Microfinance, Not Just Microcredit

Image via WikipediaOne of the major lessons the microfinance industry has learned over the decades is that the poor need more than microcredit. They need a broad swath of financial services.

As soon as they start a business, they want to be able to open up a savings account with you. They want to be able to make easy payments. They want to be able to receive money from relatives who might have gone to some distant city or country.

And you have to offer the whole package deal. Although I do think microcredit continues to be the crown jewel of microfinance. But people don't just wear jewelry. They also like to wear clothes, also undergarments perhaps.

Microsoft, Google, Facebook, Twitter, FourSquare, FoodSpotting: Sharks

Image via CrunchBaseI asked a question at the final event during Social Media Week I attended.

Microsoft tried to buy or bury Google. "My question is for the FourSquare guy. Google tried to buy or bury Facebook. Facebook tried to buy or bury FourSquare." Well, Facebook tried to buy or bury Twitter first. "But FourSquare instead has attempted integration with FoodSpotting. And that is right by the market, right by the consumer, right by FourSquare, and right by FoodSpotting. Where did that wisdom come from? What made you want to do the right thing?"

And yesterday news was that Google was attempting a much deeper integration of Twitter in its search results. Integration is key. Facebook should similarly attempt deep integration with web properties like FoodSpotting. And there are going to be many, many players in that space. FoodSpotting has occupied but one vertical.