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Basics

Describe yourself briefly.

I was fortunate enough to receive a Fulbright grant to complete an International MBA in Madrid, Spain. IE Business School puts a strong emphasis on entrepreneurship and it was there that our team created the business plan for Prospéritas. We won the school's annual business plan competition and I decided to move to Colombia and launch the company. My adventure as an entrepreneur started in June 2009. One of my many roles is overseeing Prospéritas' operations. At Prospéritas, I apply the hard and soft skills that I developed while at Deutsche Bank, where I worked for almost 4 years before my MBA overseeing the daily performance of various debt portfolios totaling over $3 billion USD.
I graduated summa cum laude from the University of Notre Dame and earned a bachelor's degree in Political Science and Spanish. Born and raised in Southern California, I grew up in a Filipino household as both my parents immigrated to California from the Philippines in the 1970s. They gave me the opportunity to participate in exchange programs in Mexico when I was in high school and in Spain as a sophomore in college. Currently I live in Bogotá, Colombia.

Describe your Unreasonable Venture in 100 words or less.

Empowering microentrepreneurs by providing economic resources and business development services

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Team

Describe your relevant experience (especially entrepreneurial).

I was fortunate enough to receive a Fulbright grant to complete an International MBA in Madrid, Spain. IE Business School puts a strong emphasis on entrepreneurship and it was there that our team created the business plan for Prospéritas. We won the school's annual business plan competition and I decided to move to Colombia and launch the company. My adventure as an entrepreneur started in June 2009. One of my many roles is overseeing Prospéritas' operations. At Prospéritas, I apply the hard and soft skills that I developed while at Deutsche Bank, where I worked for almost 4 years before my MBA overseeing the daily performance of various debt portfolios totaling over $3 billion USD. I attended the University of Notre Dame and earned a bachelor's degree in Political Science and Spanish.

Why is your team uniquely qualified to run this venture?

Our team’s experience stems from various, even contrasting, backgrounds. The president graduated from the top Colombian university and has a MBA. Determined to create her own “unreasonable” career path, she ventured into microfinance 5 years ago, traveling all over Latin America to learn about best practices in the industry. Our credit analysts come from the other end of the socioeconomic spectrum. Analysts are from the same neighborhoods as our clients and therefore are very much in touch with clients' day-to-day activities, challenges and developments. Analysts offer insightful feedback about our clients and our operations. Prospéritas is a source of stable employment with full benefits; the analysts are very much involved in wanting to see the company grow. We are a well balanced team.

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Venture

What is the urgent social or environmental need you're addressing?

Almost 50% of the Colombian population lives in poverty. Opportunities for a stable income and employment are scarce therefore creating a cycle of poverty where access to tools for economic success (education, health services, etc.) is limited. Much of the labor force works in the informal sector. This sector is full of creative, resourceful and hard-working Colombians. With limited access to credit at just interest rates and with insufficient education and training, most microbusinesses in the informal economy are unsustainable. Opportunities for credit in the informal sector lie with local usurers who charge abusive monthly interest rates of 20%. 5.4 million Colombian microenterprises are in need of just credit. MFIs are only meeting 25% of the market need.

What is your solution to this need? Describe your business strategy.

Prospéritas aims to provide a platform of services for microentrepreneurs starting with credit and basic business training to strengthen the use of the loan. The purpose of microcredit is not just to invest in microbusinesses but rather to empower microentrepreneurs. We have seen first hand that microcredit, under responsible lending methodologies, works to slowly improve the quality of life of our clients. As the company matures, we plan to offer a wider range of financial and non-financial products that make the client and his/her business less vulnerable to life’s challenges. Scaling is achievable as proven by many MFIs worldwide. The principal objectives when scaling will be lending responsibly and ensuring a social as well as financial impact.

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Milestones

Convince us it will work. What milestones have you achieved?

Our greatest achievement to date:
While battling the lack of stable funding and in the face of much uncertainty, we have generated over 200 loans and have fully employed 2 credit analysts from vulnerable neighborhoods. Our model has shown tremendous growth potential.


Other milestones include:
- Winning "Best Entrepreneurial Project of the Year", IE Business School, 2008
- Importing Talent. We have had two volunteer staff from the US and Europe, both with graduate degrees, eager to share in the adventure of starting a social enterprise.
- Integrating mobile technology into our operations to increase productivity.
- Providing business training services to our clients through alliances with local organizations and using methodologies from ACCION International.

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