Sunday, September 9

Ex-Google Exec helps companies to avoid life students

Four months after leaving Google, the former head of the business enterprise has help to avoid a new mission - college graduates, the big companies like Google.

Upstart, graduates a service that can be in the form of restricted on Wednesday University Launches money from other people online so that they can start their own businesses, pursue a research project or a personal dream to chase rather than to a "safe" job in the corporate world.

"There is this overwhelming desire, is not the traditional way of bolting itself at a table and climbing the corporate ladder," upstart said founder Dave Girouard.

But he said that too many graduates have must they pay back and feel not College loans, they can get a chance.

Part social network, part offers Crowdfunding service in the style of the Kickstarter, upstart an online forum where the participants personal profiles with pulling their background and goals in the hope of at least five donors after.

The people behind - notable, alumni or other accredited investors - to deploy financing agreed usually $20,000 to $50,000 in exchange for a share of the graduate future income over a period of time will range from 10 years. Upstart determines that allocated the part of future annual income levied on the basis of the total and the qualifications of the person, including academic and field of study.

Girouard found funding is different from a loan, because there no guarantee for the repayment are.

"It is a contract that quota has some payments really," he said.

Upstart is the latest example of so-called Crowdfunding and peer-to-peer lending online services that have sprouted in recent years. Kick start, people online to build money for "creative projects" such as movies, clothing and even robots can, has $250 million promised projects by more than 2 million people since launch 2009 according to the company seen.

Upstart is not just about young people with capital, but to connect them with people behind who can act as mentors, Girouard said.

Girouard, who President of Google's online applications, which competes with Microsoft Corp, said large companies offer many important advantages for some graduates, but go company is not right for everyone.

New graduates setting out on their own can finance provide a way, college loan payments or take over cost of living for a year.

The maximum annual income obtained, a borrower on the hook for can be seven percent and a borrower is more than 15 percent of the total liability never for repayment received. No payments must be made in the years when the quality of annual income is less than $30,000, according to the company.

Upstart, the came with a team, which includes several former Google employees started, received $1,750 million seed capital from investors including Kleiner Perkins Caufield & Byers, Dallas Mavericks owner Mark Cuban, and Google ventures.

The service will first of all for students and graduates from five schools - Dartmouth College (Rhode Iceland) School of design, Arizona State University, University of Michigan and University of Washington but hopes came to many further expand in the first year.

And with the U.S. unemployment rate now in the fourth year of 8 percent, Girouard is so think it a good time to enter of the workforce to outside the box.

"In the year 2011, there was zero net job growth in large enterprises," Girouard said. "You have such a really ugly situation, where children of tons of stand in line... and they are in line for orders, essentially no longer exist, or are actually harder to get."

Copyright 2011 Thomson Reuters.

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