The other day a buddy and I were just throwing startup ideas back and forth at each other, having some fun (super cool I know). One of the ideas I jokingly threw out was an investing platform where you put money in to fund a childs education, in exchange for a percent of their future earnings.
We both thought it was an interesting idea, but were unsure of the legality. As we fleshed the idea out a bit more it also became clear there were a lot questions that needed answering. For example, when does the funding start? Do wait until they graduate high school and see where they get accepted into college? Wait until they graduate college and have proven themselves in the workforce for a bit? What about something as extreme as at birth? How long must they forfeit part of their income? And what about if something happens and they decide they’re content working a minimum wage job for the rest of their lives? The list goes on and on. Clearly launching a startup such as this would be no easy task.
We talked about a lot of these questions and potential solutions for a bit, but eventually moved on to other ideas. Not 2 days later I saw a TechCrunch article announcing that some ex-Googlers had recently launched a crowdfunding platform. The story caught my attention because I am a huge fan of crowdfunding; not only has it helped to create amazing new opportunities for many people, but I also believe that it will continue to grow and disrupt more industries (case in point, Petridish.org, a new crowdfunding site changing the way scientific research is funded, I recommend checking it out). So I was curious to see what niche market this new platform would be appealing to.
Enter Upstart.com a crowdfunding platform for educated young-adults to raise money to help them achieve their dreams. I know that probably sounds like a bad Disney movie, but it not. The money isn’t a gift, it an investment in the funded person’s future, because repayment is a percent of the dreamers future income. The percentage is negotiable, as is the amount being borrowed and you don’t pay during years you’re making less than $30k. If you’re curious about learning more about their service I suggest checking out their site, as well as the TechCrunch article.
I encourage you to check out their website, I think what they’re doing is amazing. I am incredibly jealous of their team, as they’re working on something that I think is not only innovative and destined for success, but something that could also help the greater good. Hopefully one of these students will make a world-changing breakthrough, which would’ve never been possible without Upstart.
As always please leave any comments or thoughts you have below in the comments!