Listen to this articleNew startup Growbacon gives children a simplified version of the financial world where they can safely learn about savings, stocks, loans and financial responsibility. Growbacon is an app that lets parents create their own virtual bank and decide whether money is virtual or real. Below is our interview with Vu Nguyen, Co-Founder & CEO of Growbacon:
Q: Could you tell us Growbacon startup story?
A: My wife and I recently had a child so we started doing research on different parenting strategies. We wanted to raise a responsible child, and we both felt financial responsibility was a big part of that. We looked for ideas on how to introduce the topic to young children but didn’t find anything that met our needs. I am a designer and an enthusiast investor, and my wife is a developer who used to teach math, so we decided we could build something ourselves. And that’s how Growbacon came to life.
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Q: Growbacon teaches kids financial responsibility, how does it work?
A: Growbacon is a virtual bank that lets kids invest and grow their savings. Their parents customize the investment options and can let their kids take loans. When the kids decide to withdraw the money they made, their parents pay up the earnings. The idea is to give children a simplified version of the financial world where they can safely learn and make mistakes so they can be prepared for the complexity of the real world.
Q: Who was “responsible” for amazing website illustrations?
That would be me :)
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Q: When do you plan to launch it? What are your plans for the future?
A: We hope to launch it as soon as we are ready with testing. Right now we are working with our beta users to improve the experience and to refine the product. In the future, we plan to work with schools to make this available in the classroom.
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