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New Economic Saviors: Marc Cuban and You
By Harry Kimball
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Posted Feb 10, 09 5:51 PM CST
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(Newser)
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Marc Cuban has some ideas about how to get the nation out of this financial mess, and they have a lot to do with—no surprise—Marc Cuban. The billionaire owner of the Dallas Mavericks says entrepreneurs can lead the way, so he's soliciting business plans at his blog, the Daily News reports. If he likes the plan and it follows all of his 12 rules, he will fund it. And if someone steals the publicly posted plan? Tough. "That is the idea," he says. "Call this an open source funding environment."
To get Cuban’s money, an entrepreneur must promise to break even in 60 days and turn a profit at 90, or lose funding entirely. "Make sure to specify how much equity I will receive or how I will get a return on my money." He gets to choose the banks used and reserves the right to sign off on any spending. And he won’t coddle the beneficiaries of his largesse. “Once you get the initial funding you are on your own."