"Dear Lara,
This is just a note to wish you well with your clothing business. We are hoping that the $200 we lent you makes the difference. We love your designs and are looking forward to your becoming a famous fashion designer.
John Smith
Credit Manager
A Big Bank"
This is not the usual type of letter one would expect to get from a bank. You are right! This is not the usual kind of bank. Prosper brings social networking and direct lending together to try to be the eBay for money.
In this CBS clip on Prosper, you can get a much better idea of how this works and the impact this kind of lending is having on the network of people involved.
Chris Larsen, has a real mission. He believes that credit is an essential ingredient in the American dream. He suggests that the banking system is elite and keeps the masses out, only lending to those who don't really need the money.
His novel approach of trying to be the eBay for money is starting to gain traction with over $36,000,000 lent out already. The Prosper system provides a complete auction market for money and a social network to support the lenders and borrowers.
My friends at the Built to Thrive Experiment, point out that Prosper is applying for patents for these ideas.
In an article I wrote for Helium, I made the point that one the characteristics of an entrepreneur (especially founders of start-ups) is "a dedicated focus on implementing the impossible in a way that will capture the imagination of the world." Clearly, Chris Larsen has this "founders fire".
In the words of Dr Seuss:
"If you want to get eggs
you can't buy at a store,
You have to do things
never thought of before."
- From Scrambled Eggs Super!
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