Introducing the Social Business Rating System, a.k.a. SBRS score, for small businesses and startups!

You may have noticed that there is now a unique score given to each Raise (business fundraising profile) on 40billion.com. This is the SBRS score, where SBRS stands for Social Business Rating System™. It is a proprietary system developed exclusively by 40billion.com to rate businesses based on criteria that really matter for success, not traditional credit scores.

SBRS generates a score for each Raise based on 17 or more criteria, including business-related success measures, entrepreneur profile, peer ratings, and reviews. It is a novel approach to rating businesses that does not exist anywhere else.

The SBRS score helps funders and entrepreneurs to compare business ventures and assess their potential likelihood of success. 850 is the highest possible SBRS score, and scores are updated weekly (not monthly like traditional credit scores).

What can entrepreneurs, small businesses, and startups do to increase their SBRS scores? Start by editing and updating your Raise, editing and updating your personal profile, and increasing your fundraising and social networking activity on the site.

Here are just a few things that may influence your business’ SBRS score and which you can control:

  • % of Raise profile completed — when starting a Raise, be sure to fill in the profile completely and honestly.
  • % of personal profile completed — be sure to fill in your personal profile completely and honestly.
  • # of recommendations received
  • Amount of funding raised
  • # of connections in your social network
  • # of invitations sent to people you know
  • # of followers — i.e., people following your Raise
  • # of Raises you’ve started or participated in
  • # of company updates added to your Raise

So, what is your SBRS score? If it’s currently below 550, then we believe you’ve got some work to do in order to increase your likelihood of success! Start with the tips above, and your SBRS score will grow along with your business over time.

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Recommend your favorite entrepreneurs and funders

We recently launched a new feature for giving and receiving recommendations in your social network on 40billion.com. Just click the  “Recommend” button near the top of anyone’s personal profile page in order to give them a recommendation. You must be connected to that person first.

Here’s how it works in a nutshell:

  • User can recommend a contact on 40billion.com with one click;
  • # of recommendations received is displayed on the contact’s personal profile page;
  • Any user can view the list of recommenders.

Get people you know to recommend you today! Your friends, family, customers, clients, classmates and others may recommend you if you ask them to, especially if it’s as easy as clicking one button.

Recommendations can add credibility and make you stand out from all the rest.

Welcome Brent Wadman, our new VP General Counsel, to the 40billion.com team

We’d like to welcome Brent Wadman, our new General Counsel, to the team!

Brent is a litigator and corporate attorney with more than 11 years of experience. He volunteers substantial time and effort in the entrepreneur community and has created several businesses of his own. Brent has significant experience counseling corporations in IP licensing, litigation, M&A transactions, SEC compliance, corporate governance and general regulatory compliance. He has recently represented corporations before the SEC, State Attorneys General and foreign regulatory agencies.

In his career, Brent has been Assistant General Counsel of infoGroup, Inc., a publicly-traded, $600 million, marketing solutions provider for businesses; attorney and owner of Wadman Law, a corporate litigation boutique concentrating on corporate formation, commercial transactions, government contracting; and, Attorney at Ameritrade, Inc. a publicly-traded, financial services corporation providing online trading and investing, where he concentrated in NASD/FINRA compliance and maintained series 4, 6, 7, 23, 24 and 63 securities licenses.

Brent holds a BA degree from the University of North Carolina at Wilmington, and a JD from the University of Tulsa, College of Law.