Why I'm an Upstart

I've officially been an Upstart for 2 weeks and I couldn't be happier with the decision...though I could have a few more backers! It's great to be part of a platform where the start-up behind it just raised a round of funding and is on a roll. Like anything new there are plenty of detractors who don't quite grasp its significance. That's to be expected with any new idea especially one so personal. The MIT tech review looks at it as just a popularity contest to be one by those who market themselves well. Isn't that the case with most startup financing? I've heard others ask, "how is this any better than investing in that person's company?" Here's one of my most recent responses which really emphasizes why I personally chose to become an Upstart:

The primary reason I joined Upstart is because I would otherwise lack the resources necessary to pursue a business for you to invest. Liabilities from college loans, living expenses, etc have never allowed me to focus on my goal of building a business over getting a paycheck. Even the consulting work I'm doing now is a distraction from focusing my efforts on learning to code, building a MVP, and ultimately a team. Upstart will empower me to achieve these goals by eliminating most of my liabilities. It will also reduce the pressures of trying to raise funding for an idea rather than a product. Above all else it's a great opportunity to gain mentors who are investing in my success rather than just another seed round. Making it personal should feel awkward but it should also foster a deeper connection than is possible with a convertible note in a Delaware C-corp.  

It took me awhile to get over the awkwardness and to feel comfortable with the model. It also took some convincing from one of their original backers. By no means is it better for everyone but at this time it is for me. 

It really isn't for everybody. It is for someone who wants to pursue a dream but is saddled with college debt...this guy and most of my generation. My plan for the money is to pay off as much of my loans and credit card debt as possible. Better to pay of those high interest loans with this low interest money and hopefully get some great backers/mentors in the process!

What do you think about this new model? Popularity contest? Modern servitude? Brilliant?