Social Finance: The next revolution on the web

Social finance seems to have gained root on the web. Sellaband is a great concept. It enables musicians and their fans to raise the money for a professional recording, selling music through the site and the sharing of any advertising spoils. At the end everyone makes money – the artist, the believers [fans] and the site itself.

Not very different, is where 50,000 fans contributed to buy a football club in England. The website collected the money, voted on the purchase of a club, signed a deal, and is now facilitating members make decisions on the future of this club, including the selection of players for matches. Wonderful, for a country where billionaires like Roman Abramovich, a Ukrainian, owns the popular club, Chelsea. Who says you have to be a billionaire to won a football club.

The implications of these examples are enormous for how a business will be done on the web in the future.

  • Think of anything big budget: Movies, Cricket Clubs, Luxury Yachts, Cruise Liners
  • Use the web to raise the money
  • Get professional managers to manage the business
  • Facilitate shareholder participation, voting and discussion through the website

Well, we live in interesting times, don’t we?

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