Student Entrepreneurs Win Hult Prize With Radical Early Childhood Education Model
This post was originally produced for Forbes.
Juan Diego Prudot was successful at a very young age. With the abundant opportunities afforded those of means, he has chosen the path of a social entrepreneur in an effort to improve early childhood education around the world.
Prudot sees the problem this way, “Over 100 million children under the age of six are living in underserved communities and do not have access to quality early childhood education. This situation leads to children being unprepared to enter primary school and with a weaker social and emotional foundation, thus making it more challenging for the youth to thrive and become productive members of society.”
Prudot led the formation of a team of student entrepreneurs in Taiwan, where he attends business school at National Chengchi University. The team launched IMPCT, which operates Playcares.com, and competed in and won the 2015 Hult Prize competition at the Clinton Global Initiative last month.
Prudot explains the business, which provides infrastructure for women in the developing world to provide bona fide educational services rather than mere daycare, saying, “We are building a bridge between people that want and are able to become part of a solution with hardworking communities that only need an opportunity. Playcares.com is not only a financial inclusion mechanism to empower women to run Playcares, but it is also a way to generate awareness of how quality early childhood education will break the poverty cycle.”
“By 2020 we aim to allow 10 million children to have access to the type of early education that will change their life trajectory in a positive way. Additionally, by attracting millions of people to participate in Playcares.com we will set the precedent that investing in and empowering people from underserved communities is not only the best way to make an impact but an exceptional investment opportunity,” Prudot asserts.
On Wednesday, October 14, 2015 at noon Eastern, Prudot will join me here for a live discussion about winning the Hult Prize and the company he helped found. Tune in here then to watch the interview live. Post questions in the comments below or tweet questions before the interview to @devindthorpe.
More about IMPCT:
The need for both parents to work has driven informal daycares to spring up in underserved communities around the world. These daycares are small businesses where women stay home and keep between 4 and 8 children in their living rooms. The daily fee for this service depends on the area they operate in and is typically 25% of parents’ daily wage.
IMPCT found an opportunity to increase the scale and quality of these businesses with a product called IMPCT Playcare. A Playcare is a small childcare franchise, owned and operated by a local entrepreneur, which includes a purpose-built classroom, training to deliver a play-based Montessori learning curriculum, and ongoing support to make sure the children’s development is on track. Each Playcare provides 20 nearby families affordable and accessible early education opportunities for their children.
With this model, IMPCT created a unique investment opportunity with both social and financial return. Through the Playcares.com website people can participate and track their investments as well as receive real-time updates of the lives it has changed. This is radical financial inclusion; this is a better way to do good.
Juan Diego Prudot, courtesy of IMPCT
Juan Diego Prudot is a software engineer turned social entrepreneur from Tegucigalpa, Honduras. He grew up in a home where he learned the habit of working hard from his father and the qualities of empathy and compassion from his mother. The former, singlehandedly coded a complete banking software suite while the latter provided a never-ending supply of love and encouragement. At age 19, he started working for his family’s business, SAF Soluciones, where he led a major technology change that allowed them to become the number one financial software producer in Honduras.
In 2013, looking to learn Mandarin Chinese and enhance his management skills, Juan Diego enrolled in Taiwan’s top MBA program at National Chengchi University. While studying there, he effectively led multicultural teams and developed meaningful relationships that allowed him to learn about the Hult Prize Challenge. He assembled IMPCT, the team that in September 2015 won the Hult Prize and US$1 Million to provide quality early childhood education to millions of children living in poverty. The winning model includes a web platform, playcares.com, for which Juan Diego, as CTO of IMPCT, is leading a development team from Taiwan.
The post Student Entrepreneurs Win Hult Prize With Radical Early Childhood Education Model appeared first on Your Mark On The World.