Startup Budgently is one of the proud winners of the The Hague Innovators competition of January 2017. We talked to founder Danny Mulders about his plans for the year ahead.
“Yes, we were totally excited about winning 2nd prize in the The Hague Innovators competition,” Danny Mulders exclaims. “Of course, the prize money of 20,000 Euros is significant. But apart from that, winning has also brought good things on other levels. When a professional jury endorses your product, it is reassuring. It helps to build confidence. This has been invaluable to us.”
Redefining financial success
Danny came up with the idea of a mobile-only personal financial assistant. He founded startup Budgently to turn his idea into reality. Budgently is an application that uses behavioral design principles to create financial awareness among young people.
“Did you know that one out of every two millennials has no one they trust for financial guidance?” Danny asks. “My generation is redefining financial success by paying down debt and saving money. But at the same time, we want experiences more than anything else. And they are costly. We want city trips, rooftop parties, and expensive coffees.”
Spending less on stuff
“What I’m trying to say is: there is a disconnect between the aspired lifestyle and purchasing power. That’s why this generation needs a new type of financial partner,” he says. “I believe managing finances should be easy, social, and fun. We are building Budgently to be a personal finance app that helps to make smarter decisions. It will help users to spend less on meaningless stuff – for the sake of creating more valuable experiences.”
The prize money they won in the The Hague Innovators competition will be invested in the production of a marketing video. “We are working on a video right now that shows prospective users the functionality of our product,” Danny explains. They expect this to help them bring their product to market more smoothly.
Budgently: a financial friend
The remainder of the prize money is used for product development. “Before we actually go live with the application, we want to make sure to validate all of our assumptions. Our chances of success will be much greater that way,” Danny says. “We are continuing to build towards achieving our dream: we want our application to stand out as the most trusted, independent, financial friend for millennials.”