View Poll Results: If an iTulip.com Community Prosper Group is formed, I would participate as:

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  • Lender

    36 76.60%
  • Borrower

    18 38.30%
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Thread: Participate as a lender or borrower in an iTulip.com Community Prosper Lending Group?

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  1. #2
    Join Date
    Apr 2006
    Location
    Medstead, United Kingdom
    Posts
    3,342

    Default Re: Participate as a lender or borrower in an iTulip.com Community Prosper Lending Group?

    Some of you already know, I am what many call an an inventor; a man with ideas. (EJ has some knowledge of my standing in this field). While I do have some other attributes, I want to concentrate upon the progression of people like myself that have taken the plunge to follow this particular road. I applaud the idea of Prosper Inc. and the equally good thought to create an itulip community related to that aiming point. But Prosper does not address the problems of first level investment into ideas; it addresses the problems related to short term lending where either there is already an income, or that such income is easily realizable. In my humble opinion, taken from many years addressing the problem of funding ideas; ideas need capital not loan.

    We are all familiar with the university employing people to look at the long term research needs of our respective communities. Universities have been in existence for centuries and the funding needs as such are well recognized and understood. What is not well recognized is that, outside of universities stands the great bulk of what you might describe as the second level thinkers in your society; inventors. People that take an initial thought and grapple with the problems surrounding taking that initial idea to a realization. The business of taking thought to new product.

    Inventors have all the same financial overheads related to the professor employed by the university; but no recognized funding mechanism. Yes, in some ways that old maxim; necessity is the mother of invention holds very true, but even by any reasonable standards, no one expects something for nothing. Today, society expects a steady stream of new product, but fails to see any connection between the concept of a university requiring funding to fulfill its remit, and that the same remit has to apply to invention outside of that university.

    During May 1994, I first addressed this debate by mapping out some thoughts that related to the, (at that time proposed introduction), of what were described, here in the UK as Venture capital Trusts. I sent that to the Bank of England and the Department of Inland Revenue and generated some discussion with the Bank's Industrial Unit. In 2004 I returned to this debate and created the paper; A Capital Spillway Trust that outlined rules for such investment. Now, in 2009, this has now been incorporated into a new book: The Road Ahead from a Grass Roots Perspective. You can read a copy here: http:/www.chriscoles.com/page3.html

    I had intended to use the royalty income from telecoms patents I have been granted to put my own money where my mouth is as a trial of my own thinking, but without a capital base of my own, the royalties are elusive. I simply ask the itulip community to give some thought to the creation of a trial of my thinking for A Capital Spillway Trust.

    I believe the long term problem in our societies is not access to loan, but instead a recognition that much of society today is grossly under capitalized; particularly at the grass root job creation level. The surplus capital instead, is used to lend excessively, producing the problems addressed by the likes of The Boston Globe and Prosper; and, dare I say it, itulip itself. I will welcome others input to such a debate.
    Last edited by Chris Coles; 11-25-09 at 09:51 AM. Reason: Change the URL for the Capital Spillway Trust

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