Friday, December 11, 2009

TUGG Launches Crowdsourcing Philanthropy Model

BOSTON - (Business Wire) Technology Underwriting Greater Good (TUGG), a new foundation organized by New England’s venture capital and entrepreneurial communities, is applying crowdsourcing methodologies to charitable giving. Crowdsourcing enables the technology community to participate in a distributed/open approach to fundraising, problem solving and effective distribution of resources. TUGG was founded to fund social innovation that helps young people realize their full potential through entrepreneurship, education and life experiences.

Based on the crowdsourcing peer-collaboration model, TUGG relies on the community to: (1) source social innovation projects; (2) evaluate and vote on the right projects to fund; (3) raise money through a variety of micro fundraising initiatives. TUGG backs fledging organizations where small amounts of capital are significant to their success.

TUGG founders Jeff Fagnan, a partner at Atlas Venture, and Hemant Taneja, a partner at General Catalyst Partners, explain:
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