A few years back a few friends and I hatched an idea to build a peer to peer lending site similar to Prosper.com . Back then Prosper was still actually peer to peer, and the concept was relatively new. The SEC didn't have any rules in place for this type of business. It was nation wide with millions of investors and borrowers. Since that time the climate has changed and they have partnered with a bank to get around individual state taxes and regulations that have been applied to them. Anyway, we came up with a variation of what they do, and the plan was sound. My idea was to launch it and get it going, and within 2 to 3 years sell it as an operating network.
I had 3 partners in this venture. One is a corporate bull****ter, AKA consultant who would be responsible for launching and PR. Another was an accountant who's business would be expanded to handle the processing, The third was Citymind Group LLC, a web design company. Look these guys up, they are very good at what they do. They developed the tracking software for UPS along with several NASA and military applications. We were going to need a site that could handle nation wide traffic with enough security to safegaurd people's bank and personal information and form data that would consolidate the information and present it to accounting for processing in the simplest was possible. The time estimate to build the code and test it was 6-8 months and the total cost was estimated at $1.2 million. Think about that. So far the Obamacare web site and it's peripherals have cost us 50 times that, they have had 3 years to do it, and it doesn't work. There is certainly enough padding in there for the companies to take a hit publicly, and I fully expect the companies to be out of business in a couple of years with the executives walking away with huge retirement packages. That's how this works. Think Solyndra. What we are seeing is money laundering for the Democrat party with no expectations of positive results. This is nothing but a show for the public, a step toward single payer, and a still successful strategy by the Obama administration to walk away from all of the problems it causes without taking any responsibility for any of it. Just how much did CGI give to the Obama campaign? How much more will the party get?
BTW in the end the reason we didn't get off the ground was that one of the partners at Citymind and I disagreed about the end game of the business. He did not see how our model was so much different than what anybody else was doing to make it exceptionally unique, and there was no way to protect our process from being copied, and he was right. My perspective was that the amount of research it took to understand and build such a business was daunting enough to prevent many others from doing it (I designed it and did most of the research which took several months and tons of research) and that in the end it did not matter as we would have been only the third company to use this structure, and my intent was to sell it anyway. By the time we finally came to the conclusion that we needed a different web design company and found a couple of candidates the window was closing as the SEC was actively going after Prosper wanting a piece of their pie. Prosper is still operating, and while they no longer list how much business they have done on their home page it was upwards of $500,000 at the time, just 2 years after their launch.