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Yunus Online (Crowd-Angels for Startups)

Urbanbumpkin
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  • Submitted by: Urbanbumpkin
  • Created: Oct 12, 2007, 10:05 am
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The Idea

Some of u may heard Yunus who gained the Nobel Peace Award 2006 by building the Grameen Bank which lending Micro Credit to people unlike the giant bank.

I would like to move this idea to Internet-based to create a website where people can load and lend micro money. This system bases on personal credit which can be tracked by users financial record and users-interact ranking.

Furthermore I would like to introduce the "CH" model as well. The Yunus Online just open for business "Startup" founder in the initial stage not for all whole people that means people who wanna borrow money must have his "Startup"business plan.

In order to insure the money lend to the "Right person", Yunus Online users will conduct a "CH" style competition to find out the most potential projects and founders.

Secondly, the payback can be (loan-money+interest) or hold the share of the startup project.Either of the payback method depends on borrowers and lenders' willingness.

There are some issues I'm concern, whether the legislation allow people making p2p financial transaction in most of the countries. 2nd how to ensure the fair,open, trust, and supervision of using money as well as most of the borrowers would payback.

I'd like all of u can give me some ideas abt finance, law, it technical requirement and if u have the confidence to borrow money to strangers...

I thought of this idea when I was...

Reading the Yunus story and browsing the CH.....


Comments Posted

ccozad
ccozad Posted: October 15, 2007, 1:22 am

double idea post?

vanhees
vanhees Posted: October 15, 2007, 2:25 am

The website is simple, but the rest I see as almost impossible..
Tommy

Urbanbumpkin
Urbanbumpkin Posted: October 15, 2007, 2:49 am

hi tommy thanks 4 ur comment..I always enjoy and like ur feedback coz u unlike some of the users here just say the good.

u said the rest as almost impossible...can u tell me specific (which parts ) and why don't they work? and the main reason I put this idea up here is for brainstorming to see if anybody could figure out how to make this idea into a practical one.

Goosie
Goosie Posted: October 17, 2007, 2:42 pm

We should use the forums more before we launch idea's. That will save each other time. I'm debet as wel of nit using the forums, but again let's workout our idea's a liitle bit more first before we launch it.

motiggidy
motiggidy Posted: October 17, 2007, 3:21 pm

How does this compare to prosper, kiva, and lending club?

Kevin_Cox
Kevin_Cox Posted: October 17, 2007, 8:33 pm

Humm, IDK sounds a little complex.

Urbanbumpkin
Urbanbumpkin Posted: October 17, 2007, 11:32 pm

Hi Motiggidy, this idea is not just abt lending money out it's combine the advantages of CH. This idea is too encourage ppls to involve in start-up project and invest in these project. In a nut shell, this Yunus online is more like a "Crowd Sourcing Venture Angel",by gaining real money the start-up founder will find out how does other people think abt their project and how good it's??

techguy
techguy Posted: October 18, 2007, 1:38 am

See the duplicate idea for my comments. Grrr...duplicates.

vanhees
vanhees Posted: October 18, 2007, 1:58 am

What is the impossible part?
In web-country you don't know who is behind the keyboard, so who'm are doing businuess with. The people that need the money don't have paypall.
So the whole 'logistic' part is very difficult, you'd need a huge organisation, or go very localy.
Tommy

fossiloflife
fossiloflife Posted: October 18, 2007, 6:27 am

i agree with tommy!... but ur idea has something in it! and too complicated on the implementation side :)

Urbanbumpkin
Urbanbumpkin Posted: October 18, 2007, 9:27 am

it's true Tommy, I also saw how difficult to implement it coz this idea not just a web lots of thing involve, especially, the real money and the both can't see the real people.

I's wondering if there any exiting e-ID service/tech. or e-contract service to indicate who exactly the person is and make some boundary. This might reduce the uncertainty and increase the confidence to invest others' project.

Hope someone can figure out the "impossible-mission" via brainstorm.

techguy
techguy Posted: October 19, 2007, 10:31 am

Comment moved from duplicate:
I saw Yunus speak during my college days and I must admit that he was one of the highlights of my college experience. What he did was absolutely incredible and revolutionary.

I'd love to see an online version of it, but unfortunately I think an online version of it takes away many of the features that made his idea so successful and had such a high pay back rate.

I'd love to see more on how you plan to implement the online version of it. I love the idea that $70 could change an entire family's life.

joyce
joyce Posted: October 19, 2007, 12:26 pm

i like this but am quite rusty on asking some points i need to know....

Urbanbumpkin
Urbanbumpkin Posted: October 20, 2007, 5:09 am

Hi techguy, this idea is sort of modification of Yunus one. it's not open for the poor people firstly, it's to encourage people support start-up business and encourage people to try some small-money investment in a new way like via Internet.

Entreprenew
Entreprenew Posted: October 20, 2007, 9:34 pm

Every countries laws are different. Focus focus focus on one geographical segment and grow from there. I like the idea, obviously proper safeguards need to be built into the idea, but not impossible. I would flesh it out a bit more too.

Urbanbumpkin
Urbanbumpkin Posted: October 21, 2007, 9:11 am

hi entreprenew, what's ur recommendation abt the safety and building trust..coz majority pple here though this idea impossible are both these two issue.

and how ll u fresh it out...?

meGz
meGz Posted: October 22, 2007, 5:11 am

what keeps this idea from viable..i guess all it had to do is make a financial partner in certain countries and give them a share like a network of bank using one atm facilities...

my .2cents!

meGz
meGz Posted: October 22, 2007, 5:12 am

financial institution like bank i mean*

*&($@( darn this keyboard!

vizminda
vizminda Posted: October 23, 2007, 11:53 pm

startups need this...hope this can bounced back next round.

you got my 5stars!

Urbanbumpkin
Urbanbumpkin Posted: October 24, 2007, 7:45 am

Vizminda thanks for ur vote and ur comment encourages me a lot...I wish more ppls leave comments here and give me more recommendations.

Urbanbumpkin
Urbanbumpkin Posted: October 26, 2007, 4:10 am

Thanks for the vote guys although this idea didn't win for the last war, I'm appreciated ur comments and votes. I ll try to continue to generate more better ideas here..

 

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