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Top Financial Service Ideas of 2006

The final days of December – time to reflect momentarily on the year that was, before turning our attention to that which lies ahead. You’ve probably been inundated with end-of-year lists featuring the top movies, songs, books and news events of 2006. Top financial service ideas typically don’t get as much coverage, so I thought I would share some with you.

Springwise, a Dutch company that tracks “new business ideas for entrepreneurial minds,” just published a list of Top 10 Financial Service Ideas in 2006. If you’re having trouble generating ideas for the Next Great Innovator Challenge, some of these might jump-start your creativity. The top five ideas appear below. The remaining five will be summarized in my next post.

Person-to-person micro lending. Kiva (www.kiva.org) is an online service that connects desktop philanthropists with entrepreneurs in developing countries. Users provide interest-free loans for as little as $25 to entrepreneurs of their choice. Along with routine loan payments, sponsors receive updates on the progress of the businesses they support.

Entrepreneurial children. Dutch Postbank (www.postbank.nl) launched a campaign to support budding entrepreneurs. A dedicated website suggests possible business ideas, ranging from mowing lawns to washing cars. The website guides children through the process of choosing a name, designing a logo, and printing promotional material. Kids can even create invoices and have customers transfer money directly into their bank accounts.

Group fundraising. ChipIn (www.chipin.com) is an online service that automates the task of collecting money for group purchases. Users invite their friends, family or co-workers to chip in for a particular cause, such as a birthday gift or office lunch. This creates a dedicated Web page, which participants can use to make contributions and track progress.

Person-to-person lending. Prosper (www.prosper.com), which was mentioned in the entry titled Web 2.0 Finance, is an online person-to-person money-lending marketplace. People who need money request it, and other people bid for the privilege of lending it to them. Lenders offering the lowest interest rates are combined to provide the requested amount of financing.

Selling what you say. Ether (www.ether.com) is a service that helps individuals sell expertise or advice over the telephone. Users receive a 1-888 number, which can be forwarded to the personal phone number of their choice. They set a rate and the hours when they are willing to take calls. Customers who dial the number are connected only when they have prepaid the set amount.

Posted by Nelson T. on December 28, 2006 8:32 PM

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