I just launched a $2,500 scholarship for entrepreneurial ideas...please apply!

http://www.iwillteachyoutoberich.com/scholarship

by ramit • 18 years ago

22 21 18 years ago

iwillteachyoutoberich.com

motoko• 18 years ago

Ramit,

Are there are positive criteria that would make an applicant less attractive for your scholarship?

For example:

* for profit

* teams

* a team including at least one person over 29

* progress (is this only for ideas?)

ramit3• 18 years ago

Doesn't matter if it's for-profit, nonprofit, whatever. I'd rather be less restrictive and open the net widely to as many interesting people as possible.

Progress means the MOST. An idea is cheap, but if you've shown you can execute, that means more than anything else.

rokhayakebe• 18 years ago

I applaud your effort but someone who has demonstrated entrepreneurial excellence can easily find $2500. Still what else you can bring to the table?

steveplace• 18 years ago

demonstrated entrepreneurial excellence

Could have been in a non-profit.

Or I'd argue that failing miserably starting a company could still be construed as excellent.

ramit3• 18 years ago

Agreed.

jacabado• 18 years ago

Blame PG, he started it all.

polvi• 18 years ago

Would be great if the application was available via .pdf

diN0bot3• 18 years ago

if it weren't for google docs i wouldn't be able to communicate with .doc or .xls

natch• 18 years ago

So we give you our brilliant ideas, you cherry pick them and go execute them and reap the profits, then pay one person $2,500 for what you get, while everyone else watches you laugh all the way to the bank?

"Too clever by half" is a phrase that was invented for situations like this.

diN0bot3• 18 years ago

this is exactly what i thought when i saw the title on hn's front page. the domain name smells of pyramid scheme.

that said, when i went to the actual site it looks genuinely community oriented. this business guy seems both slick and businessy but also honest and genuinely interested in social good.

i don't know what to think. i like grassroots and community efforts, so i want to support what he's doing. cynicism holds back progress. nonetheless, i can't shake the fishy smell. he wasn't very clear about what he's looking for--is he donating to a good cause or looking for business partners (see video) !?

anyone else applying?

ramit3• 18 years ago

Guys, this is Ramit (the founder of the scholarship). No, it's not a scam, and no, I'm not looking for business partners.

I want to give back to someone who is likely to achieve something meaningful. Maybe this person will do it, or maybe next year's winner will (when I give it out again).

If you think I'm cherrypicking for ideas, then I'm sorry you're so cynical and this award isn't for you. But if you read through my site -- which I've been writing for the last 4 years -- you'll see what I'm about.

Obviously, $2,500 isn't a huge amount of money. But for some people, that small amount AND the motivation from winning something public can make all the difference. The scholarship is aimed at people who can benefit from that. If $2,500 won't do anything for you, then no big deal! But for the 1 person who will really benefit from advice, a little money, and most importantly support, I hope they hear about this.

Thanks.

martin• 18 years ago

Ramit's blog is well respected in the personal finance community -- I've been reading it for a long time. I'm not totally sure I understand his aim with this project, but I'm inclined to give him the benefit of the doubt that it's not as nefarious as you suggest.

kailashbadu• 18 years ago

Ramit! do you really think that unavailability of $2,500 could be holding someone back from implementing his super-innovative entrepreneurial idea? I suggest that you mix a few more things with you bounty? something that an entrepreneur might actually need and want. $2,500 is way too down the list.

maneesh• 18 years ago

Honestly, isn't this identical to YCombinator, just without him taking 5-7% of the company? YCombinator gives like $10,000 to a single developer---not a huge amount of money, but enough to get started. $2500 is the same idea---you give a small amount of money for someone to create a project. I think it's an amazing idea.

disclaimer: I'm Ramit's brother and I'm not qualified to apply :(

ajkirwin• 18 years ago

There is a difference. The amount of money given is such that you have time to work on a product due to it.

That amount of 'scholarship' is not enough to develop something fulltime and if you're only doing it in your free time, then, you probably have enough incentive anyway.

puzzle-out• 18 years ago

Such as contacts - introduction to social enterprise heavyweights as part of the award would build credibility and improve the success rate. The Y-C network is far more important than the start up money in the long run.

alaskamiller2• 18 years ago

That's awesome, Ramit

lorenzsell• 18 years ago

i've known Ramit for four years and he's a very intelligent and upstanding person who's genuinely interested in helping people better manage their lives and implement their ideas. $2500 might not be a lot to someone who's got a well paying job and is well out of college, but for your average entrepreneurially inclined college student, it's great motivation to help them get started on something meaningful.

I just launched a $2,500 scholarship for entrepreneurial ideas...please apply!

Related Stories