New Web Platform Allows You to Invest Locally
Founded by two Wall Street refugees frustrated with the inability, or disinterest, of the global financial system to invest in small businesses, SmallKnot facilitates neighborhood-based seed funding.
Campbell-Dollaghan explains the service thus: "Let's say your local bike shop wants to expand, or your favorite pizza shop wants to install an authentic wood-burning oven...business owners can launch a campaign to incentivize their own customers to invest, in return for special deals and perks--not unlike a more targeted, localized version of Kickstarter."
"Since launching in October, Smallknot has helped a fairly diverse group of small businesses raise funding: $2,500 for a new cake shop, for example, and $10,000 to help beloved Williamsburg brunch spot, Egg, replace its tables and chairs. Today, a small progressive radio show in South Carolina is hoping to rebuild its website after a hacker knocked it offline ($100 will make you co-host for a show)."