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05 November 2018

Q&A with local startup Talking Cents

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We spoke to local startup, Talking Cents who are pitching at our Angel Pitch event sponsored by Barclays Eagle Labs on 13th November.

The Angel Pitch Event, sponsored by Barclays Eagle Labs will give local startups the opportunity to pitch for local angel investment. There will be prizes awarded for best company and best pitch. We spoke to Liz from local startup, Talking Cents who are pitching at the event on 13th November.

What is your background? 

I’m a Chartered Secretary with over 20 years’ experience in finance including working as an Investment Adviser, Fund Administrator and Tutor for professional finance qualifications (including investing).

What inspired you to start this business?

I was teaching women about investing when I was researching statistics about the (surprisingly high) number of people who don’t know enough about money and investing. I realised the problem starts much younger and that we really need to start teaching children as young as 3 & 4 the basics of money. We need a framework or program to help children gradually build the knowledge and behaviours over their childhood so when they leave home they have everything they’ll need to make wise financial choices. Even a little financial education can go an enormous way to reducing stress and poverty in individuals and families.

What kind of problem you are solving?

My version of the global financial crisis. This includes helping people navigate the increasing number of financial products available and their growing complexity. The problem will only worsen until we address it.

Is your product unique?

Yes. There are companies who teach about money to children. There are companies who teach about investing. No one has a product to teach money AND investing to children in such a systematic and gradual way using games and fun activities.

Who is your biggest competition?

It’s hard to think of anyone in this space as being competition since we are all solving such an important global problem. Saying that, Young Money in the UK are big competition, although they focus mainly on teachers and purely on money.

What are your biggest challenges?

Getting the word out there and making people aware that we need to address this issue and we can’t rely on schools to fix the problem. Schools may have to teach this subject now, but they don’t necessarily have the resources or knowledge to do so sufficiently. We need a multi fronted approach to increase financial literacy. The other big challenge is the difficulty and cost in getting the games up on a website so can be done online.

How do you plan to grow the business?

Marketing, word of mouth and getting a mobile app developed. We also plan to get a home-schooling product completed as well as a number of stand-alone workshops, each which will increase awareness. We’d love to partner with a larger body or organisation that can help us kick start the business.

What milestones have you met? 

We’ve completed the framework and are in the process of building the membership site which we’re hoping to release to beta members by the end of the year.

How are you going to get the word out?

Facebook advertising, talks on the subjects, releasing free information on the subject, word of mouth.

What help do you need?

There are two ways we need help at the moment: 1) We are looking for families interested in our product who are willing to be beta members and test the idea out. 2) We need mentors with business experience, particularly marketing, advertising, SEO and with contacts that would be useful to have who believe in our idea and help us see it to market. We will be looking for investors once we are ready to design a mobile app which needs developing. If anyone fancies building us a beautiful website we wouldn’t say no!

Talking Cents will be pitching at our Angel Pitch event sponsored by Barclays Eagle Labs on Tuesday 13th November at 6pm at the Digital Greenhouse. To attend, please register here.

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