How it Works
MiFiMentor helps build relationships between business people or MBA students in developed nations, village entrepreneurs in third-world countries, and microfinance institutions who fund the entrepreneurs with loans. After face-to-face connections are made, MiFiMentor helps to sustain and grow the mentor relationship through mobile phones (text and voice), translation technology, and a “mobile Skype” type of phone connection through a social network. That network will serve as an Online Global Village, offering multi-lingual forums, project support and the global sharing of best practices.
Imagine, for example, a retired entrepreneur from a US technology company, who gets matched with a small bakery owner in Ghana. Having established a local reputation for good bread and reliable business practices, the baker wants to know how to grow her business. She has access to small microfinance loans for needed capital, but wonders how to invest it. Should she buy a new oven? Hire someone to help sell and deliver her bread to neighboring towns? Purchase higher quality ingredients? Invest in a computer to keep records? Through MiFiMentor, using mobile phones, social networks and translation technology, this Ghanian entrepreneur can establish a trusted relationship with an experienced mentor and gain the benefits of experience and counsel, enabling her to make smart decisions and grow her business. Additionally, the microfinancer can connect with a mentor to gain insights and advise the entrepreneur how to invest her new capital.
While microfinancers provide the loans, mentors can provide the coaching and counseling that small third-world businesses need in order to grow. MiFiMentor helps local microfinance leaders and village entrepreneurs understand and use the resources available to them. It also helps them develop softer skills that encourage leadership and day-to-day problem solving.