Background to Outvesting

A blog post by Pat Phelan ignited a fresh wave of conversation around the subject of startup funding in Ireland. Anton Mannering came at it from another angle and both discussions reminded me of a similar one a few months ago sparked by Joe Drumgoole‘s post to Web2Ireland.

While each debate has thrown up a number of good ideas there’s a certain level of frustration with the realization that these discussions tend to go around in circles, often ending up with a consensus that the government needs to do more/better. While I can sympathise with that point of view I really think it’s time that entrepreneurs in this country started doing more for ourselves, however insignificant it may seem by comparison. Initiatives like the Bizcamp, OpenCoffee Club and the IQ Prize demonstrate the power of ‘self-help’.

While lots of figures have been bandied about during each of these discussions the sum of €5,000 keeps coming up as a baseline figure that a bootstrapping startup could do something useful with. It also happens to be the amount of funding I received in 2008 as a Level 1 awardee at Social Entrepreneurs Ireland.

Which is why we’re using that same figure as the target for a new pledge drive seeking 100 people to donate €50 each to a startup competition. Outvesting is the name we’re giving to this initiative and if/when the target €5,000 is reached we’ll make a call for applications. Each of the donors will then review those applications and decide on a winner by poll. Whereupon the startup will be awarded with the €5,000 prize.

More to follow….

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22 Responses to “Background to Outvesting”

  1. Ed says:

    Hi guys,
    This seems to be a great innovation and a worthwhile endeavour. I’ll certainly try to promote it. You may want to consider posting about how you judge the applications – should help get more pledges.

    Ed

  2. Hi guys,This seems to be a great innovation and a worthwhile endeavour. I’ll certainly try to promote it. You may want to consider posting about how you judge the applications – should help get more pledges.
    +1

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