My friend, Surya Mahadev has the habit of sending me interesting bits of info via SMS, etc. especially when he finds something that is happening in the world which underlies some of the predictions I make. He sent me this video, which is quite interesting because that is exactly what I had predicted about a year back, and in fact I have worked out a website on the Internet to do what this lady is talking about. It is a very kind way to work with the world around you. My system is called "PromiseFunds" where entrepreneurs, innovators, and others who are simply doing something passionate to make a difference to the world around can honestly ask for funds. All they have to do is make a promise that the world sees they are keeping for funding their next milestone. In "PromiseFunds", each project moves on this chain of milestones with promises in-between. Say you want to be a recognised musician, and you want to make it in the music world (as Amanda Palmer in this video), so you chalk out the milestones you want to achieve along the way. Say the first step is to buy a nice, expensive guitar for which you have no money. And somewhere down the line one of the latter milestone could be perform to a huge, paying crowd at a stadium. For the first milestone (i.e. buying the guitar) you make a promise which could be that "I promise that I will put up my music on Youtube and I will get at least 20 likes for it" (or something of that sort, which impresses the audience that you do have talent) Then you give the date by which that promise is to be completed. Once your video is up, and you do achieve your promise; then there is a good chance that you will get the money to buy your guitar. Note that your project is still not completed, you just achieved the first milestone. You then progress from one milestone to the next, winning funds from your audience along the way by making promises that you definitely keep. Eventually you will reach the final milestone of playing at a stadium. Some may say this is a long drawn way to work on a project. And crowdfunding systems such as kickstarter, etc. are lot more easier because there you raise funds one time. However, I felt the PromiseFunds system is a lot more accurate, more mature; it is kind BOTH to the fund raiser + the fund provider AND it would filter out those people who will not keep their milestones. I believe, it is impossible for a project to be done with just one corpus of funds. One needs to flesh out a project by meeting several milestones along the way. Just converting an idea to the first product/solution/service itself is not sufficient and I have heard many incidents on crowdfunding sites such as kickstarter, etc where the project sank or the fund-raiser disappeared with the funds he received. I believe, one needs to meet many milestones on the way: test the product/solution, manufacture it, market it, give user-support, develop it further ... in short work on the entire ecology. PromiseFunds allows that kind of progress of a project. Also note: The money to be asked at each milestone is quite small; because one is only funding that milestone at that point in time. So the risks are quite minimal to the funder. This should be useful for many individuals/organizations who are very sincere and do meet their milestones but are struggling to convince investors to deploy funds. As you may have guessed, I am one of those. I got the idea of PromiseFunds by closely examining the way I work. I am sincere in my efforts and I do meet milestones, but for some reason I have not been able to get funds to meet my own milestones. PromiseFunds is also a very good "due-diligence" system for investors: both small time and big. They can ask people whom they plan to fund to peg their projects on PromiseFunds, and the investors can them monitor the progress and deploy funds accordingly The entire PromiseFunds system is actually all developed by me but I am still testing the website so it is not yet released to the world. In the meantime, if you have some feedback on this system and if you want to participate or even take over this system, do let me know. Promisefunds is NOT my core business and I would sincerely and honestly want someone to run PromiseFunds as a project by itself. My act of writing this on Facebook itself is my first honest "asking", the way Amanda Palmer did. So here is my first milestone that I want to reach: Give it over to a serious professional who will take my passion and run this. Do contact me and tell me why you would be suitable and how much money you are prepared to deploy for this, and I will gladly hand this over. My company (SyncSpace) will play a small role in the project, but not the main role from that point onwards And my promise? I will launch PromiseFunds in on July 10, 2013 youtube/watch?v=xMj_P_6H69g
Posted on: Sun, 16 Jun 2013 05:11:26 +0000
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