Accelerate Okanagan91裸聊视频檚 most recent hackathon brought 40 people together at Kelowna91裸聊视频檚 Innovation Centre to tackle the question 91裸聊视频楬ow might we mitigate the stressors surrounding affordable housing in the Okanagan Valley?91裸聊视频�
On Thursday, June 23 people from all backgrounds were split into a number of teams to compete for the best solution.
Jan Rutgers, founder of Vestabul Design, was on the winning team Financial Freedom which built an idea for The Village App.
91裸聊视频淥ur original thought was that we wanted to be able to build an app that would allow a first-time homeowner or first-time home buyer to be able to save for a down payment,91裸聊视频� Rutgers said. 91裸聊视频淥ur theories were that a lot of 20 to 30-year-olds coming out of high school, just getting started in life, really have not given good budgeting, it91裸聊视频檚 not something that91裸聊视频檚 taught in schools and how could we develop an app that would motivate them to save for a down payment.91裸聊视频�
Rutgers said the team switched course to look at paying the first month91裸聊视频檚 rent and a security deposit.
91裸聊视频淎 single-family home in Kelowna is over $1.1 million91裸聊视频� by the time we did the math on a $500,000 purchase of a first-time residence and you need $25,000 minimum for a 5 per cent down payment, we saw that it was unrealistic to expect that this age group would be able to save $25,000 in a year.91裸聊视频�
The app is meant to encourage users to save over the course of a year.
Rutgers said the proposed format would be saving $2 in the first week and increase the amount by $2 each week for 52 weeks.
In one year the total saved would be $2,756, Rutgers said, 91裸聊视频渨hich would be the $850 needed for a security deposit and the $1,700 for the average first month91裸聊视频檚 rent.91裸聊视频�
As the winning team, Financial Freedom was offered mentorship through Accelerate Okanagan, but Rutgers said they won91裸聊视频檛 be completing or launching the app.
91裸聊视频淚 think it would be great for somebody to jump on board and take it on. I don91裸聊视频檛 see five complete strangers jumping in and putting that investment in to do it, but I could see that maybe it is something that somebody sees it as a great idea.91裸聊视频�
Previous hackathon events in Kelowna have tackled questions around cancer care, eliminating waste, and more.
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brittany.webster@blackpress.ca
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