Kickstarter’s hot, but not the only game in town.
Mashable published a great profile on 33needs, a crowdfunding startup that specializes on projects that promote social good. In fact, it’s an outright requirement. Unlike Kickstarter, where any entrepreneur with a vision can solicit funds, 33needs strictly caters to projects and enterprises with strong social missions.
Oh, and it’s not a charity. Mashable’s Jennifer Van Grove explains:
The investments are not your traditional equity plays. Instead, contributors get a percentage of revenue for a set amount of time. For instance, a startup could offer its 33needs investor community 5% of its revenue over the course of three years.
33needs takes an all or nothing approach to social investing. If a startup reaches its goal, 33needs takes 5% of the funds raised. If the startup fails to raise the funds specified, investors get their money back and 33needs also walks away empty handed.
In short, it blends the profit-sharing mechanisms Kiva with the funding tools similar to those of Kickstarter, complete with the social hooks that both services rely on to spread the word. Projects are sorted into six “big needs,” namely: The Planet, Education, Community, Health, Opportunity and Sustainable Food. As of this writing, the site’s been live for 16 days.
So far, More Than Me is the project to beat at 46 percent funded. The aim is to finance a laptop slip cover business whose proceeds will be used toward the education of girls in Liberia. In the Sustainable Food category, Half United is 15 percent funded (of $2,500). The company plans to use the funds to set up shop at the 64th annual North Carolina Azalea Festival and drum up sales that in turn fight global hunger. Check out the 33needs widget below for more info.
To circle back around to Kickstarter, this is a reminder to consider funding 10,000 Trees. Only $465 left and 10 days to go!