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40Billion is a crowd funding site that promotes community-based business fund-raising on social networking sites such as Facebook, LinkedIn and Twitter.[1] Launched in 2008, it is mainly used for professional networking by entrepreneurs and small business owners. As of September 2010, 40Billion reports that ventures listed on its site earned a total of $25 million in the prior 18 months. Its headquarters are in Atlanta, Georgia.

History

40Billion was started in 2008 by Cornelius Colin McNab, an entrepreneur, inventor, and graduate of Yale and MIT Sloan School of Management. The company had raised $1.05 million in three Series Seed financing rounds.

On February 14, 2011, 40Billion released social networking tools that let users connect to the site using their existing LinkedIn or Facebook profiles, as well as import contacts from email programs like Gmail and Microsoft Outlook.[2]

Model

40Billion is used by startup entrepreneurs seeking capital from friends and family or others through gifts, donations, and loans.[3] Investors on the site have three options: make a donation in exchange for tangible rewards, lend up to $99,000 or provide a commercial paper note of up to $1 million. Each investor can fund up to $10,000.[4]

In addition to raising money for entrepreneurial ventures, users can tap the site to find leads to new customers and business resources[2] such as software developers.

See also

References

  1. Olen, Helaine (2009-09-10). Love a local business? Buy a share. CNNMoney.
  2. 2.0 2.1 Diana, Alison (2011-02-14). Micro-Funding Site Integrates With LinkedIn, Facebook. InformationWeek.
  3. Wilson, John (2009-02-20). 40Billion.com: Wants to Help You Raise Money. Black Web 2.0.
  4. Zafra, Arnold (2008-07-30). 40billion Lets You Raise Money through Social Networking. SocialTimes.

External links


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