A company which aims to get New Zealand projects off the ground has been launched and its directors hope to make a $100 million by its third year.
Social Backing works on the principle of crowd funding, whereby projects are listed on a website and people can choose to put money towards them to get them off the ground.
It's looking at getting funding for businesses like developing waterproof cases for cameras and iPhones, as well as money for charities and projects in the creative sectors like films and music albums.
Social Backing is opening an office in the US with the aim of harnessing capital from international investors for the projects it chooses to put its weight behind.
The company will generate revenue for itself by taking 5% of the total of the projects funded and is hoping to make $1 million in its first year, and grow rapidly.
One of its directors, Ash Lomberg, says the concept of crowd funding is taking off around the world and Social Backing is aiming to get a piece of the global market.
