Startup Exemption

An Update from the Startup Exemption Team

March 1, 2012 · Leave a Comment

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An update on the Process to Legalize Crowdfunding from the guys who brought Crowdfund Investing to Washington, DC

Dear Crowdfunding Followers,

Here’s the latest from the guys leading the charge to legalize Crowdfund Investing (CFI) in Washington, DC.

LegalizeCrowdfunding.org goes live.
Already 138 entrepreneurs have registered to create 2,500+ jobs, which will have over $100M in stimulus! Let’s show Washington, DC the power of Crowdfund Investing! If you are an,

  1. Entrepreneur: Register to show how many people you need for your business (eg: jobs you will create) and the economic impact it will have.
  2. Investor: Register to show the impact your dollars will have stimulating our economy.
  3. Crowdfunding Supporter: Send an email to your Legislators, Tweet and Post about the site!

Endorse Crowdfund Investing!  SBE Council plans to send this group letter to U.S. Senate Majority Leader Harry Reid (D-NV) and Minority Leader Mitch McConnell (R-KY) in the coming week.  If you would like to sign onto the letter and add your name to the growing list of groups representing small business owners and entrepreneurs that are urging the U.S. Senate to take action, please send your name, affiliation and email contact information to SBE Council at info@sbecouncil.org.

Status of Legislation

  1.  The Good: As it stands we have 3 bills before Congress.  HR 2930 passed the House with an overwhelming 96% approval – Yes that’s true bipartisan support.   President Obama came out and endorsed the Bill with a Statement of Administrative policy and also included our framework in the Startup America Legislative Agenda.  Things have slowed down in the Senate but to help move things along we went back to Washington and presented them with some Commonsense Consensus ideas that pull the best of the 3 bills into one.
  1. The Bad: NASAA’s opposition to crowdfunding is also in opposition to the needs of our economy, entrepreneurship and jobs.  NASAA argues that they are best suited to regulate simple, transparent markets for businesses on Crowdfunding Intermediaries.  This would create 50 different markets for Crowdfunding, rendering Crowdfund Investing dead on arrival.  This is part of the reason it is so hard for small businesses to raise money today; different bureaucratic, costly rules for each states.  Since CFI is based on community financing, we believe the crowd can do a better, faster, cheaper and more efficient job of determining which ideas, if any, should be funded and with how many dollars.  It is that simple.  Leave the heavy-handed, traditional regulation and oversight for the larger businesses that can access traditional capital.  We advocate state regulation preemption, while preserving the enforcement power of the states to pursue fraud when it occurs.

Would you like us to speak to your organization/group about Crowdfunding?  We are finding there is much confusion about what Crowdfunding is, how Crowdfund Investing differs, how investors are protected and what CFI means for our economy.  Please contact us to discuss your event and how we can participate in sharing this information.   Here are a few of our upcoming events:

  1. Feb 29th – Crowdfunding & Startup Investing
  2. Mar 6th – The Future of Startup Financing: A North American TeleForum on Crowd funding
  3. March 13th – The Soho Loft Crowdfunding Conference, Los Angeles, CA
  4. March 20th – TiE Arizona @ Thunderbird, Glendale, AZ
  5. March 28th – 30th MIT Global Startup Workshop – Istanbul, Turkey
  6. April 19th The Crowdfunding Conference, 2012 – New York City

Loudsauce Campaign:  Our
friends at Laudsauce have launched a campaign to place a one-page ad on the back of Politico.    Politico is seen by 32,000 eyes in DC so let’s show all those folks working on Capitol Hill how Crowdfund Investing Equals JOBS.

Fund the fight:  None of this is happening for free.
If you haven’t yet, please donate $50 to help us get this legislation across the finish line!  Every $50 donation will get your name listed in the ‘I support Legalizing Crowdfunding’ section of the website.

Crowdfund Investing Blog Posts:  If you haven’t had a chance to see any of our recent posts, here they are:

Contact us:  Got a comment?  Need to speak to us?  Here’s how …
Sherwood Neiss, sherwood@startupexemption.com, 202-247-7182
Jason Best, jason@startupexemption.com
Zak Cassady-Dorion, zak@startupexemption.com

 

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Categories: crowdfund investing · crowdfunding · Jason Best · LegalizeCrowdfunding.org · Sherwood Neiss · Zak Cassady-Dorion
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