NEW YORK, Dec. 12, 2012 /PRNewswire/ -- Pave, the new online funding community devoted to enabling young Americans to establish fulfilling careers, today announced the launch of its pilot program. Pave empowers young people to assemble a team of backers who will put their financial resources and guidance to work to help them pursue careers of passion.
Pave provides a first of its kind social financial agreement which allows people to reward those who supported them early in their careers with a share of their future earnings over a period of time.
Payments are completely dependent on earned income and are therefore always affordable. The less an individual earns, the less they pay. Conversely, the more they earn the more everyone benefits.
"For the first time, there is a natural alignment of incentives among backers and prospects," said Sal Lahoud, Co-Founder and Chief Executive Officer. "Pave offers backers a way to directly contribute to a prospect's success by providing meaningful advice and mentorship in addition to financial support, thereby positively influencing the outcome of their investment. At the same time, prospects get the boost they need to pursue a career of passion."
Mr. Lahoud added: "Pave wants to be a viable alternative to debt for motivated young people, and a meaningful part of the nation's ongoing dialogue about how to develop a stronger economy by offering alternatives for students to address their loan debt."
A Solution For Our Times
With outstanding student loan volume now greater than $1 trillion and a new economy where career paths have changed substantially since before the recession, people need more time, financial flexibility and support early in their careers to find their true passion. Pave has the answer.
"We're excited to be able to offer a truly novel approach that is really a solution for our times," said Justin Mitchell, Chief Technical Officer, Co-Founder and former engineering manager for photos and videos at Facebook, "Pave lives at the intersection of a number of forces that are calling out for new ways of thinking and addressing important social challenges. In addition to the economic realities and crippling student debt, people have embraced social networking and online communities more than ever before. At the same time, Pave addresses a desire many people have to invest of themselves as well as their money to doing a greater good while recognizing the increasing desire of a new generation of people to pursue careers of passion rather than necessity."
Pave Is For Everyone
Pave's pilot program will launch with eight prospects and 22 backers. The initial group of talented prospects has diverse aspirations and amazing personal stories, and most have sought out backers as much for their relationships as for the financial support.
"Pave is for everyone – not just people with a business idea or very wealthy backers, said Oren Bass, Chief Operating Officer "We aim to foster progress in art, athletics, music, architecture, technology and other careers where the prevailing status quo may deter individuals from following their passions. We believe there's no shortage of backers who'll invest in a world for both financial and social reasons
The Pave community makes it easy for backers to invest in the next generation. Aside from funding, the backer team can provide a wide array of career guidance including a network of professional connections, job leads, resources and ongoing mentorship to help jump start the prospect's career of choice.
"Any initiative that enables young people to pursue their passions is worth supporting," said Pascal Cagni, former General Manager and Vice President of Europe, Middle East, India and Africa for Apple and current Pave backer. "I am thrilled for people of my generation to be able to invest in the next one."
In addition to Mr. Lahoud, Pave was co-founded by Oren Bass, Chief Operating Officer Justin Mitchell, Chief Technology Officer. All of the founders love what they do and are committed to building a Pave community where talented people early in their careers can develop meaningful professional relationships with experienced, well-resourced backers. All of the co-founders are proud to be Pave backers.
Pave represents a generation of young people striving to do work that matters and accomplished leaders who see value in investing in them. Our prospects are rebuilding the economy and reinvigorating culture but need financial flexibility and wisdom from those whose footsteps they follow. Pave has created a new way to make that happen, an opportunity both pragmatic and visionary.