The perfect way to crowdfund college
It seems much more recent but I was thinking today about the fact that it has been 12 years since I was graduating from high school and entering college as a freshman. I looked at the whole gamut of schools from the in state Georgia options all the way up to the Ivy League. Back then, your top tier schools were $38-40k per year, all in. Now, they are $65-75k. Obviously that inflation does not accurately reflect the growth of our national economy in the past decade but it is the reality that students today are facing. Fortunately, an entrepreneurial team from the Kellogg Business School at Northwestern University have created an elegant new solution.
Crowdfunding is nothing new. There are a sea of options out there for selling products, funding a passion project, or getting bargain tennis shoes but none of them are tailored to the process of paying for school. As student loan debt spirals out of control, the market is primed for a solution.
Acentive (https://acentive.fund) is that solution. It allows students and donors to intersect through a platform that allows pledged contributions to be contingent on academic success. As a donor, I have pledged a fixed amount per A that the receiving student gets. Their grades are audited each semester by Acentive and the funds are distributed accordingly.
This useful tech startup should come in handy both to students looking to find a way to pay for college and to donors looking to make sure that their funding is going to a good use.