This month of October, YABT has chosen MiCochinito, a social entrepreneurship based in Mexico. MiCochinito is a crowdfunding platform adapted to the Mexican context that empowers Mexican citizens through funding access to enable individuals implement their social and community projects – whether to purchase a piano for a school in a rural area of Guanajuato or funding a field trip for female soccer school team from Querétaro to compete in an international tournament.
MiCochinito team recently carried out a mission in Washington, D.C. as part of YABT program “Leadership Links”. During this week, MiCochinito participated as speaker in the Making Cents Conference for Economic Opportunities and were also involved in the Global Youth Summit organized by the World Bank. Moreover, MiCochinito members held various meetings with international organizations, such as the Inter-American Development Bank and International Plan, among others in order to showcase their project internationally while identifying strategic partners to expand their platform.
After the 2008 financial crisis, the economic gap between different social classes continues to grow and distrust among citizens towards their government keeps swelling. As of today, about 40 percent of the Mexican population does not have access to a formal banking system.
By grasping the socio-economic conjuncture that Mexico has gone through the last couple of years, Federico Arellano and Héctor Fernández Carpio created MiCochinito in 2011 with the aim of diminishing the financial gap through the inclusion of unbanked sectors, which tend to dwell in remote and isolated areas within the Mexican territory. In this context, Federico and Héctor projected MiCochinito as an alternative financing tool capable of empowering the citizen as an individual and as a part of his/her community.
MiCochinito responds to a community funding mechanism based on a trust model through project identification among all members of a given community through project identification. MiCochinito goes beyond a donations platform by integrating a reward and incentive system were the amount of trust in a campaign leader determines the quantity of donations. Depending of the amount of a contribution, the campaign leader must give back to his/her community in response of the trust demonstrated by his/her donors.
It is very easy to start a campaign: you only need to have a community project, fill out the online form, record a short video of the project, and set a goal for your project. Once your campaign is uploaded, the campaing leader must engage and motivate his/her community members as well as outsiders to trust his/her project and contribute with funding. Donations can be made in various ways, either by text message or prepaid cards, among others. Campaigns can last between 2 and 8 weeks.
Currently, MiCochinito is evaluating the possibility of incorporating a Matching Funds mechanism through the establishment of public and private partnerships. In doing so, MiCochinito seeks to become the manager of donations contributing to the funding of many projects that are already on MiCochinito platform or that are looking to join.
In the short term, MiCochinito team is working hard to launch a new platform by next spring 2015. In order to do this, MiCochinito is looking to establish strategic partnerships with foundations and mobile technology companies that want to contribute to the funding of community projects and/or local businesses located in Mexico’s most isolated areas. In the long run, MiCochinito hopes to expand operations in Central America and the Caribbean.
If you want more information on this initiative, please contact:
Telephone: +52 (55) 5440 4314
Web page: www.micochinito.com