A small group of people are trying to develop a mechanism to develop a Private Fund what will provide loans to new start up companys in the SME sector. ...Total transparency we feel would also be a critical factor here run somewhat like a Co-op. No Ivory towers, No ego`s, maybe run by about a dozen really smart managers. These would be aided by hundreds of part time mentors, and a modern IT system to help fill in the gaps. ... All comments are most welcome but please be constructive in opinions that may help move this thing to the next critical stage. Nothing is set in stone to date.
Thanks for that Jim. I did have a look at Kiva. A worthy and great initiative that was designed for a different type of economy. However, what was of particular interest to me was the simple structures of what appears to be a 98% principal loan recovery rate. No Interest is paid here but the use of IT to source Loans, entrepreneurs, and investors in this way was somewhat overlooked by ourselves.We are proposing to invite ordinary people not VC`s to invest in the fund with relatively small cash amounts, in turn getting a slightly better than average return over 5 years and asking the government to guarantee the investments in order to provide peace of mind for all. This would become one key SME Fund marketing tool.
80% of new start ups fail. Fact.
Using some old style private sector Intuition the failure percentages would have to be brought down.
We currently have no legal folk in our group but would you not think your failure predictions of 70% of all new start ups is excessive to say the least.
This fulfills the mandate as set out earlier. So many business people have built great companys by feeding on the experience and knowledge of others.
Why do we constantly resist such notions at every cross roads. A total joined up thinking approach could bring this about quite easily using the nations wisdom, skill base and most important of all its sheer passion to suceed. PS. Sorry about the rant.
Thanks jim again for the posting. Richard Branson fed on so many experts in a wide range of fields to become what he is today. He continues to be my hero to this day.
Thanks Jim and yes you may ask. Qualified carpenter by trade. On completion of my apprenticeship I lived and worked in the greater london area for a year. Then I started up a modest construction company which grew to employ at its peak 160 people which I wound down before moving to Canada, where I ran a timberframe house building company and later a sister company in Detroit Michigan. Moved back home in 1998 set up and ran a construction company and woodwork Joinery. Companys have failed in recent years. Pumped every penny I had keeping these hungry machines running awaiting a turnaround which alas never came.
I am optimistic, even now which most people find hard to understand I have to say! Maybe it`s because I`m so passionate about this place and believe like Obama, that Ireland has not seen it`s greatest days yet!! Maybe its beause I have had great wealth before and know I will have it again. Or indeed as my wife says Maybe its because I have a Canadian passport and contacts remaining there to go back if I so choose. Pity really as my kids were born here and love Ireland as do I and my most patient wife.
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