I have been a big proponent of changing the funding model for mobile startup companies. (Lessons from Trutap: Part two – Do we need a Zopa like funding model for the Mobile data industry? )
So, I am truly pleased to see this! Growvc launches with an innovative model for mobile startups ..
Techcrunch has a great write up on GrowVC which I covers all I wanted to say …
Grow VC is a new community funding model for technology startups. Here’s how it works: Grow VC will pool 75 per cent of membership fees into a community fund that gets invested back into ‘promising startups’ which are members of the platform. The fund is managed by Grow VC but all the investment decisions are left to members who determine how to invest their portion of the fund into other startup companies that they feel have the most potential. The most successful decision makers get financially rewarded when the community fund begins earning a return on investment. So, if you promote the best companies you make moola.
Joining Grow VC, and the basic features such as building a person profile, are free. Premium features come with subscriptions ranging from $20 to $140 per month, depending on how much money the startup company is seeking or how much the investor is looking to invest. For unlimited service investments, the monthly subscription fee is $90 per month. The fund is aimed at startups that need $10,000 to $1 million USD.
Congratulations to Jouko and the GrowVC team in making this happen
GrowVC are one of the VC partners and will be speaking at the CTIA Las Vegas event I am chairing in March on Mobile Web and Apps – and I look forward to it!