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See the best of Reuters photography. See more | Photo caption London Olympics Highlights from the London Olympics. Slideshow Flashback: Tucson A look back at last year's shooting rampage that killed six people in Tucson, Arizona. Slideshow Ex-Google executive's new venture helps students avoid corporate life Tweet Share this Email Print Related News Colorado movie house massacre suspect was under psychiatrist's care Fri, Jul 27 2012 Google unveils ultrafast Internet/TV in Kansas City Thu, Jul 26 2012 Yahoo turns to Google's Mayer for revival Tue, Jul 17 2012 Yahoo snags Google's Mayer as CEO in surprise hire Mon, Jul 16 2012 Microsoft revamps Office, looks to the cloud Mon, Jul 16 2012 Analysis & Opinion Annals of dubious statistics, crowdfunding edition Is Kickstarter selling dreams? Related Topics Tech » Media » By Alexei Oreskovic SAN FRANCISCO | Wed Aug 8, 2012 9:08am EDT SAN FRANCISCO (Reuters) - Four months after leaving Google Inc, the former head of its enterprise business has a new mission - helping college graduates avoid big corporations like Google. Upstart, a service that is launching in limited form on Wednesday, lets university graduates raise money from other people online so that they can start their own businesses, pursue a research project, or chase a personal dream, rather than take a "safe" job in the corporate world. "There's this overwhelming desire to not follow the traditional path of bolting yourself to a desk and climbing the corporate ladder," said Upstart founder Dave Girouard. But he said too many graduating students have college loans they need to repay and do not feel they can take a chance. Part social network, part crowdfunding service in the style of Kickstarter, Upstart provides an online forum where participants post personal profiles with their background and goals in the hope of attracting at least five financial backers. The backers - acquaintances, alumni or other accredited investors - provide funding that will typically range between $20,000 and $50,000 in exchange for an agreed share of the graduate's future income over a 10-year period. Upstart determines the portion of future annual income to be shared based on the total sum raised and the person's qualifications, including academic record and field of study. Girouard noted the funding is different than a loan because there is no guarantee of repayment. "It's really a contract that has some contingent payments in it," he said. Upstart is the latest example of so-called crowdfunding and peer-to-peer online lending services that have sprouted in recent years. Kickstarter, which lets people raise money online for "creative projects" such as films, clothing and even building robots, has seen $250 million pledged to projects by more than 2 million people since its 2009 launch, according to the company. However, Upstart is not just about providing young people with capital, but to connect them with backers who can act as mentors, Girouard said. Girouard, who was president of Google's online apps business that competes with Microsoft Corp, said large companies offer plenty of important benefits for some graduates, but going corporate is not right for everybody. For new graduates setting out on their own, the funding can provide a way to make payments on college loans or take care of living expenses for a year. The maximum amount of future annual income a borrower can be on the hook for is seven percent and a borrower is never responsible for repaying more than 15 percent of the total sum received. No payments need to be made in years when the borrower's annual income is less than $30,000, according to the company. Upstart, which Girouard started with a team that includes several former Google employees, has received $1.75 million in seed funding from backers, including Kleiner Perkins Caufield & Byers, Dallas Mavericks owner Mark Cuban and Google Ventures. The service will initially be available to students and recent graduates of five schools - Dartmouth College, Rhode Island School of Design, Arizona State University, University of Michigan and University of Washington - but Girouard hopes to expand to many more in the first year. And with the U.S. unemployment rate now in its fourth year above 8 percent, Girouard said it is a good time for those entering the workforce to think outside the box. "In 2011, there was zero net job growth in large companies," said Girouard. "You have this kind of really ugly situation, where tons of kids are standing in line ... and they're standing in line for jobs that essentially don't exist anymore, or are really harder to get." (Editing by Andre Grenon) Tech Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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