Empowering Small Businesses with IoT for Improved Financial Management Experience

Innovation Project Summary Cookhouse LabS

Empowering Small Businesses with IoT for Improved Financial Management Experience

How might we make small businesses more financially resilient for future extreme events like COVID-19?

24

Hours

ONLINE

2020

3

Organizations

1

MVP

Challenge

Use the Internet of Things (IoT) to assist small business owners in the food industry with financial management to improve profitability and reduce bankruptcy.

WHY?

Understanding Fiona, a small business owner in Toronto

The global pandemic has been challenging for small businesses, especially those in the restaurant industry, often driving them to the point of bankruptcy and permanent closure. The data derived from an IoT solution will support insurers in creating better tailored business interruption products for small business owners.

PAINS

GAINS

DISCOVERY

Business owners resort to cost-cutting as a result of the current economic impact, leading to many employee layoffs.

How can we empower small business owners to better forecast inventory demands to reduce wastage?

How can we create a supportive environment for small business owners during these challenging times?

How can we leverage existing resources (e.g. employees) to identify alternative revenue streams?

SOLUTION

The team ideated many IoT-powered solutions to tackle this challenge and quickly selected the winning idea: a financial planning tool with elements of community and skill development.

How might the Internet of Things (IoT) assist small business owners with their financial management to improve profitability and reduce bankruptcy?

1

CFOAI APP

A survival-driven bankruptcy solution for sustainable small businesses. The mobile app balances financial planning with community support and learning resources through the following features:

NEWSFEED

A community forum where small business owners can connect to share their experiences and learnings.

COMMUNITY FUND

A community pool where owners can seek financial support and loans during severe economic hardship.

LEARNING CENTER

This feature links to e-learning resources focused on employee skill development to keep up with market demands.

CFO AI

A machine learning assistant that monitors your inventory and wastage. The feature also reports on industry trends and provides sales forecasts.

RESULTS

The team worked closely with small business owners in China and Canada to further develop this much-needed solution.

24

Hours

1

Empathy Map

7

Participant interviews

2

Masterminds Interviews

20+

HMW Statements

1

MVP

1

Startup Founded

1

Project Presentation

PARTICIPANTS

We also offer intro sessions that provide insurance professionals with the opportunity to experience our Cookhouse Labs methodology and a sneak peek at what it’s like to co-create and collaborate with our global community. If you are not a Cookhouse Labs member and are interested in finding out more, check out our membership benefits!