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Digital Kids Edu 2013: Stuart Drexler, Chief Product Officer, Tykoon
- 1. Stuart Drexler Chief Product Officer stuart@tykoon.com
- 2. What is Tykoon? A Financial Services Platform for Kids Empowering the next generation to make money smart decisions Through real-world experiences. How does it work? Family account… chores… earnings… savings goals… encouragement… success! S et Goals Collaboratively between Kids and their Parents T rack Progress Keep Goals in close sight, and to garner parent encouragement A chieve Parents praise their kids, kids are proud, make ‘money smart’ choices R edeem Kids transact – buy items, donate to charities, transfer to savings accounts
- 3. Tykoon 2.0 Mobile First (Handheld) Kid Centric Social
- 4. Kid’s Chore Checklist: • Easy to use • Helpful suggestions • Partner integration opportunities
- 5. Kid Wish-list: • Kid-safe Tykoon shop • Request-a-product • Progress bars for clear feedback • One click ‘Buy’, ‘Give’ and ‘Save’ • One click ‘Share’ • ‘Auto Share’ new items to your connections
- 6. Kid Wish-list Share: • Family address book - parents load contacts • Incentive to share – Tykoins • Family and friends can easily praise kids from emails received • Streamlines social
- 7. Milestone Moments • Encouraging money smarts • Recognizing accomplishment • Win – Win, no fuss • Empowering
- 8. Tykoon follower model: • Immediate social connection – introduced at sign up • Helps introduce product features • Easy to connect with and follow friends in fully COPPA compliant manner • Familiar social construct for kids and teens • Can inspire and be inspired by your choices
- 9. Social Feed: • Most kid actions and activities are auto-shared • News prioritized by social connection • One click ‘like’ or add to wish-list
- 10. Educational Strategies: • Features that structure the money conversation: Spend, Save, Give • Goal setting • Rewards: Money, Tykoins, Praise (as per family’s values and choices) • Primary currency = Dollars to enable the money-conversation • Kid social currency = Tykoins to level the playing field • ‘Famification’ – makes taken-for-granted family responsibilities into fun, interactive celebrations • Stealth learning through real life experiences – habitualizing good behavior • Teachers and schools included - connect household and school environments on financial literacy efforts
- 11. Business Strategies: • Family MoneySmart Score™: • Parent and child activity drives monthly calculation - encourages ‘famification’ • Child: actions that demonstrate money smart decisions (e.g. delayed gratification, goal setting and achievement) are encouraged and up-weighted • Parents: consistent praise and goal setting is recognized • Business model (Freemium with subscription) • Premium service offers family a cash back rewards program • Top 20% of families by Money Smart Score receive cash back credits each month • When your family hits $25.00 in rewards they redeem cash value • Customer Acquisition • Align with larger enterprise partners to drive scale and monetization (Banks, Retail, Alternative Payments, Kids Media and Entertainment)
- 12. Stuart Drexler Chief Product Officer stuart@tykoon.com