The launch of the Savings Game app here in Saint Vincent and the Grenadines is reported as a tool to foster a culture of savings to drive business development.
CED Managing Director Felix Lewis highlighted the importance of savings in entrepreneurship when he spoke at the virtual launch of the German Sparkassenstiftung for International Co-operation (DSIK) Savings Game app on November 23. According to a statement from the Center for Enterprise Development (CED), Lewis said many people approach the organization with business ideas but no plan to save money or know how to access funding to start their business and expect that they can immediately transform their ideas into commercial entities.
“The early stage of business development is where the importance of savings is greatest,” Lewis said; “Some ideas might never see the light of day as a business entity without the savings of the respective entrepreneur or the investment of the savings of family and friends. It’s called stand strapping, he added.
“Even if the business grows, commercial loans require equity and retained earnings can be used to invest in the growth and development of the business.
“Savings is therefore an important discipline to be encouraged in the context of business development. It can make the difference between a dream and a business reality. The discipline of savings however has benefits beyond the entrepreneurial context, it is a life hack that can be applied to normal family life, helping families achieve goals and objectives related to betterment. of their quality of life.
Lewis said lack of access to finance, especially in early stages of business development, tops the list of constraints affecting the business sector, and therefore local financial institutions are risk averse. He added, however, that this is why the savings game is important.
“This savings game app is timely because we are all going through very difficult times economically, and an important factor in the transition to recovery must be the savings associated with tighter budgeting. The usefulness of this tool will be beneficial well beyond this difficult period and can open up a revitalized role for savings as an important source of medium and long-term investment funds.
The idea for the app is derived from DSIK’s business games that teach financial skills through haptic simulations – true to the motto “Learn by doing”. According to DSIK regional representative Uwe Pfeffer, the game is easily accessible and applies proven methods of business games and can be used without prior knowledge.
“Nevertheless, it works perfectly as a supplement to CED trainings, so I hope that, in a very playful way, players from different target groups will be able to develop their financial and savings skills in single-player mode,” says Pfeffer.
He acknowledged, however, that for some people, saving money is a very difficult thing to do.
“…You have to be focused. During the game, the player has to answer several questions such as how to plan my budget in a sustainable way, or how and why should I invest, or how can the bank help me? As you can see, these are real life situations.
DSIK’s MSME consultant, Timo Bucher, demonstrated the savings game in front of almost 40 guests who attended the zoom webinar that marked the launch of the app. The business games and the app are sponsored by the German Federal Ministry for Economic Cooperation and Development (BMZ).
The savings game is available for free in the Play Store (Android) and App Store (IOS). In addition to English and German, other languages will be offered in the future. The app is available at: Official App Store link:
Official Google Play link: (google) https://play.google.com/store/apps/details?id=de.sparkasse.savingsgame.