There is a very cool idea called Vencorp being championed by Sean Wise of Wise Mentor Capital. I had previously seen reference to Vencorp on Startup North and there is a recent article in Profit Magazine that gives a more detailed overview of the venture.

What I like about this approach to funding start-ups is that it takes into consideration that starting a business today is less capital intensive and the fund also leverages the wisdom of crowds to determine which companies receive funding. Rather than have a fixed board or serial entrepreneur judging the merits of a proposal the Vencorp community vote on a monthly basis to determine which start-ups are fund worthy. To become a member of the Vencorp community all one has to do is sign up and membership is free. There are incentives and points awarded to community members based on their track record of contribution and success. Community members can use points for various items  within the Vencorp site.

I really like this idea and wish them success. This is a very timely initiative that addresses the needs of the start-up community and provides a merit based system for awards. Vencorp is providing an innovative service to entrepreneurs, start-ups and the community at large. Perhaps a matching contribution from the provincial government could be leveraged to deliver some much needed value to the start-up community. Personally I would much rather see all levels of government supporting initiatives like Vencorp with matching funds than building bureacratic boondoggles.

Cheers,
Ian Graham

Filed under: Entrepreneurship, Innovation by Ian
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