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Think globally, crowdfund locally
E ric Sonnier (MBA 2014) cofounded Local Lift (formerly Equity Endeavor) to help small businesses find the resources to make enhancements to their operations. The crowdfunding platform Sonnier launched with HBS classmate Broderick McClinton (MBA 2014) provides an opportunity for businesses to access community capital to fund growth and improvement projects.
"Local Lift is a supplement or replacement to a small business loan," says Sonnier. "We are changing the way small businesses think about raising funds for growth and improvement projects, which will eventually change the way lending institutions think about lending to these businesses."
Local Lift has a residency in the Harvard Innovation Lab and received funding from the Rock Summer Fellowship Program. In summer 2013, its pilot program in two cities saw success in 8 out of 11 projects. These included a Pilates studio in Austin, Texas, which raised more than $10,000 for renovations, and a farm/market in New Orleans, which raised more than $14,000 for a dairy cooler and a bike rack for customers, most of whom arrive on two wheels.
(Published April 2014)
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