Monday, September 12, 2011

Blog Week 1

My idea is a social media website that links businesses with financial records, reviews, future clients and much more. The main idea for this site is linking the businesses with their financial records, showing past debt or good credit. It would act similarly to a collection agency but not exactly like one. The possibilities for this website are endless, reviews and financial records would just be a stepping stone to many more and influential possibilities.
This relates to the lecture of the week I'm many ways. Due to the endless possibilities of this website, it relates to every aspect of social media. This includes finding and connecting to people, possibly finding jobs, recruiting, promoting, marketing etc.
This whole aspect of social media is opening new doors to innovation and entrepreneurship and almost everything can be satisfying, this idea included. In a business aspect, the power of the internet allows an entrepreneur to promote his/her idea widely and easily. Therefore, this business opportunity has great potential in the future.
Posted by at

3 comments:

  1. IST195GASeptember 27, 2011 at 7:52 PM

    I would like to hear more about this idea. So would it be structured in a way where the lenders would disclose the debt information about a particular business to the website or would it be that the businesses would opt into the program. Many businesses keep a very tight hold on their financial records unless they are a publicly traded company that is forced to disclose their financials regularly. I think that there is some potential with the idea, just keep refining the concept.

    ReplyDelete
  2. mattdoutySeptember 27, 2011 at 8:48 PM

    Thank you for your comment. The system that i would use to link businesses with financial records is through mail. The business that is complaining about the other would simply send us their files that refer to the debt, our team of specialists would screen these files and guarantee 100% true. After this, we would send a notice of reply to the business in debt and if the debt is not paid in the stated time, the record goes onto the website. This "forces" businesses to pay their debt and keep the business cycle circulating.

    ReplyDelete
  3. rlazerOctober 31, 2011 at 3:07 PM

    Matt, you have a really great idea! The only thing that I don't understand is the way to confirm that a business actually did not pay their bills. How can you 100% verify that some sort of fraud isn't taking place without looking at confidential financial records? You should consider ruby on rails with a mongodb database for your website. This would allow you to develop rapidly and cheaply as far as infrastructure costs go.

    ReplyDelete

Subscribe to: Post Comments (Atom)