Crowdfunding an Irish startup via Twitter

Ireland has been particularly hard-hit by the current economic recession, spurring initiatives like the recent iQ Prize, whereby Dublin internet consultancy iQ Content awarded EUR 10,000 to a promising young Irish startup as a way to help kick-start the country's recovery. Proving once again that there are few things as contagious as a good idea, Outvesting has now launched a similar effort, only this time it's a grassroots one that's using a crowdfunding approach via Twitter.

Outvesting aims to give EUR 5,000 with no strings attached to an Irish startup. To make that possible, it's using Twitter to invite interested participants to contribute EUR 50 each towards the effort. Once EUR 5,000 has been raised—last week it was already up to EUR 4,500—Outvesting will announce how startups can apply. Those who donate to the fund, meanwhile, will get more than just good karma in return—they'll also get the chance to vote on which startup wins the money.

There's no arguing with corporate donations like iQ Content's, but those tend to be limited in number; crowdfunding approaches, on the other hand, are virtually limitless in what they can achieve. Combine the power of the crowds with the reach of Twitter, and there's no telling how far an effort can go. One to replicate in a recession-weary community near you...? (Related: Free Chinese lessons for the Irish — Crowdsourcing economic solutions for Ireland.)

Website: www.outvesting.org
Contact: twitter.com/outvesting — johnkeyes@gmail.com

Spotted by: AJ O'Flaherty