Empowering Parenthood with Financial Solutions
As part of the Hult International MBA program’s Future Mindset Challenge, my team and I embarked on a four-month project to address the question, “Are we running out of people?” Our challenge was to develop a solution that could positively impact 100,000 individuals within a five-year timeline. As the Product Manager & Strategy Lead, I spearheaded the research, strategy, product development, and go-to-market planning for the Fertility Savings Plan (FSP), an innovative financial product designed to empower individuals and couples on their journey to parenthood.
The Challenge
Our research revealed a complex issue with multiple contributing factors. While developed countries face declining birth rates, the desire to have children remains strong for many individuals. However, the financial burden of fertility treatments, often costing tens of thousands of dollars, and the uncertainty surrounding family planning act as significant barriers to parenthood.
A survey we conducted with over 200 respondents from diverse backgrounds confirmed that financial concerns were the primary reason for delaying or forgoing parenthood. Many expressed the desire to start families but felt constrained by the high costs of fertility treatments and the economic uncertainty of raising children. Further, data from the CDC highlighted alarming trends such as the declining sperm count in men and the prevalence of conditions like PCOS in women that can affect fertility.
The Solution: The Fertility Savings Plan (FSP)
Based on our research, we proposed the Fertility Savings Plan (FSP), a voluntary savings plan designed to empower individuals and couples to proactively plan for parenthood.
How The FSP Works
Voluntary Contributions: Users (and potentially employers, friends, or family) make pre-tax contributions to a dedicated FSP account.
Fertility Preferred Provider Organization (FPPO): The FSP partners with an FPPO to provide users with access to a network of licensed fertility centers offering discounted rates.
Tax-Free Withdrawals: Users can make tax-free withdrawals to cover the costs of fertility treatments.
Flexibility: Unused funds can roll over to the next year, be transferred to a 401k, or be used for a child’s education expenses.
Inclusivity: Tiered contribution options and potential scholarships ensure accessibility for individuals with varying financial backgrounds.
Product Manager & Strategy Lead
In my role as Product Manager & Strategy Lead, I was responsible for the overall vision, strategy, and execution of the FSP project. My responsibilities included:
Market Research & Analysis: Conducting comprehensive research, including surveys and data analysis, to understand the target audience’s needs, pain points, and motivations.
Product Strategy Development: Defining the FSP’s value proposition, target market, competitive landscape, and overall product strategy.
Product Design & Development: Leading the design and development of the FSP product, ensuring it met our high standards for innovation, user-centricity, and financial viability.
Go-To-Market Strategy: Developing a comprehensive marketing and launch plan for the FSP, including identifying potential partners, distribution channels, and promotional tactics.
Team Leadership & Collaboration: Facilitating communication and collaboration between team members, stakeholders, and potential partners to ensure the successful execution of the project.
Project Recognition & Potential Impact
The FSP project received the highest score in our MBA class and garnered significant interest from industry professionals. Several judges on the panel expressed their enthusiasm for the product and requested meetings to discuss potential investment opportunities, validating the market potential and social impact of our solution.
Based on our projections, the FSP has the potential to reach approximately 100,000 users within the five-year timeframe, significantly impacting the lives of individuals and couples struggling with the financial burden of fertility treatments.
The FSP has the potential to:
Increase Access to Fertility Treatments: By making fertility treatments more financially accessible, the FSP could empower thousands of individuals and couples to pursue parenthood.
Reduced Financial Stress: The FSP could alleviate the financial burden associated with fertility treatments and family planning, promoting greater peace of mind and well-being.
Proactive Family Planning: By encouraging individuals to start saving early, the FSP could promote proactive family planning and reduce the need for costly interventions later in life.
Positive Societal Impact: By addressing declining birth rates, the FSP could contribute to a more sustainable and thriving society.
The Wrap-Up
The Fertility Savings Plan represents a proactive and innovative solution to address the complex issue of declining birth rates and the financial barriers to parenthood. By combining user-centered design, behavioral science insights, and a sustainable business model, the FSP has the potential to create a significant positive impact on individuals, families, and society as a whole.
Haley Forest 