Combining research, common sense, and creativity, a student business has come up with an innovative way to help people save money and time. Services that help people by giving advice and information for future success are seen as beneficial and at times altruistic. That is why a student business which proposes to help those working people save money is especially welcome in today's economy.

RemesaTel, a student business, is exactly the type of service that combines technology, service, and financial relief:

"The services that will be offered by RemesaTel will significantly impact the lives of 12 million Mexican immigrants in the US and their families in Mexico, by providing them an alternative to paying fees of up to 20% for sending money through money transfer. We will also enable people in Mexico without a bank account (80% of the population!) to receive financial services with the sole use of text messages technology."

The team background behind RemesaTel understands both the Mexican and U.S. economies well: Erick Ramos Murillo, one of the founders, "worked for several years in Mexico's Central Bank managing capital operations, in the OECD as economist analyzing the telecommunications industry, in Mexico with immigrant families." Rodrigo Navarro Huerta, who himself has worked within the Mexican government in a computer technology department, understands how and where technology is affecting the country. Fausto Gurrea worked in the financial sector of Mexico for Mckinsey where he did analysis and promotion of businesses. Along with their combined work experience and advanced degrees, several from the Kennedy School of Government, they have created a service focused on cell phone technology to solve financial problems.

RemesaTel bases their business plan on statistics which prove that poor and rural working Mexicans are losing money. They are losing money several ways: 1) They lose a significant percentage of remittance money sent from the U.S., 2) Mexico has a considerable amount of corruption because of their cash based economy, 3) poor Mexican farmers need equipment but will tend to go to expensive markets because of a lack of good information. To remedy these problems, RemesaTel proposes using cell phones to cut out a lot of the middle man and help manage money and information. Essentially they are proposing a digital financing/information service through a cell phone. By going through the proper venues an even larger amount of remittance money can be saved and the Mexican farmer can access information relevant to weather, money, or government subsidiaries. With great market research and an innovative and practical solution, RemesaTel is a student business to look out for as they expand across borders.

To see more details about these businesses you can login at StudentBusinesses.com to view full business plans for these and other top startups around the country.

Labels: cell phones, remesatel, startup, student startup, studentbusinesses.com

Posted at 4:03 PM