World of Good has helped many causes across the globe, how did you promote anti child-labour activism in India?
My co-founder, Siddharth Sanghvi, and I started World of Good to help the thousands of women artisans around the world earn a fair wage and work in safe and clean working conditions. We partnered with many fair trade artisan groups in India. By doing so, we were able to promote fair trade products in the US as well as help grow the fair trade industry in India. We are proud that World of Good was able to improve the lives of thousands of Indian artisan families.
What prompted you to start your most recent venture, SaveUp?
My entrepreneurial imagination gets inspired by seeing how I can help people through an innovative use of business or technology. In the current economic environment, pretty much every American is trying to increase their savings and reduce their debts. Just imagine – one deposit in your savings account could make you a millionaire. Well if you use SaveUp it could. And no matter what, you never lose because you are always improving your financial situation. We hope SaveUp will help Americans to stay motivated to contribute to their 401k accounts or build up their emergency savings during these tough financial times.
What is the business model on which SaveUp works?
SaveUp is a free online rewards programme that encourages Americans to save money and pay down their debt. Every time users save in their own savings accounts or make a payment on a loan or credit card balance, they earn SaveUp credits, which they can use to win great prizes like vacations, cars, and cash. The biggest prize on the program is $2 million. National brands like Virgin America, Banana Republic, GameStop, and TurboTax sponsor the prizes.
How do you manage fund flow?
SaveUp features some great advertisers and sponsors on the site. We also work together with financial institutions to give their customers a customized SaveUp experience. Financial institutions use SaveUp to acquire new customers as well as deepen their current relationship with existing customers by promoting financial products and putting up their own exclusive prizes. SaveUp also is currently funded by two venture capital firms.
From where do you draw your inspiration?
I have some great role models in my family. My grandmother was part of Gandhi’s movement, and she showed me the importance of a commitment to improving the world.