When I was in Hong Kong, I had a chance to meet up with my friend and former Vancouver resident, Alex Pang. Everyone loves meeting Alex because he likes to give away money. Alex’s newest venture is MyMicroFund.com, a site that providing funding for low cost startups. If you have an idea for a business venture and need some money to get started, MyMicroFund.com is a good place get it.
Starting a website can be one of the least expensive ventures in the world. However, there are still many people who can’t afford domain name, web hosting or programming costs. Many people have great ideas but lack the startup money to get that idea off the ground. MyMicroFund.com offers the following advantages:
- Fund your project with a minimum of $500US and up to $3,000US
- All based on goodwill, no legal mumbojumbo, your word is good enough
- Open to anyone, anywhere in the world
- If recipients succeeds then they repay funding as they see fit
- If the venture fails then whatever can be liquidated
The mandate of MyMicroFund.com is to offer funding to ethical grassroots ventures with no strings attached in the hopes that recipients will ‘pay it forward’. For the first stage of this fund, Alex is looking to fund a venture that will generate cash flow quickly. Fund raisers, charity organizations and compassionate ventures are encourage to apply. Those who have money but still want to participate for the novelty factor can apply as well but will have a lower priority.
First Funding Going To A John Chow dot Com Reader
Alex has decided that the first funded project should go to a John Chow dot Com reader. If you have a great idea for a web venture but need a few hundred (or few thousand) to start it, then go and submit your proposal to MyMicroFund.com Make sure you mentaion that John Chow sent you, otherwise your proposal won’t be considered.
Like all business plans, the more information your provide about yourself and your project, the greater the chance you have of getting funding. I think what Alex is doing is a great idea. I may set up a micro venture fund myself.