ProFounder Leverages Family and Friends for Seed Money
Christopher DeLuca — December 28, 2010 — Business
References: profounder & tedfellows.posterous
Jessica Jackely -- the founder of the immensely popular microfinancing platform Kiva-- has launched website with similar aspirations but for startups and small businesses called ProFounder.
ProFounder enables users to create a profile and connect with their friends and family to secure seed money for their business. In their profile users set the terms of the loan that will be attached to any seed money. ProFounder also makes it easy for users to craft their pitch (an important first step in securing seed money).
Listen to Jessica Jackely articulate the mission of ProFounder in the video and don't be overwhelmed by its length. Skip to the 18 minute mark to get to the good stuff fast.
ProFounder enables users to create a profile and connect with their friends and family to secure seed money for their business. In their profile users set the terms of the loan that will be attached to any seed money. ProFounder also makes it easy for users to craft their pitch (an important first step in securing seed money).
Listen to Jessica Jackely articulate the mission of ProFounder in the video and don't be overwhelmed by its length. Skip to the 18 minute mark to get to the good stuff fast.
Trend Themes
1. Online Microfinancing - The trend of online microfinancing platforms like ProFounder allows startups and small businesses to raise seed money from friends and family.
2. Peer-to-peer Lending - The disruptive innovation opportunity lies in creating platforms that facilitate peer-to-peer lending for entrepreneurial ventures, just like ProFounder does.
3. Crowdfunding for Startups - The trend of crowdfunding platforms aimed specifically at startups and small businesses provides an alternative avenue for raising capital, and presents an opportunity for innovative solutions in this space.
Industry Implications
1. Fintech - The FinTech industry has the potential to benefit from the disruptive innovation opportunity presented by online microfinancing platforms like ProFounder.
2. Social Networking - The social networking industry can explore opportunities in facilitating and enhancing the connections between entrepreneurs and their network for fundraising purposes, similar to ProFounder.
3. Startup Incubators - Startup incubators can integrate online microfinancing platforms into their programs to provide additional funding options and support for their startups.
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