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Crowdfunding history2

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Crowdfunding history2

  1. 1. The Crowdfund Act A History Sustainable Economies Law Center, Summer 2010Never doubt that a small group of thoughtful, committed citizens can change theworld. Indeed, it is the only thing that ever has. Margaret Mead Presented by Jenny Kassan, Cutting Edge Capital
  2. 2. Where did it all begin?Paul Spinrad fromMake Magazineresearched the issueand found an articlein East Bay Expressthat Jenny Kassanhad written.Paul contacted Jennyand proposedworking on a rulemaking petition tothe SEC.
  3. 3. Federal Reserve Bank of S.F. – CommunityDevelopment Investment Review, Vol. 5, Issue 2, 2009 Local Stock Exchanges and National Stimulus by Michael Shuman
  4. 4. Paul Spinrad of Make Magazine Launches a Crowdfunding Campaign
  5. 5. Letter to the SEC requesting a rule change for investments of up to $100
  6. 6. Approx. 150 letters ofsupport!
  7. 7. Late 2010 – ASBC declares support for petition!Frank Knapp interviews Jennyabout the petition on Oct. 29,2010 on U Need 2 Know1230 AM WOIC
  8. 8. November 18, 2010
  9. 9. Paul Spinrad:On Wed eve Nov. 17th, a bunch of us gottogether at the CommonWealthGastropub inDC: me, Frank Knapp (South Carolina SmallBusiness Chamber of Commerce), AtleeMcFellin(ASBC), Stacy Passeri (KiteTale LLC),Brian Parkinson (recent Law School grad withcommunity development experience), and DougRand (White House Office of Science andTechnology Policy - OSTP).
  10. 10. Paul Spinrad:Mary Schapiro noted in her presentation thatsmall businesses are responsible for 60% of alldomestic jobs in and 90% of all U.S. patents.So that means six people at the SEC are incharge of regulating securities for most of theU.S. economy.Presumably the SECs other 3792 employeessomehow divide up the rest.
  11. 11. March 2011WoodieNeiss createsStartupExemption.comGets support from Whoopi GoldbergSmall Business & Entrepreneurship Council gets involved
  12. 12. Letter from SEC Chair Mary Schapiro to Rep. Darrell Issa, April 6, 2011Footnote 77
  13. 13. September 2011Congressional hearings and support from President Obama!
  14. 14. Entrepreneur Access to Capital Act Passes the HouseNov. 3,2011
  15. 15. The CROWDFUND ActSigned by the President onApril 5, 2012Creates a new federalexemption for offerings ofup to $1 million in which each investor invests nomore than 5% of his/herannual income or net worth offerings are conducted Not expected to go intothrough a registered effectuntil early 2013.intermediary
  16. 16. Recommended Reading crowdfundinglaw.com