Salem, MA, Sept. 12, 2019 (GLOBE NEWSWIRE) -- MainVest announced today the launch of a pitch competition for local businesses in New England. Instead of a traditional prize, however, the winner will receive $1,000 per month for a year, similar to some universal basic income proposals. The winner will be selected by MainVest based on the viability of the business model, argument of the impact of UBI on the entrepreneur, community impact, and audience voting. The pitch competition is open to New England residents over the age of 18 who are looking to start their business in a local community. Full details on selection criteria and eligibility can be found online at mainvest.com/dividend-terms-and-conditions.
Nick Mathews, CEO of MainVest, states: “At MainVest, we believe that small businesses are the backbone of the American economy. With the rise in discourse surrounding UBI right now, we find the concept of providing financial breathing room for entrepreneurs looking to start a business compelling. We want to add to that conversation by seeing how UBI would impact a local entrepreneur here in New England.”
Universal Basic Income is a form of income assistance or social security typically intended to reach a large portion of the population with minimal conditions. In the current political climate, UBI is most commonly associated with Democratic Presidential candidate Andrew Yang, whose Freedom Dividend would provide all US citizens over the age of 18 with $1,000 per month. However, UBI is not a new concept; in fact, it was almost passed into law back in the 1970s. Proponents of UBI argue that providing middle and lower class people with additional income would decrease debt and increase spending, while critics warn of higher prices and irresponsible use of funds. MainVest, as a social investment platform working primarily with Main Street entrepreneurs, believes the former argument is true: that providing a financial safety net would allow everyday people to participate more actively in the economy, and most importantly, would spur entrepreneurship and small business growth.
MainVest is a social investment platform and Regulation Crowdfunding portal that empowers communities and small business entrepreneurs by allowing everyday Americans to invest in the local businesses they care most about and share in their wealth and success. Through MainVest, individual community members invest as little as $100 in businesses with revenue sharing notes. RSNs are similar to providing a typical loan, except the business shares a percentage of their revenue instead of following a fixed repayment schedule. This model encourages investors to become champions of the business, not just supporting it financially but frequenting it and inviting others to do the same. Over $1MM has been invested in local businesses on MainVest’s platform to date. MainVest is based in Salem, Massachusetts. Further questions can be directed towards Isabel Strobing, Community Manager at MainVest, at isabel@mainvest.com. Applicants and those who wish to nominate an entrepreneur can learn more at mainvest.com/dividend.