Getting Started with a Little Help from the 3 Fs: Friends, Family, and Fools

Community Funded Project

Community Funded Project

In Entrepreneurship courses, the concept of “bootstrapping” is typically referred to as the first phase of funding for a new venture, where the entrepreneur covers the costs themselves.  And as I watch dozens of entrepreneurs starting their first ventures, bootstrapping can be challenging – particularly for cash-strapped young entrepreneurs.  These days, bootstrapping is being replaced with crowdfunding – raising small amounts of money from lots of people – often facilitated by a website such as Kickstarter or CommunityFunded.  These internet fundraising platforms not only make it easier to approach one’s network for start-up cash, they also make is easier for friends and family to support the entrepreneur.  The first time you ask your friends and family for money can be intimidating, and bring on a new sense of responsibility to deliver results.

Here in the College of Business at Colorado State University, we have seen numerous crowdfunding sites pop up this year seeking financial support to fund student-initiated ventures.  What some schools consider student projects are legitimate start-up ventures here at CSU, especially for students participating in both the Global Social and Sustainable Enterprise MBA Program, as well as the Institute for Entrepreneurship’s Immersion Lab.  So explore the links below to see not only what the students are working on, but also to get a glimpse into what “bootstrapping” looks like today – and who knows, maybe something will catch your eye and inspire you to become the 3rd F…

-Kat

This entry was posted in Entrepreneurship, Highly Applied Curriculum, Impact Investing and Startup Financing and tagged , , , , , , , , , , . Bookmark the permalink.

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