Funding Ideas Based on Awesomeness

The readings this week spoke to the concept of building new business models. They looked at what elements that make those models successful, and pinpointing what are the best markets to go into, taking a variety of characteristics into account.

However, the age-old question inevitably comes up when thinking of any sort of venture which require money. Funding. How to get the money, what is the best source, and will it last long enough to bring about the kind of change that the ideas strives for. What if there was another way to look at funding these ideas. Over this course, we have discussed different funding models, the role of government in fueling innovation, and the importance of sustainability in driving investors to projects. All of the ideas that we have read about have merit, and all of them have elements of innovation to them as well. Yet, in each of the different models, with different funding possibilities, there are hoops of some sort to jump through in order to make ideas come to life.

Although in Boston, things are starting to change. We’ve discussed micro-financing, and its impact on the developing world, but what about the idea of micro-financing, from micro-grantmakers? Well a Harvard grad thought that was just the key to create social change, by taking one element into account: Awesomeness.

This is essentially the idea behind The Awesome Foundation, created by a group of tech-savvy twentysomethings from Cambridge in 2009. The idea is simple, each grantee chips in $100 each month, and they all review submissions, with the winner receiving $1,000. The key is-no strings attached. The Awesome Foundation is interesting in funding just that-awesome ideas that contribute in a positive way to society. They are looking to create change, without the typical bureaucratic rules that is often associated with established funding sources.

They are simple, driven, and dedicated. The money might not be massive, but the concept is. Already, there are 23 chapters around the world, with word spreading fast through the social channels. Can 'awesomeness' change the world? Well that is yet to be seen, but in the meantime, it'll surely push through some pretty great ideas....