The crowdfunding concept really seems to be taking off, especially with what Kickstarter has done to help fans fund creative projects. Now a startup called 33needs is bringing a similar approach to funding for-profit startups that want to tackle big, global issues.
Founder and chief executive Josh Tetrick said that the company comes from his experience working for &''a venture capital-like initiative&'' for the United Nations in Kenya while he was a law student. During that time, he said he met a4‚¬Ahundreds of entrepreneursa4‚¬¯ who had great ideas and valuable experience but didna4‚¬a4„t have access to capital.
a4‚¬AWe are the only platform that enables ordinary people to invest, make a social impact, and earn a return,a4‚¬¯ Tetrick said.
The company whose model comes closest to 33needsa4‚¬a4„ is probably profounder, a startup led by Kiva cofounder Jessica Jackley that launched in November and also offers a crowdfunding approach to small businesses and startups. Both services reward their investors with a share of the revenue from their companies. Asked about how 33needs differentiates itself, Tetrick pointed to 33needsa4‚¬a4„ emphasis in companies with a social or environmental mission, and the fact that it allows investors to participate in the potential &''upside&'' from their investments.
More than 895 entrepreneurs and nearly 1,000 potential investors have already signed up to participate in 33needs. Tetrick said his hope is to fund at least 30 startups in the next 60 days. Startup categories include &''the planet&'', education, community, health, opportunity, and sustainable food.
33needs is self-funded.
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Companies: 33needs
People: Josh Tetrick
Companies: 33needs
People: Josh Tetrick
Anthony is a senior editor at VentureBeat, as well as its reporter on media, advertising, and social networks. Before joining the site in 2008, Anthony worked at the Hollister Free Lance, where he won awards from the California Newspaper Publishers Association for breaking news coverage and writing. He attended Stanford University and now lives in San Francisco. Reach him at anthony@venturebeat.com. (All story pitches should also be sent to tips@venturebeat.com) You can also follow Anthony on Twitter.
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