Home > Strategy > Start-Up Review: Start Some Good- A ‘Kickstarter’ for Social Ventures

Start-Up Review: Start Some Good- A ‘Kickstarter’ for Social Ventures

If you are in touch with the world of entrepreneurship and start-ups, you would have heard the name of Kickstarter. Kickstarter helps founders to raise funding for their projects through crowd funding.

A similar platform has been started for social ventures to raise funding to fun their projects. The Start Some Good platform was started by Alex Budak, a social entrepreneur himself.

What is the idea?

The Start Some Good platform helps social entrepreneurs to raise funds for their projects through crowd funding or as the founder puts it “peer funding”.

How it works?

The social entrepreneurs can submit their plans on the portal and explain how their project can help transform the world into a better place and what resources they would require to execute their idea. The Start Some Good team works with the social entrepreneurs to chalk out a campaign around their project and arrive at the ‘tipping point’ for funds. The campaign is complete once the funding meets the tipping point by a specified number of days. The donors can make donations as small as $5. The total amount of money is handed to the entrepreneur only once the complete target is met.

Where does the revenue come from?

The team takes a 5% share from the total amount collected for the project.

My take:

Besides the ‘Kickstarter’ there are many other crowd funding platforms where entrepreneurs can raise funding for their projects. Thus, the crowd funding platforms are competing for the share of the same pie, thus making it challenging in the future to raise enough funds.  What sets this platform apart is that this one is just for the social projects and aims to target entrepreneurs who want to transform the world for good.  This is one of the biggest points in favor of the venture.

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