Sample Essay
Microfinance has steadily gained popularity in many developing countries and also in many developed countries targeting poorer communities. It has attracted both Non-Governmental Organizations and commercial investors realizing the economic potential in the huge market size (Pratt. 2007).
Kiva using technology has built a business model that allows investors from anywhere in the world to provide financial support to small entrepreneurs in developing nations. The business started informally when a couple wanted to raise money for some Ugandan entrepreneurs. Their initial attempts to collaborate with local institutions were unsuccessful and their attempts to develop a microfinance fund turned out to be financially unviable. However what they did do was raise money by selling shares amongst friends after putting up the profiles of the Ugandan entrepreneurs on the net. The outcome was positive and the couple Matt and Jessica Flannery realized the potential of the model they had on hand. What probably helped with the initiation and early success of this venture is the sill set that the couple bought to the business. Matt Flannery is a computer programmer while Jessica Flannery worked with the ‘Village Enterprise Fund’ a non-profit organization that provides everything from seed-capital to mentorship for small entrepreneurs to start their business. The skill set along with their contact base and experience allowed the business to take off. Also Matt and Jessica Flannery eventually started collaboration with another couple who had started something similar. Now Kiva is all set to expand with the company’s heads have predicted serious growth in its future (Pratt, 2007)
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