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About the project Edit
Outvesting is 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 entrepreneurs. The initiative started in Ireland for the support of Irish entrepreneurs.
In what ways is this project unique and creative? Edit
The principle of outvesting is extremely simple and consists of 5 Steps:
- Gather 100 pledges of €50 from a given community
- Collect €5000
- Gather submissions from local startups
- Donors vote for their favourite startup
- Winner collects €5000
Outvesting was inspired by the conversation around two blog posts, by Pat Phelan and Joe Drumgoole. The sum of €5,000 kept coming up as a baseline figure that a bootstrapping startup could do something useful with.
What is the social value of this project? Edit
No other return for the donors than the mere satisfaction of having helped a local venture.
What is the potential of this project to expand and develop? Edit
KildareStreet.com, a political accountability website, has been announced the winner of the inaugural €5,000 Outvesting fund. Outvesting has apparently not yet duplicated its call for free funding and could be a one shot unless other initiatives be inspired by its principles.
What was the triggering factor of this project? Edit
What is the business model of this project? Edit
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