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1. THE BEGINNING
This innovation came to life when…
A serial entrepreneur realised that cloud computing and crowdsourcing could be used to dramatically lower the cost of SMSF administration.
2. WHAT & HOW
The purpose of this innovation is to…
Mclowd is a cloud-based SMSF accounting platform, allowing trustees to manage accounting and tax compliance at a fraction of the cost of incumbent models, alongside which has been established a crowdsourcing marketplace (an ‘Elance-style’ model for the funds management industry).
It does this by…
Leveraging the crowd to replicate incumbent IP, then using this IP to drive demand-side aggregation into a crowdsourcing marketplace — thereby revolutionising the way software development is funded.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
It reduces the per-unit cost of SMSF administration by 70-90%.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
Incumbent software vendors who based their revenue model on subscription-based revenues.
Its predecessors/competitors include…
Class, BGL, Supermate, MySF.
5. TARGET MARKET
This innovation is made for…
500,000 SMSF Trustees.
6. DISTRIBUTION STRATEGY
It is available for sale through…
Pure online play.
Our marketing strategy is to…
Transfer governance of the accounting platform to the trustee community to drive virality.
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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.