Wednesday, August 8, 2012

UW Grads: Trade Your Future Income For Startup Capital?

A new, Silicon Valley startup has an offer for students at the University of Washington: trade us a portion of your future income, over the next 10 years, for a chunk of capital for your startup. Upstart, which was started by ex-Google employees, said it is looking to provide a "modest amount" of risk capital to college grads, to help them pursue less traditional and "more inspiring" careers, all in exchange for a "small amount" of those students' future income over the next decade. The company said that, beginning in September, it will begin offering UW grads a chance to participate in the program, one of a number of initial colleges that it will be starting the program in. The other schools involved are Arizona State University, Dartmouth College, Rhode Island School of Design, and the University of Michigan. At least one, local UW grad apparently has taken the startup on its offer: Vicent Lucero, who apparently gained $25,000 for his gaming startup Soaring Squirrels, according to one report. More information »