A few weeks ago, Grow VC, a community funding platform for startups that seeks to help entrepreneurs raise seed money, launched operations in India. Their local partner is Springboard Ventures. It works on a subscription model, whereby you can sign up as a member for Rs 1,000 per month. 75 per cent of your membership fee goes into the community pool and is invested in startups. Entrepreneurs are required to sign up as Grow VC members and post their business ideas/plans on the portal for investor-members to evaluate.
The founders of Grow VC, Finnish entrepreneurs Jouko Ahvenainen and Valto Loikkanen, think that the ‘crowd’ can pitch in with the Rs 10-20 lakh that a startup needs to kickstart an idea. This money is currently not easily available from venture capitalists or even professional angel investors.
What is your view on this funding model for your startup? Take the poll. Read the full story
