David Drake is an early-stage equity expert and the founder and chairman of LDJ Capital. Getting through college is tough and even more so in a recession. The Consumer Financial Protection Board (CFPB) estimates that Americans are currently carrying $165 billion worth of private student loans and nearly a total of $1.2 trillion worth of student debt. I recently spoke with Dave Girouard, former president of Google Enterprise and now the founder and CEO of Upstart, a crowdfunding service that helps people who are just starting their careers raise capital from backers in exchange for a small share of their future income. Upstart provides a way for students not to default on their loans and retire their debts in a timely manner, to invest further on their education, or even to raise seed capital for their startup venture. It creates yet another way for crowdfunding to fill in the gap by getting investors to back not just brilliant business ideas but also the people who could be creating those ideas in the future. David Drake: Upstart’s concept is selling your future salary income for cash today. Your firm sets the term of five to ten years from the date that earnings commence, with […]
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