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MoMo Ideation Challenge
Overview
Welcome to the MoMo Ideation Challenge! We're excited to invite you to participate in an innovative sprint dedicated to shaping the future of MoMo PSB.
This challenge aims to harness your creativity, technical skills, and market insights to develop groundbreaking or incremental product ideas that drive market adoption.
STEPS:
- Brainstorm: Think about challenges or opportunities related to our fintech - product, platform, distribution.
- Research: Gather insights on market trends, customer preferences, and competitor products.
- Develop Your Idea: Create a detailed proposal using the submission requirements (Download here).
- Submit: Upload your submission online before the deadline.
- Stay Updated: Watch out for Y'ello Express updates.
TIMELINE:
- Submission Opens: Monday, September 9, 2024
- Submission Closes: Thursday, October 10, 2024
- Short-list Announcement: October 2024 (TBD)
- Finalist Announcement: October 2024 (TBD)
- Pitch Day/Winners Announcement: November 2024 (TBD)
Submission Guidelines
Terms & Conditions:
- Eligibility: All Staff (excluding planning committee and MoMo Product/Strategy team).
- Avoid replicating existing/pipeline products and/or ideas at MoMo; these entries will be disqualified.
Idea Categories
- Technology/platform enhancement
- New/improved product
- Marketing & Brand strategy
- Distribution channel (Customers, Agents & Merchants)
- Customer/merchant acquisition/churn management
Eligibility
Each submission would include:
- Problem Statement: Identify a specific area for improvement.
- Concept Description: A clear and concise description of your product/idea, including its features, benefits, and target audience.
- Market Analysis: A detailed analysis of the market opportunity and your analysis of how your product/idea is superior to competittion.
- Impact Assessment: An evaluation of how your product/idea will improve the user experience, deliver revenue growth, increase transaction values & volumes, deliver a unique competitive advantage.
- Implementation Plan: Outline a high-level plan for implementing your product/idea.
DOs
- Understand every detail of the customer journey.
- Research to gain insights on market trends, customer preferences, and competitor products.
- Watch the Andy Rachleff - Wealthfront Case Youtube video.
- Ensure your product/idea:
- Leverages on existing customer base and infrastructure.
- Can be widely used and is easy to adopt and scalable to Nigerians.
- Is truly innovative, one of a kind, or an innovative improvement to an existing solution.
- Is simple!
Avoid
- Avoid:
- Ideas completely different from the core of the MoMo business, e.g. e-commerce, or making video content (Nollywood).
- Product/ideas that require a significant amount of CAPEX investment and/or OPEX.
SELECTION CRITERIA:
- Innovation: Creativity and uniqueness of the product/idea.
- Simplicity: Practicality and ease of implementation.
- Return on Investment (ROI): Cost of implementation vs. Benefit.
- User-centricity: Improvement of the customer experience and ease of customer journey.
- Market Potential: Potential market size and competitive advantage.
- Presentation: Clear and compelling presentation of the product/idea.
For any questions or additional information, please contact:
On MoMo PSB:
Folakunmi Onasanya
(Manager, Product Development) on 3116 or Folakunmi.Onasanya@mtn.com.
On the challenge:
Anita Akpan
(SM, Business Operations, Strategy & Innovation) on 0762 or Anita.Akpan@mtn.com)
Chinyelu Chikwendu
(SM Innovation, Strategy & Innovation) on 1097 or Chinyelu.Chikwendu@mtn.com.
CREATELab@mtn.com
We wish you the best of luck in the challenge!
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