program.
Overall, we have over 2,000 active users on The Learning Marketplace and 100 thriving vendors on our Youthful Savings Marketplace. We are poised to significantly grow this summer when we invite over 1,000 new youth to our ecosystem.
- A new application of an existing technology
There are currently 1.8 billion youth (aged 24 or younger) in the global economy. However, youth are not equipped with the skills to thrive in the world. Youthful Savings is dedicated to providing real world skills to the next generation so every single youth has the ability to wellbeing, economic empowerment and community development. Furthermore, we have been acutely focused on creating education and economic opportunities for youth that live in poverty. We believe socioeconomic education is the great equalizer and has the ability to undo past historical economic domination / colonization that created racist systems in the world. Youthful Savings is committed to investing in youth in order to create a bottom up economic revolution.
- Big Data
- Crowd Sourced Service / Social Networks
- Software and Mobile Applications
- Women & Girls
- LGBTQ+
- Children & Adolescents
- Urban
- Poor
- Low-Income
- Refugees & Internally Displaced Persons
- Minorities & Previously Excluded Populations
- 1. No Poverty
- 3. Good Health and Well-being
- 4. Quality Education
- 5. Gender Equality
- 8. Decent Work and Economic Growth
- 10. Reduced Inequality
- Florida
- Missouri
- New Jersey
- Pennsylvania
- California
- Illinois
- New York
- Florida
- Missouri
- New Jersey
- Pennsylvania
- California
- Illinois
- New York
Since our creation (in 2013), we have assisted over 10,000 youth. Each year, we provide more innovation to our learning engineering ecosystem in order to fulfill our mission of socioeconomic empowerment for all. Since the creation of The Learning Marketplace (our proprietary learning management system) in 2018, we have 1,000 active users. About 10% of our active users become, youth vendors on Youthful Savings Marketplace. As such we have over 100 vendors actively producing new products, selling and thriving in their communities. In the next year, we expect to double these numbers (2,000 active users and 200 vendors). In five years, we hope to have 15,000 active users and 1500 vendors.
We are currently partnering with cities in Los Angeles county, the city of New York and organizations in Chicago. We plan to go global with a program in Zurich in the fall and we believe this will allow us to expand in Europe and beyond. Furthermore, we are partnering with Human Rights First, in order to test our ecosystem on refugee youth. More information can be found HERE.
We are also working on a pilot partnerships with a cafe in New Jersey and Santa Monica. This will provide a physical store for our youth while also promoting their online store on Youthful Savings Marketplace.
Our main objectives of measurement include:
Quantitative:
Growth in gross domestic product
City and state tax revenue creation
Personal income growth
Personal savings growth
Product usage
Qualitative
Sense of economic security
Civic engagement
Mental health well being
Sense of accomplishment and opportunities to learn
Sense of agency in life
Our measurement data is derived from a combination of back end information captured from our learning tools and surveys given to our youth while engaged in our learning process.
Our impact measurement data aligns with no poverty (economic empowerment), good health and wellbeing, quality education, and reduced inequalities.
- For-profit, including B-Corp or similar models
We have 5 full time members on our team.
Youthful Savings has a team that spans the world. We have an office in Santa Monica, CA, New York, NY and Melbourne, Victoria. Our team consists of both adults and youth. Our current roster includes:
Somya Munjal, CEO: Manages the Youthful Savings team and operations. Over 20 years of finance and education experience
Kathleen Mulcahy, Director of Instruction: Manages our learning experiences and learning products. Over 30 years of executive coaching and has built brands from the ground up. Worked at CBS and Department of State.
Catherine Zong, Director of Technology: Manages our suite of technology products and website maintenance. She is assisted by development firms out of India and Australia. She is a former Youthful Savings graduate.
Aziz Abdulrub, Director of Marketing: Manages the marketing and voice of our organization. He’s also a business owner on our Youthful Savings Marketplace and part of the generation we are serving. He is a former Youthful Savings graduate
Athena Haywood, Data Analytics and Instruction: Manages our internal education measurements and works on creating white papers to influence outside educational policy. She is working on a Masters in Educational Policy at Harvard University. She also assists on our dual language classes with our refugee population. Fluent in English and Spanish.
Civic Well Being Partners: Our outside research partners that work on creating wellbeing initiatives to make cities stronger. We are currently running a pilot project with them to see how our program can affect the wellbeing of the city of Santa Monica based on their wellbeing framework.
We have a gross generational, multi ethnic team that we are very proud of. We are small but mighty and often hire past Youthful Savings graduates. We have the unique ability to create a pipeline of talent since we have access to the next generation of leaders.
Our goal in the next 5 years, is to expand our team to include a multi-national team as our goal is to go global. This year we are doing a dual language program for our Spanish speaking refugee youth. We would like to create dual languages programs across the world and create a world wide marketplace.
- Organizations (B2B)
Our biggest barrier to growth is brand awareness. Becoming a SOLVER will allow us to crate lucrative partnerships and give us the credibility we need in order to achieve our goal - reach all undeserved youth across the world. This could be the tipping point we need.
- Public Relations (e.g. branding/marketing strategy, social and global media)
- Product / Service Distribution (e.g. expanding client base)
Brand awareness and reaching more youth are our biggest goals in the next year.
Cities and governments are our best partners. We can work together to address the needs of constituents and improve local and state education.
- Yes, I wish to apply for this prize
If we invest in youth and give them the tools to become socioeconomically empowered, then they have the ability to empower themselves and their community (input). Furthermore, if we concentrate on the most disadvantaged youth (the historically underserved), then we can undo the consequences of geopolitical factors that created economic dominance and colonization. Essentially, undoing the lasting effects of racism (output).
Our activities include our entire learning engineering ecosystem:
Our curriculum (socioeconomic empowerment with subsets in wellbeing, economic empowerment and community building) available on The Learning Marketplace
Hosting live learnings of the My Own Business Challenge(which teaches youth how to create businesses)
Business investment from the Youthful Savings Foundation in order to provide resources to start a business endeavor. We put a % of our earnings into the foundation in order to continue with our mission.
Provide a hub for youth owned businesses at Youthful Savings Marketplace. This allows the youth to create a bottom up economy. A % of sales goes into the foundation above so the youth essentially fund other youth.
We partner with vulnerable cities in order to identify populations that are historically underserved. Our ecosystem economically empowers the city itself and provides valuable GDP growth and sales tax revenue from the youth businesses created above
Our ecosystem has the ability to make communities more safe and ultimately thrive. The world needs Youthful Savings in order to increase the health and humanity of people that deserve it the most - the historically underserved.
- Yes, I wish to apply for this prize
If we invest in youth and give them the tools to become socioeconomically empowered, then they have the ability to empower themselves and their community (input). Furthermore, if we concentrate on the most disadvantaged youth (the historically underserved), then we can undo the consequences of geopolitical factors that created economic dominance and colonization. Essentially, undoing the lasting effects of racism (output).
Our activities include our entire learning engineering ecosystem:
Our curriculum (socioeconomic empowerment with subsets in wellbeing, economic empowerment and community building) available on The Learning Marketplace
Hosting live learnings of the My Own Business Challenge(which teaches youth how to create businesses)
Business investment from the Youthful Savings Foundation in order to provide resources to start a business endeavor. We put a % of our earnings into the foundation in order to continue with our mission.
Provide a hub for youth owned businesses at Youthful Savings Marketplace. This allows the youth to create a bottom up economy. A % of sales goes into the foundation above so the youth essentially fund other youth.
We partner with vulnerable cities in order to identify populations that are historically underserved. Our ecosystem economically empowers the city itself and provides valuable GDP growth and sales tax revenue from the youth businesses created above
Our ecosystem has the ability to make communities more safe and ultimately thrive. The world needs Youthful Savings in order to increase the health and humanity of people that deserve it the most - the historically underserved.
- Yes, I wish to apply for this prize
If we invest in youth and give them the tools to become socioeconomically empowered, then they have the ability to empower themselves and their community (input). Furthermore, if we concentrate on the most disadvantaged youth (the historically underserved), then we can undo the consequences of geopolitical factors that created economic dominance and colonization. Essentially, undoing the lasting effects of racism (output).
Our activities include our entire learning engineering ecosystem:
Our curriculum (socioeconomic empowerment with subsets in wellbeing, economic empowerment and community building) available on The Learning Marketplace
Hosting live learnings of the My Own Business Challenge(which teaches youth how to create businesses)
Business investment from the Youthful Savings Foundation in order to provide resources to start a business endeavor. We put a % of our earnings into the foundation in order to continue with our mission.
Provide a hub for youth owned businesses at Youthful Savings Marketplace. This allows the youth to create a bottom up economy. A % of sales goes into the foundation above so the youth essentially fund other youth.
We partner with vulnerable cities in order to identify populations that are historically underserved. Our ecosystem economically empowers the city itself and provides valuable GDP growth and sales tax revenue from the youth businesses created above
Our ecosystem has the ability to make communities more safe and ultimately thrive. The world needs Youthful Savings in order to increase the health and humanity of people that deserve it the most - the historically underserved.
- Yes, I wish to apply for this prize
If we invest in youth and give them the tools to become socioeconomically empowered, then they have the ability to empower themselves and their community (input). Furthermore, if we concentrate on the most disadvantaged youth (the historically underserved), then we can undo the consequences of geopolitical factors that created economic dominance and colonization. Essentially, undoing the lasting effects of racism (output).
Our activities include our entire learning engineering ecosystem:
Our curriculum (socioeconomic empowerment with subsets in wellbeing, economic empowerment and community building) available on The Learning Marketplace
Hosting live learnings of the My Own Business Challenge(which teaches youth how to create businesses)
Business investment from the Youthful Savings Foundation in order to provide resources to start a business endeavor. We put a % of our earnings into the foundation in order to continue with our mission.
Provide a hub for youth owned businesses at Youthful Savings Marketplace. This allows the youth to create a bottom up economy. A % of sales goes into the foundation above so the youth essentially fund other youth.
We partner with vulnerable cities in order to identify populations that are historically underserved. Our ecosystem economically empowers the city itself and provides valuable GDP growth and sales tax revenue from the youth businesses created above
Our ecosystem has the ability to make communities more safe and ultimately thrive. The world needs Youthful Savings in order to increase the health and humanity of people that deserve it the most - the historically underserved.
- Yes, I wish to apply for this prize
If we invest in youth and give them the tools to become socioeconomically empowered, then they have the ability to empower themselves and their community (input). Furthermore, if we concentrate on the most disadvantaged youth (the historically underserved), then we can undo the consequences of geopolitical factors that created economic dominance and colonization. Essentially, undoing the lasting effects of racism (output).
Our activities include our entire learning engineering ecosystem:
Our curriculum (socioeconomic empowerment with subsets in wellbeing, economic empowerment and community building) available on The Learning Marketplace
Hosting live learnings of the My Own Business Challenge(which teaches youth how to create businesses)
Business investment from the Youthful Savings Foundation in order to provide resources to start a business endeavor. We put a % of our earnings into the foundation in order to continue with our mission.
Provide a hub for youth owned businesses at Youthful Savings Marketplace. This allows the youth to create a bottom up economy. A % of sales goes into the foundation above so the youth essentially fund other youth.
We partner with vulnerable cities in order to identify populations that are historically underserved. Our ecosystem economically empowers the city itself and provides valuable GDP growth and sales tax revenue from the youth businesses created above
Our ecosystem has the ability to make communities more safe and ultimately thrive. The world needs Youthful Savings in order to increase the health and humanity of people that deserve it the most - the historically underserved.
- Yes, I wish to apply for this prize
If we invest in youth and give them the tools to become socioeconomically empowered, then they have the ability to empower themselves and their community (input). Furthermore, if we concentrate on the most disadvantaged youth (the historically underserved), then we can undo the consequences of geopolitical factors that created economic dominance and colonization. Essentially, undoing the lasting effects of racism (output).
Our activities include our entire learning engineering ecosystem:
Our curriculum (socioeconomic empowerment with subsets in wellbeing, economic empowerment and community building) available on The Learning Marketplace
Hosting live learnings of the My Own Business Challenge(which teaches youth how to create businesses)
Business investment from the Youthful Savings Foundation in order to provide resources to start a business endeavor. We put a % of our earnings into the foundation in order to continue with our mission.
Provide a hub for youth owned businesses at Youthful Savings Marketplace. This allows the youth to create a bottom up economy. A % of sales goes into the foundation above so the youth essentially fund other youth.
We partner with vulnerable cities in order to identify populations that are historically underserved. Our ecosystem economically empowers the city itself and provides valuable GDP growth and sales tax revenue from the youth businesses created above
Our ecosystem has the ability to make communities more safe and ultimately thrive. The world needs Youthful Savings in order to increase the health and humanity of people that deserve it the most - the historically underserved.
- Yes, I wish to apply for this prize
If we invest in youth and give them the tools to become socioeconomically empowered, then they have the ability to empower themselves and their community (input). Furthermore, if we concentrate on the most disadvantaged youth (the historically underserved), then we can undo the consequences of geopolitical factors that created economic dominance and colonization. Essentially, undoing the lasting effects of racism (output).
Our activities include our entire learning engineering ecosystem:
Our curriculum (socioeconomic empowerment with subsets in wellbeing, economic empowerment and community building) available on The Learning Marketplace
Hosting live learnings of the My Own Business Challenge(which teaches youth how to create businesses)
Business investment from the Youthful Savings Foundation in order to provide resources to start a business endeavor. We put a % of our earnings into the foundation in order to continue with our mission.
Provide a hub for youth owned businesses at Youthful Savings Marketplace. This allows the youth to create a bottom up economy. A % of sales goes into the foundation above so the youth essentially fund other youth.
We partner with vulnerable cities in order to identify populations that are historically underserved. Our ecosystem economically empowers the city itself and provides valuable GDP growth and sales tax revenue from the youth businesses created above
Our ecosystem has the ability to make communities more safe and ultimately thrive. The world needs Youthful Savings in order to increase the health and humanity of people that deserve it the most - the historically underserved.
CEO