Part Two: Lessons Learned
Unfortunately, one of our core partners shut down, which meant we were unable to continue this project and our remaining funding was frozen because we expanded too quickly outside of our original scope. Our team learned a lot of lessons, some of the important ones are listed below.
Due Diligence Matters:
We trusted our technology partner to deliver but they lacked sustainable revenue models and faced scalability issues.
Find Smart Backers:
We relied on grants from foundations and universities, which are historically very risk averse. Even though we surpassed our wildest dreams, in terms of adoption by merchants and funds raised, we were unsuccessful at communicating our local impact.
Sometimes For-Profit > Non-Profit:
Great organizations are needed to solve a lot of problems in society but the problem we were solving would have been better approached through a for-profit entity that would have been able to raise significant investment from patient investors.