Avoid-Debt

Overview

<aside> 💡 Avoid-debt platform matches established immigrants to newcomers of same birth country for personalized settlement roadmap meeting newcomer's cultural & literacy gaps to reduce an estimated 50% of debt occurrence.

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For example, Newcomers are mentored to overcome their biases about Canadian financial culture & transitioning from non IT to IT jobs matching their qualifications. To benefit from high salary, tax & investment products to manage debts.

Background

This product resulted from a masters of engineering innovations and entrepreneurship program at Ryerson university,Toronto. Student’s are mentored on entrepreneurial processes to launch and scale high growth products via the school’s incubators.

Product inspiration (The Why)

I discovered pain point (high debt to income ratio) of Canadian immigrants post landing via market research analysis.

<aside> 💡 In 2018,Vancouver and Toronto had the highest DTI (deb-to-income) ratios at 242% and 208%. 70% of Canadian immigrants live in Toronto and Vancouver

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We researched (Root cause)

Why established immigrants in birth country face high DTI in Canada.

What steps helped debt free immigrants and how to implement them

Challenges competitors face in solving this problem

Team