LOT Team Profile
In this post we will be exploring one of the amazing teams in the Leaders of Tomorrow Summer Accelerator Programme, Compensave.
The team is made up of students Bébhínn Sheridan, Ciaran Conlon, Claire Nicholl and Callum McDonnell.
They met this year at a LOT workshop which was organised with the express purpose of bringing together like-minded individuals from varying campuses and allowing them to self-form into teams.
Compensave is a money-saving app that uses gamification to make savings fun.
From left to right: Bébhínn Sheridan, Ciaran Conlon, Claire Nicholl and Callum McDonnell.
Bébhínn, who is studying Applied Psychology in IADT and has a background in working in FinTech brought with her an idea for a money saving app. She had previously tried to solve a pain point from a tech solution while in college and incorporated delayed gratification, spending behaviours, self-control, financial wellness, real life independence and behavioural economics into her idea.
At the workshop, she met Callum and Claire who are both studying Business in Trinity and DIT respectively. They helped Bébhínn expand the idea and start to view it as a business. Claire has a background as a consultant in a FinTech company and both were eager to apply their business nous to Bébhínn’s nascent project.
The team was rounded out with Ciaran who is studying Product Design in DIT. User Interface design is an emerging sector of product design and Ciaran was eager to take advantage of this opportunity from the ground up given he also had some FinTech experience on a personal level.
The team describe themselves as an organic blend of personalities, interests and motivations. With their common interest in FinTech as well as their in depth understanding of what it means to be ‘broke’, Compensave were formed.
Since joining the Summer Accelerator Programe, there have been major changes made to the original idea based on the inputs of the individuals of the team as well as the learnings and feedback of the different business and design sessions that have taken place already this summer.
The team were appointed several mentors from within Accenture. One of these mentors challenged them to refine their idea down to one sentence which is something they are still struggling to do successfully but are getting closer as they gain a better understanding of what they want to be as a service.
This challenge forced them to find loopholes and friction points in the early iterations of their idea. By challenging each other and tearing the idea apart they reinforced what it was they were looking to achieve and soon they realised they had nearly too many ideas to funnel down into one simple idea.
Compensave have pivoted in the direction of becoming a money savings game and their goal now is to make savings fun using gamification. Once this approach was agreed upon, they were assigned a gamification mentor from the Accenture Dock.
By coming at the app from the perspective of a game, the team moved closer to a reward system and further from a savings app that is dealing with money and numbers. This allowed them to realise the original goal of being focussed on financial wellness as opposed to money management.
SAVINGS AND FUNDING
The competition highlight for Compensave was being able to establish the team dynamic that money cannot buy. In this way, they are testament to the new Leaders of Tomorrow ideology of people first, idea second.
The team were eager to point out that all through this process they have never been treated like students and their advice to future entrants would be that you get what you give out of the programme.
The next step for Compensave is to secure funding which will enable them to develop out a prototype and progress their idea. They insist that this is just the beginning for them and the sky is the limit for a team that has come on leaps and bounds since their inception a few short months ago.