Technology Underwriting Greater Good, a new seed fund for social ventures targeting teenagers has been created by venture capitalists in New England. TUGG was highlighted by Brian Gormley at the Venture Capital Dispatch Blog at the WSJ. From his blog post,
“We wanted to look at this [as] more of a movement than an entity,” Fagnan said. “The most impactful thing we can do for this community is to start to focus on social entrepreneurship and social innovation.”
Which groups receive funding will be partly up to a network of entrepreneurs and community members. Through its Web site, http://www.tugg.org, anyone can submit an idea for a project to be funded. Fagnan and Taneja also envision a system in which community members vote on the most worthy programs. Their vote would be factored into funding decisions.
The hope is that this “crowd-sourcing” approach will enable the best ideas to bubble to the top, Taneja said.