Sweat Equity Start-up Platform Object Astra launches in the UK
Object Astra, a matchmaking tool for start-ups, has been launched in the UK to help people turn ideas for new companies into reality and make money from their skills by investing sweat equity.
The new platform uses an algorithm to match up people who have a business idea with those who have the skills they need in order to launch the company.
With millions of people on the Government’s furlough scheme, and millions at risk of losing their jobs as a result of the pandemic, many have considered starting their own businesses or finding other creative ways to supplement their income — but they cannot always connect with people they need to enable a business to really take off.
Object Astra fills that gap by using its algorithms and artificial intelligence to link people who have a business idea with those who have the skills they need, in exchange for equity in the business.
The platform, which has been founded by two former JP Morgan technologists, has been in development for several years, but its launch has been accelerated as a result of the pandemic.
It has already been used by around 200 people, leading to the creation of successful and profitable businesses, and is now opening up to new registrations and rolling out its full launch.
Claire Gifford is one such user. She lost her job in a laboratory as a result of the pandemic, and decided to use her pharmaceutical background to create a new face mask business. She submitted her idea and requirements to the community on Object Astra.
As a result, she found a business partner with media connections, a mentor for guidance, a local supplier of fabrics and five seamstresses to make the masks. Her company, Pharma-Saurus, has been trading successfully for six months.
Claire now also offers her skills two days a week to Edulesco, a technology tutoring business she found through Object Astra, in exchange for equity in the company.
The site only costs £1 a month to use, and people who sign up to the platform can create a profile, submit their ideas and skill, and wait for prospective collaboration opportunities to roll in.
Christiaan Trahms, co-founder of Object Astra, said:
“At Object Astra, we are creating a community of trailblazers and skilled people who want to start their businesses or play a role in helping others develop their own in return for equity.
“We sped up the launch when it became clear that millions of people on furlough or out of work need to do something to supplement their incomes and also express their boredom and frustration in a productive way that will directly benefit them. “So many of these people will have genuinely great ideas for a business, but don’t know where to look for advice or find the people with the skill sets they need. “Object Astra fills this gap by matching people with an idea with those who can help them turn it into a reality.”
