Billionaire entrepreneur says crowdfunding has shifted the balance of power away from banks and private equity houses
By Rebecca Burn-Callander
Sir Richard Branson has said he would have used crowd-funding to start his Virgin empire if it had existed in the 1960s.
The billionaire entrepreneur, who started the brand selling records, last week invested in the crowdfunding platform Indiegogo.
He told The Telegraph in an interview that he likes how the business is changing the way people think about finance. “Indiegogo is challenging the way we have always raised money,” he said. “It allows people worldwide to get their big ideas off the ground without having to go through gatekeepers who decide who can and can’t raise money.”
He said: “I would have used Indiegogo to start my business if it had been around. When I was young, the word entrepreneur was almost a dirty word. Few people were willing to back young people with big ideas.”
Crowdfunding allows individuals to raise funds from armchair investors around the world. Sir Richard said it had shifted the balance of power away from banks and private equity houses.