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GrowVC – crowdfunding or a community of practice?

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GrowVC – crowdfunding or a community of practice?
by: alan

When the Grow Venture Community received its first publicity, it was described as the ‘Kiva for start ups’. I personally felt that though the publicity was great the definition was misleading. Indeed the confusion that broke out on TechCrunch’s comments section demonstrated how wildly GrowVC was being interpreted. Recently I have been chatting with several people about GrowVC, what it is and why is important, from those conversations it strikes me that it’s worth returning to what GrowVC’s vision is all about (something that was covered recently in Why The GrowVC Network? – For Entrepreneurs). Though, I would like to provide a broader framework. GrowVC was always more than what is called ‘crowdfunding’. We defined it as a platform and ultimately an ecosystem that could enable a community of practice to come together, to share knowledge and information, and in so doing to accelerate innovation. We envisaged that although physical place is still important, the ability to connect people, skills, knowledge and money to each other was what made GrowVC special. Of equal importance to me is the term ‘crowdfunding’. Crowfunding is an idea that we can all nod our head to, but it’s a bit like social media – open to wild interpretations of its value, either in the short or long term. Whereas, I would argue, the more exciting

aspect of what GrowVC represents is the renegotiation of the power relationships within the entrepreneurial world, which leads to; the renegotiation of who investors actually are, the renegotiation of value, and how much one gives away, a different type of ownership which over time will dissolve the power base of traditional investors. Why? – Because the old institutions are found idle as we migrate from economic model to another. The old model is built on a certain type of access – a toll gate through which like feudal man and woman we had to pass if we wanted to learn to read and write, though in this case it was funding. My belief is based upon research undertaken for my forthcoming book No Straight Lines: making sense of our non-linear world, I have studied many of the prevailing trends that are in the process of creating long arcs of change, it is a revolution, but not a technological one, this revolution is social in nature. People, says Nicco Mele of the Harvard Kennedy School, ‘are getting what they want and need from each other’. The systemic malfunctioning of industrial systems and organisations has provided the impetus for, and this is important, the creation of platforms such as GrowVC to circumvent a plethora of universal problems that cannot be overcome in the old paradigm of doing things. What everyone at GrowVC is engaged with is evolving that idea into practical reality. What is interesting is that these platforms are developing very quickly, companies like Local Motors, Ushahidi, Company Command, txteagle, are all redefining their industries. By harnessing the collective intelligence of a highly motivated and dedicated community, by creating lightweight and flexible businesses, that are disruptive in their business models, but highly beneficial to society – these are in my view businesses crafted for the needs and wants of the 21st Century.

If countries, regions, cities and towns want to accelerate innovation, if they want to give entrepreneurs the best possible chance to succeed then they need a platform like GrowVC, which is best described not by the misnomer of ‘crowdfunding’, but by a global community of practice which is redefining the possibilities of entrepreneurship. Through our local chapters in China and India for example – early stage entrepreneurs that would never before gain access to global information and knowledge, can now do so. It is but one small example of understanding the possibilities of being an open platform and ecosystem rather than a closed one.

Summary GrowVC was always more than what is called ‘crowdfunding’. We defined it as a platform and ultimately an ecosystem that could enable a community of practice to come together, to share knowledge and information, and in so doing to accelerate innovation. We envisaged that although physical place is still important, the ability to connect people, skills, knowledge and money to each other was what made GrowVC special.

Description What everyone at GrowVC is engaged with is evolving that idea into practical reality. What is interesting is that these platforms are developing very quickly, companies like Local Motors, Ushahidi, Company Command, txteagle, are all redefining their industries. By harnessing the collective intelligence of a highly motivated and dedicated community, by creating lightweight and flexible businesses, that are disruptive in their business models, but highly beneficial to society – these are in my view businesses crafted for the needs and wants of the 21st Century.

Tags: Company Command, Crowdfunding, Crowdsourcing, Grow VC, Grow Venture Community, Local Motors, Txteagle, Ushahidi

Posted by Benjamin Fossel

Feb 24, 2012 01:30 pm GMT Viewed 1858 times

Author: alan - growvc Source

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