FINAL Job Description Memo
I am one of two co-founders of Equity.
Equity is a recently established startup that aims to promote financial literacy. A friend and I laid the foundations for Equity in 2021. We took issue with the unequal money management practices taught to ordinary people. To solve this, we taught a course on “Personal Finance & Stock Markets” to teenagers in our community. Once we completed our course, we wanted to solve the same issue but on a larger scale. This became Equity, our startup and project. To popularise financial education, we are developing a tabletop board game. It models financial markets, allows players to build their own investment portfolios and manage their money. Around pure product development, I also have logistical, financial, and legal tasks to take care of. There are three main responsibilities that come with being co-founder of Equity:
- Product development
- Partnership development
- Production/Distribution development
Product development
At the centre of Equity is the product, a board game played by 2 to 6 players. This game comes from a 1970s finance-themed board game called Bourse. Our project started off as a simple modern reinterpretation of it. As our ambitions and skill sets evolved, product development became central to Equity. We are now developing prototypes to come up with the most complete version of the game possible. This takes trial and error, and because player experience matters so much in board games, we conduct playtesting sessions for product development. In these sessions, players interact with prototypes, play games, and give us constructive feedback. We use this feedback to inspire us, generate ideas, and develop as many prototypes as we need.
For example, we have conducted 2 major playtesting sessions in London over the past month. First, we held a large-scale session with a few dozen playtesters to collect opinions. Using the comments, we developed an improved prototype which we presented to specialised playtesters in a workshop to focus on the quality of games. Now, we are focusing our efforts on our most complete prototype yet. It will be especially different to past ones.
Partnership development
Integral to Equity and our product is partnerships. To fund the project, we seek traded companies to represent on the board and support us. This takes most of our time. We have to determine a criteria for potential partnerships, create a longlist after thorough research, refine the criteria to a shortlist, approach chosen partners with pitches and proposals, respond to their contributions and demands, engage in negotiations, in the hope of finalising a partnership. Networking matters though. Connections, who support our cause, can recommend potential partners to us and promote our work.
For example, a family friend who works in the toys and games industry put us in touch with experts in the industry. Another helped us find the resources to develop a marketing strategy and logo. Fostering such relationships is crucial.
Production/Distribution development
With the (financial) support of partners and a final prototype, we still need to manufacture our product and get it out to consumers. This is where producers and distributors come in. Like with partnerships, we go through a process of research, longlisting, shortlisting, communication, etc. Instead of partnerships, we look for producers who can manufacture our game. This also takes a lot of trial and error, as we have our own expectations for the quantity, quality, looks, feel, and production practices of the game. Manufacturers also have their demands about these elements. So, we try to come to a compromise that satisfies all parties, the most important of which is our target market, so future customers.
Juggling between these 3 responsibilities, and other secondary ones like marketing, is consuming. Nonetheless, this project is rewarding, and very educational.
Hemingway Feedback
Passive Sentences: None
Flesch Reading Ease: Good
Flesch-Kincaid Grade Level: Grade 9
Hey Thomas! Anything startup or entrepreneurial always excites me to see because the level of grit needed is insane and I applaud you for that. I find this topic of financial literacy very interesting especially for people our age. I see a strong correlation with this and our generations need to be our own boss and invest more in business ownership rather than working in larger cooperations. I think because of this what you are doing is that much more important and very well suited with the times. Overall, I really liked how you walked us through the process, how the idea came to be, what you are working on right now, and the importance of detail and assuring top-notch user experience when being a co-founder. Great work and I wish you nothing but success :)
ReplyDeleteThomas, reading this was awesome! I know first-hand that many communities don't get access to resources to learn financial literacy, or it is not a priority. A board game is a fun but useful tool to lay the groundwork in financial literacy and I hope it goes well. Reading through the paragraphs had a natural flow and guided me to a high-level understanding of the product development cycle. I couldn't help that you are interested in helping future generations, similar to the sustainable development you mentioned in your first blog post. I think its a very noble and fulfilling goal.
ReplyDeleteHello Thomas, reading about your startup was super cool! Creating a board game that teaches people financial literacy in a more fun and digestible way is ingenious. I think learning about how to manage your finances and investing, especially, isn't something that many people learn how to do until they're well into adulthood, sometimes due to the lack of learning resources or because of how daunting it can be. Creating an enjoyable game that allows people to learn about important financial concepts from potentially a much younger age is such a great idea. As someone who is interested in product management, reading about your experience with the product development of your board game was very interesting. Best of luck continuing on with this amazing project of yours! Seems like you have a great product that could benefit many people.
ReplyDeleteHi Thomas,
ReplyDeleteThis startup is so cool and interesting. I have never heard of anything like this and I really didn't know there was a game board that similar to this. It seems like you and your partner really have a passion for this kind of stuff. I like how you wanted to teach about personal finance and stock markets at a larger scale but also in a fun way. In any type of business I believe that networking is the best possible way to get your startup out there and seems like you both have already been doing that so good luck in the future. I can't wait to hear more about your developments!
Hi Thomas,
ReplyDeleteFirst off, congratulations on starting your own company! It's not easy to do that and I love how you are finding a particular niche that interests you and where you see a need. I think you did a great job breaking down the three stages of development involved in your startup. I think it's awesome that you have been doing testing in the product development stage in London. That's an essential step in the process to ensure it is worth continuing and pursuing your venture.
Ryan
Hi Thomas!
ReplyDeleteYou did a great job of clearly explaining what goes into the founding of a startup. By the way, what a cool idea you guys had! Teaching financial literacy via a board game is so creative, and I bet will be helpful for many people. The three main responsibilities you highlighted will undoubtedly be useful skills in your future.
- Lieza
Hi Thomas, it was interesting to see your description of being a co-founder of Equity because being a founder is not a homogenous role. I liked how you broke down you role into three different focus areas related to product and distribution.
ReplyDelete