Outvesting.org

Mr Biz

Hi all..

No association..just read this.. Maybe a start up here might benefit..

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Outvesting.org, the online campaign which has raised a €5,000 fund through donations on Twitter is now seeking applications from Irish entrepreneurs. The entire fund will be gifted, no strings attached, to one lucky start-up after a review and voting process.

"We simply asked people to pledge €50 each in the hope that one hundred others would do likewise. Those pledges came rolling in and in the space of four weeks were converted to donations amounting to the target €5,000", said John Keyes, one of those behind the project.

Applications can be submitted to the Outvesting.org website until November 21st and the winner will be announced on December 7th. Those who donated to the fund will review applications and vote on the start-up with best potential.

"There's obviously a groundswell of opinion that entrepreneurs should do more to help ourselves at this time of banking and economic crises. We just tapped into the generosity and goodwill that exists within the start-up community in Ireland", said James Corbett, the other half of the Outvesting team.


About Outvesting:

Outvesting.org was founded in September 2009 by James Corbett and John Keyes as an online campaign to raise funding for entrepreneurs and start-up companies. The idea was generated as one response to the general dissatisfaction amongst entrepreneurs with the lack of appropriate angel funding and state supports in Ireland.

shoutman

Is a great idea imo, and I'm not just saying that cause i'm one of the micro investors.

Two guys behind the idea seem like real sound guys.

trap4

Only 19 applications to this so far. Surprising there haven't been more considering it's a 'no strings attached' €5,000 that's on offer.

Are there that few people with startup ideas? Or do they just think €5,000 isn't worth the effort? :rolleyes:

tombull82

who are the 100 panelists and is there a protection clause in place so they don't take your idea an run with it?

shoutman

AFAIK the 100 panelists are the guys who have donated the 50 euro, the fund is being held by the organisers. The selection is being done on a poll basis by the people who have donated the 50 quid.
Doubt there is any protection clauses, but I don't think anybody gave the money in the hope of getting a chance to rob somebodies idea.

trap4

35 applications have now been submitted to the Outesting €5,000 fund. There are 10 days left to apply.

The panelists are the people who donated to the fund and made themselves public during the pledging round on Twitter (search for @outvesting and #outvesting). There are no protection clauses in place and its up to each applicant how little or how much they want to disclose about themselves and their business (idea).

suey71

How in dept does the business plan have to be, and who does the entrant have to submit their bizplan to?
Thanks

shoutman

http://outvesting.wufoo.com/forms/outvesting-fund-application/

Application form is here, not very indept really.

byrne0f56789

Nice. Hope this is a regular thing. Great idea.

gavney

are the applicants supposed to be up and running already or are they just pitching an idea?

shoutman

Well one of the questions asked is history of the start up, so i'd imagine it would be expected to be up and running, you'd be better off contacting the organisers then asking on here.

GoneShootin

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.

Think I'll hold onto my money thanks!

shoutman

GoneShootin wrote: »

Think I'll hold onto my money thanks!

I've donated, but I think at the same time, it could lead to good networking opportunities (That is a post donation thought btw).