Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Snowball Effect gains momentum as competitor joins its ranks

19 March 2014

Snowball Effect gains momentum as competitor joins its ranks

Snowball Effect today announced it has signed a partnership agreement with the founders of Backable, which will see Backable referring all its members to New Zealand’s leading equity crowdfunding platform.

Backable co-founder, J’aime Laurenson said his team were excited to now be working alongside Snowball Effect, which is due to launch next month when the relevant provisions in the Financial Markets Conduct Act come into effect.

Equity crowdfunding allows entrepreneurs and companies seeking new capital to access up to $2 million in funding in exchange for equity by pitching business and growth plans to the public via an online portal. It is simpler and cheaper than a regulated Initial Public Offering, and allows mum and dad investors to access this high-growth sector in New Zealand.

“Both Backable and Snowball Effect share the same vision and it makes commercial sense to work together as partners,” Laurenson says. “Snowball Effect’s vision is of a New Zealand economy, fuelled by emerging businesses, and backed by everyday Kiwi investors – we want to help make that happen.”

Tom Batterbury, another co-founder of Backable, said that there had been significant interest in equity crowdfunding in New Zealand. “We had great support from investors and businesses wanting to use equity crowdfunding to grow the economy, expand opportunities for small businesses and entrepreneurs, and provide investment opportunities for everyday Kiwis,” says Batterbury. “We’re hoping that they will now throw their support behind Snowball Effect ahead of its launch.”

Snowball Effect co-founder and director Simeon Burnett says the partnership arrangement is great news, and would help the equity crowdfunding platform accelerate its momentum and achieve critical mass.

“We’re really pleased to welcome on board the Backable team as we build towards launch,” Burnett says. “Equity crowdfunding will change the way small businesses and entrepreneurs access funding, and will democratise access to exciting investment opportunities for everyday Kiwis.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news