The Good Good Piggy Mantra for Good Financial Literacy
“Catch them young” is a good mantra to stick to when it comes to teaching your kids a trick or two about financial planning. Childhood experiences are central to our personalities and learning how to manage finances can be considered an essential life skill, one that your children would be grateful to have acquired at an early age. So how about technology that teaches kids the basics of finance as young as five?
Analytics India Magazine interacted with Purva Aggarwal, Founder and CEO of Good Good Piggy. Aggarwal talks about her journey, telling how she created the first fin-edtech startup in India.
Aggarwal is the first India-based female solopreneur ranked third globally to enter the “online banking and wallets for kids” space. Founded in 2021, good good pig is an online piggy bank and behavioral rewards platform that acts as an investment channel for young children to build money management habits. The platform applies a few OECD/INFE targets, impacting the downward trend in financial literacy by setting early benchmarks.
The adventure was born in shark tank india on Sony Liv, while Aggarwal was listed in Japan’s Start-up Review as “The Next Leader 2021”.
Previously, Aggarwal worked as a financial analyst at Mayfair Equity Advisory Ltd. She was also an editor for a leading publication for institutional investors. She is the ambassador of the Indian chapter of women in technology – a global movement of an international non-profit organization based in Paris, dedicated to promoting diversity in the technology sector worldwide.
Read excerpts from our interview with Purva Aggarwal below.
AIM: How is it to be the founder and CEO of Good Good Piggy?
Every day is different and comes with new learnings every day, bringing new challenges and issues for you to face. It’s about pulling everyone together and remembering the big picture and, of course, fighting small fires every day. Even though I can’t be mad, it’s a good problem to have. We have been focused on our go-to-market strategy and public rollout of the app lately. It’s exciting to see what was once just an idea in your head grow into a full-fledged business, but it’s also an exhausting roller coaster.
PURPOSE: Elaborate on your role in trying to achieve company goals.
My role is to balance the big picture with the small details. The role of a founder is truly endless, but this is my favorite part. You are still on multiple learning paths because each part is too important to establish the basics. There are always many different areas that require your full attention, all at once – operations, hiring, planning, funding – all as immediate as each other. (Laughs).
AIM: Could you tell us more about Good Good Piggy?
Good Good Piggy is a digital piggy bank and habit builder for pre-teens, focused on a D2C approach. We began to organize our special communities for different types of parents so that we could identify and meet their unique needs. Our first community event was held on October 16 at the India Habitat Center for Mompreneurs (moms+entrepreneurs). It was a huge success and we are delighted that the mums and children had a great time. The penetration of digital into our lives has multiplied during the pandemic. About 86% of children as young as one year old have used a digital device. Now elementary school children go to school via video calls and can understand this technology better than us sometimes. Therefore, the urge for digital exploration is already eminent. Kids are a little too click-sensitive now. They know how to handle devices and there is no turning back from this trend. In this tech-driven generation of clicks, attention spans are increasingly short and instant gratification is all too prevalent.
AIM: What technologies are driving the company and how do you make it child-friendly?
We mainly use React JS, React Native, MongoDB and a bunch of integrations in a modular environment to make development progressive and scalable. Good Good Piggy’s child interface is designed to look like a game to hold their attention and be easy to use. Why not commit their screen time to teaching them skills that will put them on the right path? It is also fully customizable and fully parent controlled as we understand that every parent and child is unique and there are many different parenting styles. Everything must be approved by parents and is designed to be completely safe. Additionally, there is a number lock feature that parents can activate to prevent excessive screen time for their children. The video garage ensures that the child only watches the content introduced in the app by the parent and does not click on other unapproved videos.
AIM: How has your work evolved over time, especially in the post-pandemic era?
Good Good Piggy was a pandemic baby, so it’s part of our DNA. The post-pandemic era has changed the way teams work, with geography no longer a constraint. This makes the talent pool much broader and allows different perspectives to be part of the process. Creativity has definitely blossomed new solutions to make virtual teamwork effortless.
AIM: What are some of the learnings that come with being in your shoes?
My biggest learning is that you can learn anything. I’ve learned so much over the past year that I probably never would have bothered to do it if it hadn’t been for Good Good Piggy. There are also many macro trends that we have studied while trying to figure out how to create for Generation Alpha and beyond. The environment is changing so rapidly that the development of the mind has also changed in some ways and it is important for next generation carers to realize that we need to adapt teaching to accommodate technological disruption.
AIM: Have you encountered the “glass ceiling” in your career, or is it imaginary?
Of course I did! Banking and entrepreneurship are two sectors dominated by men. I am the first female solopreneur in India and the third in the world in online banking and child wallets. The startup bubble has certainly improved in terms of the share of women, but there is still a long way to go. I am happy to be part of this journey and hope to improve the path for other women moving forward.
AIM: As an ambassador for the Indian chapter of Women in Tech, how do you think organizations respond to the need for diversity in technology?
Our goal is to encourage women in the technology sector and reduce gender parity. We encourage women to continue and be on the board and companies to be more inclusive. We also help women rejoin the labor market after maternity leave/break, which remains a problem for many women. I believe that real change happens when there is diversity at all levels of an organization. This means institutional funding for women leaders, training, ease of returning to work after a break and, of course, equal considerations. We want companies to be more inclusive and create their policies with all stakeholders in mind, not just following the norm.
Top Apps You Frequently Use
Canva, Stripo, Google Scholar, MS Clarity
Podcast titled Capitalisn’t
Marketing 5.0 by Philip Kotler
Change of Mind by Susan Greenfield
What would be your alternative career?
If it weren’t for my company, I’d probably still be working in the private equity industry, but you never know – after all, Good Good Piggy was a surprise.
How do you define your leadership style?
I like to encourage independence. I believe people need space to be creative and come up with ideas. We certainly encourage learning all you can – even for our senior members. I believe that learning from each other is important for the success of any team.
Your advice for women on a similar journey.
Getting the trading environment right is important. Employees, advisors and consultants – good advice and good reviews are the key to success.