In the midst of the global financial crisis in 2008, two young ladies identified a pertinent need: to help young people make smarter financial decisions. In Part 1 of our interview, one of the co-founders of PlayMoolah, Audrey Tan, tells us how she and Min Lee put their ideas into action.
“Were there lessons we could have learnt about money at a younger age?” That was the question the founders of PlayMoolah asked, being also young people themselves and struggling with financial literacy. And a great idea was born. One that could radically transform the way children, and even their parents, deal with money. Officially started in Singapore in 2010, PlayMoolah (“Moolah” simply meaning money and “Play” for a touch of fun) combines behavioural research with the power of play in multi-platform experiences that educate young people about managing their money more effectively.
With their first money management product in the US being well-received, Audrey and Min embarked on the next steps to building a sustainable business model. They tapped on the potential of Singapore as a market to launch the product after getting buy-in from one of the financial institutions.
In implementing the big idea, Audrey believes that you must start out with truly solving the needs of people out there, essentially creating “business models that can be validated”. Most of all, to boldly seize the opportunity, believe in that idea and act on it.
Having found common ground in their experience running small businesses and working with start-ups in Silicon Valley in the US made it easier to start a business together. Being exposed to entrepreneurship in the real world and learning practical implementations of technology also gave them an edge. But a young start-up was definitely not without its challenges. Both founders have truly come into their own right as entrepreneurs, learning important values such as resilience, discipline and especially trust, in letting go of the reins and delegating responsibilities to their team.
The shared passion for children and education that had brought them together at the start is also what keeps the flame burning. Audrey believes that working with one another is not just about “me and you” but also about constantly working towards a common vision, that is critical to success.
The business is presently in its stages of sustainability. One of the key aspects of stable growth is its core team of committed people to take the company forward. In keeping up with a constant stream of ideas and innovations, the team has gone on to establish WhyMoolah, a decision-making simulator with real-life goals and scenarios played out over time.
Watch out for Part 2 of our interview with PlayMoolah’s co-founder Audrey Tan.