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Crowdfunding via Twitter – Startups win!

October 30, 2009 Leave a comment

During these tough economic times, new imaginative and contagious ideas are born. In Charles Dickens’ novel Hard Times, the students were taught to never wonder. They were never rewarded for using their imagination and it led to their downfall.

Today, the UK is allowing all kinds of imaginative endeavors to flourish. Ireland’s hard times are serving as the inspiration for a very unusual way to raise money for new startup companies.

It is called ‘Outvesting’ and defined like this: “The act of committing money to a business while expecting to get nothing in return, other than the satisfaction of giving a leg up to Irish entrepreneurs.”

So, who is crazy enough to let go of their precious savings? Well, enough to raise the total goal for two crowdfunded campaigns.

For instance, the recent iQ Prize, whereby Dublin internet consultancy iQ Content awarded EUR 10,000 (US$14,700) to a promising young Irish startup as a way to help kick-start the country’s recovery. Outvesting has now launched a similar effort; only this time it’s a grassroots one that’s using a crowdfunding approach via Twitter.

Outvesting aims to give EUR 5,000 (US$7,300) with no strings attached to an Irish startup. To make that possible, it has used Twitter to invite interested participants to contribute EUR 50 each towards the effort. And now, that they’ve reached their goal, Outvesting will announce how startups can apply to win the collected funds. Those who donated to the fund will get more than just good karma in return—they’ll also get the chance to vote on which startup wins the money. Pretty cool, eh?

So, even in these hard times, when you combine the power of crowds with the reach of Twitter, the possibilities are limitless.

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