Prodigy Finance Case Studies August 2017.1 - Cdn0.scrvt

CASE STUDY loan value. She spent over GBP 8,000 on this process, which is a small fortune in India. In the end, she felt she had wasted three months of her VINNI GOSAIN life and a considerable sum of money only to be left without financing options. This whole process exasperated Vinni and reduced her hard-earned Vinni envisioned doing an MBA from a top five Business School given savings for her deposit at LBS. “I did not her career experience and knowledge. Originally from New Delhi in India, understand why I could not get a fair loan despite she worked two years at a start-up and five years with McKinsey in New Delhi. my good income, excellent credit score, great job prospects, no history of defaults and even reluctantly offering high collateral.” WHY SHE DECIDED TO PURSUE HER MBA Vinni has always been career focused, and began working as soon as she finished her undergraduate degree. She managed delinquent debts at a start-up before moving to risk analytics at McKinsey. In her role, she faced challenges but overcame them through hard work and the commitment to excel. Within 4.5 years at McKinsey, Vinni secured two promotions ahead of her peers, and built trust among a wide network of colleagues. Her mentors at the firm recommended a top international B-School MBA to further her aspirations to be a RECOGNISING THAT VINNI HAD HEARD ABOUT HER PRODIGY LOAN CHANGED HER LIFE, VINNI IS DETERMINED TO PAY BACK AND international education. Recognising that her Prodigy Finance loan changed her life, Vinni is determined to pay back and would love to become an investor – paying forward the opportunity others afforded her. PRODIGY FINANCE THROUGH A FRIEND AND DECIDED TO ATTEND AN EVENT IN NEW DELHI WOULD LOVE TO FINANCING YOUR MBA: OTHER OPTIONS VS. PRODIGY FINANCE BECOME AN INVESTOR Vinni was aware that a top international MBA would financial institutions. At that point, Vinni had cost a fortune and she was prepared to take an heard about Prodigy Finance through a friend education loan to finance it, since she completely and decided to attend an event in New Delhi. She believed in herself that she would have the ability was surprised that Prodigy Finance agreed to leader and fast track her career. To Vinni’s surprise, having a top firm on her CV, This whole experience led to Vinni forcing to believe that “talent” is not recognized by Indian strong recommendations, a great GMAT score, experience with financial institutions in to repay it. She reached out to all banks in India finance her MBA within a week, asking for basic and recognisable work accomplishments were Indiamade her believe that the lending system that offered education loans in India to finance her personal information, a few standard supporting not enough to pursue an MBA. She realised isbroken and closed to high potential people in MBA from London Business School (LBS). She documents, and no hidden fees. “I could not that funding for an international postgraduate her circumstances. thought it would be very easy due to the excellent believe there were no hidden terms & conditions, university brand recognition for LBS in India. just a straightforward and transparent way to get degree can be more difficult than the competitive admissions process. Vinni believes that Prodigy Finance’s innovative an education loan.” Prodigy Finance took less model is adding incredible value – particularly The various banks that she reached out to, than a week to approve her loan application. to driven women from emerging markets. Vinni demanded collateral plus an interest rate of 11 % Prodigy Finance was so helpful that Vinni was fi- attended an event in New Delhi that brought and insisted that both her parents leave retirement nally able to focus on securing her study visa and together Indian Prodigy Finance borrowers and go back to work. Despite these conditions, her big move to London. “I still do not have words Vinni was amazed to see a company like Prodigy (who have repaid their loans) with interested in the end the majority of the banks refused to give enough to thank Prodigy for making my dream Finance exists – a business that specialises students and she instantly felt part of a local her any funding even though the collateral that she come true. Had it not been for Prodigy Finance, I in recognizing the potential in people. Her community that understood her dreams of was offering was 3 times more valuable than the could never have done my MBA.” PRODIGY FINANCE BUSINESS MODEL AND COMMUNITY

CASE STUDY SANDEEP AS POSITIVE THOUGHTS ABOUT HIS ROLE SANDEEP IN PRODIGY FINANCE Sandeep began his working life as a research and development engineer, with little thought of pursuing an MBA. As his career moved towards business he began to consider a return to school. Learning business from the best professors in the world was the one thing Sandeep believed would differentiate PRODIGY FINANCE APPLICATION PROCESS “When I decided to go to Prodigy for financing, I went to the site, and it was a pretty easy his career in the future. To make it in the business community, an MBA became process. You just need to fill the form online.” critical. Sandeep’s pre-approval came through within the week. Then it was just a matter of uploading the documents. He had some reservations about the WHY MBA? WHY INSEAD? he was on the right path. Looking back, he believes his dream has come true. “Everybody “The best thing you can hope for in life is to have has dreams, and a few get chances to fulfil that chance to fulfil your dream.” Sandeep may their dreams.” Sandeep considers himself one not have followed a traditional path to his MBA, of the lucky ones. but as he attained clarity over his future career required documentation and whether his Indian PRODIGY FINANCE IS materials would be accepted. THE REASON WHY I’M He need not have worried, and his mind was put HERE TODAY. YOU CAN For him, it was a pleasure not to leave his office FINANCING THE MBA: OTHER OPTIONS VS PRODIGY FINANCE APPLY TO THE SCHOOLS, the ranks and gained exposure to new projects. Acceptance to INSEAD was a high point for BUT AT THE END OF THE These drove a desire to mature in the strategic Sandeep. He instantly celebrated the success and operational aspects of business. For Sandeep, of his application. But, the elation he felt wore an MBA was the natural step, the only way to off when he realised he would battle to find the secure the academic background and solid base finances necessary for his education. goals, business school was unquestionably his dream. Working with Suzuki in his home country of India, as well as in Japan, he moved through at ease as soon as he began the process. to complete his application. “It was not an experience you will have with a bank. it’s easy and open.” DAY, YOU HAVE TO PAY THE PRODIGY FINANCE COMMUNITY MAKES IT POSSIBLE FOR YOUR MBA TOO “Prodigy Finance is the reason why I’m here today. You can apply to the schools, but at the for career success. end of the day, you have to pay for your MBA In India, it’s difficult to find the financing too. Prodigy, for me, is an investor in my future.” Admission to a top business school was a priority needed to attend international business schools. No matter how much he could source, there for this go-getter. His initial search focused on In addition to the limited options and loan was a shortfall between the loan amount programmes in the United States, but taking two limits, you also need to provide collateral and available from Indian banks and the total cost years off from work was a worry. Looking at guarantees (cosigners). of his education. in his future and has positive thoughts about should invest because somebody invested European MBAs made more sense; INSEAD was an instant fit for Sandeep both personally and Despite the challenges of working with Indian “I almost explored every option of finance, and professionally. The diversity offered was, perhaps, banks, Sandeep considered these options as he I could not get to the last figure. I am not the biggest attraction of the school as the wasn’t aware of other choices. He worked out exaggerating when I say that if Prodigy Finance perspective gained from classmates is tremendous. a budget using his personal savings and all the had not helped me in arranging the finance, When the acceptance call came in, he knew possible funds he could secure from his family. I would not have been at INSEAD today.” Sandeep feels a part of the community investing his role in Prodigy Finance going forward. “You in you. That creates a bond, a very strong bond, to the community. I think it’s a fantastic thing, alums coming together and fund the MBA of the future students.”

CASE STUDY every available option, but that door was always shut. Prodigy Finance was the first opportunity to get through that door. Without Prodigy Finance, MOREBLESSINGS SEKENHAMO Moreblessings would have put his MBA goals on hold. He had started his MBA, but would not have been able to complete it at that time Moreblessings dreamt of doing his MBA at University of Chicago’s Booth School without additional financing. The only option of Business. Originally from Harare in Zimbabwe, he worked in private equity was to return to Harare and save for several years before returning to complete his degree. and investment banking in corporate finance in Zimbabwe before undertaking Moreblessings understood the risk to his career his MBA.In an interview with Prodigy Finance, he explains why he decided to do fully, noting that [without a Prodigy Finance loan], an MBA, his struggles with financing his degree and what he thinks of the Prodigy “I wouldn’t be making the required progress that I needed in my career so it would have set me Finance business model and community. back a number of years”. realize dreams regardless of individual spheres WHY HE DECIDED TO PURSUE HIS MBA of influence or area of interest. After deciding an PRODIGY FINANCE BUSINESS MODEL & COMMUNITY MOREBLESSINGS advanced degree was the best possible path, BELIEVES INVESTING IN the decision to study internationally followed with Despite his experiences in banking, Moreblessings even less hesitation. Moreblessings wanted an believes the traditional parameters of financing opportunity to learn from this widest possible are broken. With companies like Prodigy Finance scope of people. By attending business school finding ways to make it work for people like him, abroad, he could learn from classmates in a Moreblessings is excited to see what the future diverse set of careers and cultures. He explains, of finance holds for everyone.“When I had found private equity and Investment Banking doesn’t for example, that he made friends with classmates out that Prodigy Finance had given me the loan, carry the same weight – or paycheck – found who were in the military and, therefore, brought a I was really excited as I could now focus on the While working in Zimbabwe in private equity and Investment Banking in corporate finance, Moreblessings decided to take charge of his career and advance as far as possible. Zimbabwe is a developing country, and though there are many positives to consider, a job in HUMAN CAPITAL IS EXTREMELY IMPORTANT elsewhere in the world. Transformative leaders of the best” he adds. It had always been his different perspective to a strategic leadership case, business of being in business school and focus in the sector are in demand and Moreblessings long-term goal to pursue a career in business an experience that he describes as “priceless”. on my goals again.” Moreblessings strongly wanted to be one of them. Before he began and finance without any limitations, without the business school application process, any barriers. Moreblessings took stock of his skills and FINANCING YOUR MBA: OTHER OPTIONS VS. PRODIGY FINANCE believes in the Prodigy Finance innovative business model and supports the community-funded platform. He explains that investing in the intended direction of his career. He had Without a doubt, business school was part of a depth of ability and experience in finance his plan. Between the skills he needed and the Zimbabwe offers possibility, but as a developing when fast-tracked by companies like Prodigy Fi- and accounting, corporate financing and career path he was on, business school was country, salaries are lower and recent exchange nance that help fund students from developing corporate advisory, but there were areas the shortest path to becoming the well-rounded rates make it difficult to maximise savings outside countries like Zimbabwe. He substantiates his with gaps he wanted to fill. To become a leader, business leader he desired to be. By making of the country. Moreblessings took a big leap support and belief in the Prodigy community Moreblessings knew there were skills to this quantum leap, Moreblessings would do of faith when he first moved to the US; he had only and business model, stating that, as someone develop and relationships and networks more than achieve individual dreams and goals; enough savings to last for the first quarter. believed in him and helped him reach his dream, to build. Moreblessings wanted to acquire he was setting an example for young people in Although, he was fortunate to receive a scholarship, he will invest in Prodigy Finance in the future to better understanding of marketing and strategic Africa. Through his endeavours, Moreblessings there was still a funding gap in the required financing do the same. He wants to support and put his management. And, he wanted to lead and wanted to demonstrate that anything is possible that he needed to complete his MBA. He explored money on the line to show his commitment to inspire people. “I wanted to be with the best in Zimbabwe and in Africa; it’s possible to various funding paths, knocking on the door of these students and the potential that they have. human capital is extremely important, especially

CASE STUDY EMAAN KARAMATULLAH TO THE INVESTORS WHO TOOK A CHANCE ON ME, AND BET ON Emaan was born and raised in Pakistan, though she completed her undergraduate studies in the USA. Before pursuing her MBA at the University of Pennsylvania’s Wharton School of Business, she worked for five years as ME, I WANT TO SAY THANK YOU SO MUCH an economic consultant in Maine. Emaan has developed a perfect American accent since she last lived in Pakistan, but she is looking forward to the day she can return and make a difference in her home country” her studies and wishing her well. “I feel it’s not your typical lender/borrower interaction, it’s definitely WHY SHE DECIDED TO PURSUE AN MBA FINANCING YOUR MBA: OTHER OPTIONS VS PRODIGY FINANCE After completing her undergraduate studies, a lot more personable, and I really like that.” “I could login, fill in my information, I could upload my documents very easily. I could go in And, she has a message for those that have made and check the status on my application. If they her time at Wharton possible, “to the investors Emaan went to work for one of the consulting Emaan struggled to find lenders willing to provide needed something, they asked me quickly. The who took a chance on me, and bet on me, I want companies she interned with and found her loans to international students – even though whole process felt so relaxed & easy. Honestly, to say thank you so much, and I’m hoping to be intellectually curious colleagues were an she had lived in the United States for nine years. it was the swiftest I’ve probably ever taken on one day, someone like you who has the chance when doing something so big.” to invest in somebody else.” POST GRAD ASPIRATIONS inspiration. Better still, they supportive of her goals to progress. “I know I’ve done well at She remembers the day she received an email work, I know I have the capacity to do better, from Wharton with information about a new vendor The speed of responses from the Prodigy what do I need to get to that next step?” - Prodigy Finance. Her experience has been so Finance Operations team eased her initial positive that she’s happy to recommend the skepticism. She was done and dusted with Eventually, Emaan plans to return to Pakistan PRODIGY FINANCE company to incoming students. her financing in plenty of time to focus on her where she believes she can truly contribute. PROCESS IS MORE THAN “Whenever an [incoming] international student EASY; IT’S THOUGHTFUL reaches out with questions regarding finances, “They dealt with sending the money to Wharton enough experience under my belt that I’ll be my go-to response is this is Prodigy Finance themselves. They took me out of the process, taken seriously, and people won’t just question effortless. Go for it. You know, it’s going to be which was great, because I didn’t have to play my capabilities, or say that I don’t have the Emaan considered her choices. She could have fine. I know I’ve had that experience, and I’m very the middle-man in any of this.” real-world experience to guide decisions.” pursued another job, but she didn’t want to stand comfortable suggesting it to other people.” PRODIGY FINANCE APPLICATION PROCESS A PART OF THE PRODIGY FINANCE COMMUNITY And she has an idea about how she wants to graduate degree.” Now, she defines herself as a If you were to ask Emaan, she would tell you Emaan appreciates the Prodigy Finance circle tangible skills. Emaan plans to be at the forefront, career-switcher, moving from economic consulting that the Prodigy Finance process is more than and the human approach to the borrowing in the center of whatever form her ambitions to management consulting. For her, an MBA is the easy; it’s thoughtful. In fact, she calls the Prodigy process. She mentions continuing to receive take her. And, she believes she has Wharton, most direct route to success along this path. Finance experience “phenomenal.” messages from the operations team regarding and Prodigy Finance, to thank for it. last months of work. still. An MBA became the obvious next step. “I couldn’t progress at my old company any further “But before I can go back, I know I need to have than I was because they need you to have a make a difference, working to empower victimised women through the development of

CASE STUDY For Farai, it’s about the connection made. “It makes me feel good that the reason I’m here is actually because of LBS alum. It’s got that personal FARAI MWAMUKA connection to it, and I think that’s great. I think also it encourages me to want to give back in the same way.” It’s the personal touch that drives him to succeed so he will be in a position to assist Farai was born to get an MBA; at least it was the plan for as long as he can future MBA students at LBS. remember. He just needed to find the right time and university to make it happen. Though he grew up and completed his high school education in Zimbabwe, he studied his undergraduate degree in the United States. From there, he went to work in South Africa for five years before completing his I THINK IT’S GREAT THAT MBA at London Business School. PRODIGY FINANCE GETS WHY MBA? WHY LONDON BUSINESS SCHOOL? WHY PRODIGY FINANCE? THE ALUMNI OF THE South Africa. “It’s tough to get financing for study, nearly every question he had, so he almost never for MBA studies in general, and especially for a had to reach out to the team. But, he certainly course of this magnitude, as far as the expense.” found them to be helpful when he did. easy part for Farai. And, he found that making Farai isn’t sure what he would have done without When he was uncertain whether his documents the switch to investment banking and finance a loan from Prodigy Finance. Though he would would comply, he always found a fast response. provided the perfect opportunity to begin have reached out to every person he knows, he All he had to do was let them know, and the his applications. believes it would nearly impossible. “I don’t think Prodigy Finance Operations team assisted with I’d have been here without Prodigy Finance. the deadlines and compliance. “I think it’s a very London Business School’s impressive finance I mean I may have been here, but it would have understanding team, and extremely helpful.” been extremely tough.” FROM DEVELOPING education and, of course, its location within the His loan approval was the highlight of Farai’s year, COUNTRIES NEEDED Deciding that an MBA was for him was the finance capital of the world influenced Farai’s final decision to apply. But, if it hadn’t been LBS, it would have been another European PRODIGY FINANCE APPLICATION PROCESS KNOWS THE INITIATIVE IS FILLING A GAP THAT ASPIRING STUDENTS he claims. The stress of finances was getting to him, and he had become nervous that he wouldn’t make it to campus. He celebrated immediately, business school; Farai wanted to “get that “I think the process of getting funding through citing the moment as transformational. “Just Prodigy Finance is extremely simple and knowing this was going to enable me to achieve Interestingly, there was another factor in his intuitive. If you go to the website, it’s very clear

And, she sees herself supporting Prodigy Finance. "I feel a little bit loyal, so I really hope that I will be successful after graduation so that I will be able to come back and help other people through Prodigy Finance." BECAUSE PRODIGY FINANCE ONLY REQUIRES SOFT COPIES OF THE DOCUMENTATION, SHE WAS ABLE TO RELAX AND FOCUS ON PREPARING FOR HER