Posted under Startups
from http://venturebeat.com/ 776 days ago

Would you fork over a small portion of your income for the next decade in exchange for funding?

The team behind Upstart, (pictured, above) a new crowdfunding platform, are willing to bet that this will be viable option for scores of recent grads and budding entrepreneurs. The startup launches today with a new model to provide grads with a modest amount of risk capital, with their future earnings as collateral.

Upstart works a bit differently than any other crowdfunding website. Unlike Kickstarter, backers can invest in people — “upstarts” — rather than in teams, projects or ideas. Upstarts can use the funding for almost anything, and in return, they pay their backers on a monthly basis for ten years, verified annually via tax returns. The interest rate is a 14.99 percent annual return.

“We started Upstart to find a way to help kids at the early stages of their career,” said ...

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