We all know Kickstarter or Indiegogo, the popular crowd-funding websites that allow anyone with a good project to seek funding. We published our share of Kickstarter and Indiegogo campaigns on here, simply because the creativity of the ideas is amazing and the video demos are always fun to watch.
Last Thursday, the launch of JumpstartFund opened the door to a new breed of crowd powered product design that aims to help startups execute their best concepts. The best ideas and patents are evaluated by the JumpstartFund team for marketability and when selected, they are moved into the “work in progress” status on the site, where community members can collaborate, using their own specific skills, to eventually turn them into viable and successful companies.
JumpStartFund is built with a social network where members can participate and vote, and in return, they are rewarded with Advisory Points that equal a commission on the company’s revenue for the first year. They must stay actively involved in at least 50% of the crowdsourced activities related to that company (over its lifetime) to maintain that commission.
On the paper, JumpStart looks like a great platform to test and fund new product concepts, seek new innovations for existing patents, and find the best teams to execute the best ideas.