Government leaders have already been able to tap into the knowledge, skills and networks of entrepreneurs through Fuse Corps. Now Pave hopes to help the same entrepreneurs connect with the next generation of business leaders and invest in their future.
Given the harsh economic environment for most people at the moment, ambitious young people may find it particularly hard to turn their business ideas into reality. Pave already has a pool of nine potential prospects for successful entrepreneurs to get to know through their profile on the site. Backers can then offer their funding, wisdom or connections at a level that suits them in order to help the promising young students and graduates make their way in their chosen industry. In return for their investment, backers then receive an agreed percentage of their earnings over a fixed time. The following video explains more about the startup:
In place of a traditional bank loan, the Pave system offers young people invaluable help in the form of a personal relationship with a successful entrepreneur, on top of the finance they require for starting out. Backers can also gain money from their investments, but more importantly are investing socially in the future. Could this provide an alternative to career development loans?