MADISON, Wis. — Mazuma Credit Union wanted to gauge how many baby boomers were seriously considering starting their own businesses.
The $333 million credit union recently completed a two-month pilot to help aspiring entrepreneurs evaluate the market worthiness of their business. Mazuma is one of four credit unions participating in the "What's the Big Idea" challenge, a project put together by one of the Filene Research Institute's i3 innovation teams. Respondents were given feedback, advice and suggestions to help refine their plans and create successful new ventures. If the team determined that the business venture had legs, the winning respondent would receive a $3,000 marketing package, including logo and stationery design and printing.
The pilot, which ran between Jan. 14 and March 31, yielded some key results. Although only nine entries were submitted (all from baby boomers–those born between 1946 and 1964), 78 new deposit accounts totaling $2.5 million were opened and $1.23 million in loans were approved.
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