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In 1997, fans underwrote an entire U.S. tour for the British rock group [[Marillion]],{{cite}} raising $60,000 in donations by means of a fan-based Internet campaign.<ref>{{cite web |url=http://www.music4point5.com/blog/the-marillion-story-and-what-we-can-all-learn-from-it/ |title=The Marillion story and what we can all learn from it}}</ref> The idea was conceived and managed by fans without any involvement by the band, although Marillion has since used this method with great success as a way to fund the recording and marketing of its albums {{Citation needed|date=May 2012}} ''[[Anoraknophobia]]'',<ref>{{cite web |url=http://guitartabsexplorer.com/marillion-reviews/B00005CC5A-Anoraknophobia/ |title=guitartabsexplorer.com}}</ref><ref>{{cite news |url=http://news.bbc.co.uk/1/hi/entertainment/1325340.stm |title=BBC article, May 11, 2001}}</ref> ''[[Marbles (album)|Marbles]]'',<ref>{{cite web|url=http://www.musicomh.com/albums/marillion.htm |title=OHM Review}}</ref> and ''[[Happiness Is the Road]]''.<ref>{{cite web |url=http://www.marillion.com/preorder/ |title=Calling the faithful for Album 15}}</ref>
In 1997, fans underwrote an entire U.S. tour for the British rock group [[Marillion]],{{cite}} raising $60,000 in donations by means of a fan-based Internet campaign.<ref>{{cite web |url=http://www.music4point5.com/blog/the-marillion-story-and-what-we-can-all-learn-from-it/ |title=The Marillion story and what we can all learn from it}}</ref> The idea was conceived and managed by fans without any involvement by the band, although Marillion has since used this method with great success as a way to fund the recording and marketing of its albums {{Citation needed|date=May 2012}} ''[[Anoraknophobia]]'',<ref>{{cite web |url=http://guitartabsexplorer.com/marillion-reviews/B00005CC5A-Anoraknophobia/ |title=guitartabsexplorer.com}}</ref><ref>{{cite news |url=http://news.bbc.co.uk/1/hi/entertainment/1325340.stm |title=BBC article, May 11, 2001}}</ref> ''[[Marbles (album)|Marbles]]'',<ref>{{cite web|url=http://www.musicomh.com/albums/marillion.htm |title=OHM Review}}</ref> and ''[[Happiness Is the Road]]''.<ref>{{cite web |url=http://www.marillion.com/preorder/ |title=Calling the faithful for Album 15}}</ref>


The United States based company [[ArtistShare]] (2003) is documented as being the first crowdfunding website for music followed later by sites such as [[Sellaband]] (2006), [[Indiegogo]] (2008), [[Pledge Music]] (2009), [[Kickstarter]] (2009), [[RocketHub]] (2009), [[Rock The Post]] (2010), and in the UK [[Sponsume]] (2010) [[PleaseFund.Us]] (2011), and [[Fundable]] (2012).
⚫
In 2012, TIME published an article describing and rating the best crowdfunding platforms in the world. <ref name="TIME">{{cite web|url=http://business.time.com/2012/10/22/how-to-crowdfund-your-creative-project/slide/how-to-pick-the-right-crowdfunding-site/|title=How to Pick the Right Crowdfunding Site||date=accessed October 22, 2012}}</ref>.

⚫
In 2012, TIME published an article describing and rating the best crowdfunding platforms in the world, including [[Indiegogo]], [[Kickstarter]], and [[Rock The Post]] as the top picks<ref name="TIME">{{cite web|url=http://business.time.com/2012/10/22/how-to-crowdfund-your-creative-project/slide/how-to-pick-the-right-crowdfunding-site/|title=How to Pick the Right Crowdfunding Site||date=accessed October 22, 2012}}</ref>.


[[Electric Eel Shock]], a Japanese rock band who have toured the world, became one of the first bands without a previous significant recording deal to fully embrace crowdfunding. In 2004 as an unsigned band they raised £10,000 from 100 fans (the Samurai 100) by offering them guestlist for life.<ref>{{cite web |url=http://drownedinsound.com/news/10764-wanna-go-vip-electric-eel-shock-ll-show-you-the-way |title=Drownedinsound.com "Wanna Go VIP? Electric Eel Shock'll show you the way...", Dec 2nd, 2004}}</ref> Two years later they became the fastest band to raise a 50,000 budget through SellaBand.<ref>{{cite web|url=http://itsallhappeningenglishnews.blogspot.co.uk/2008_06_01_archive.html |title=itsallhappening, June 24th, 2008}}</ref> They licensed the album internationally including to Universal in their native Japan.
[[Electric Eel Shock]], a Japanese rock band who have toured the world, became one of the first bands without a previous significant recording deal to fully embrace crowdfunding. In 2004 as an unsigned band they raised £10,000 from 100 fans (the Samurai 100) by offering them guestlist for life.<ref>{{cite web |url=http://drownedinsound.com/news/10764-wanna-go-vip-electric-eel-shock-ll-show-you-the-way |title=Drownedinsound.com "Wanna Go VIP? Electric Eel Shock'll show you the way...", Dec 2nd, 2004}}</ref> Two years later they became the fastest band to raise a 50,000 budget through SellaBand.<ref>{{cite web|url=http://itsallhappeningenglishnews.blogspot.co.uk/2008_06_01_archive.html |title=itsallhappening, June 24th, 2008}}</ref> They licensed the album internationally including to Universal in their native Japan.

Revision as of 16:59, 15 November 2012

Crowd funding or crowdfunding (alternately crowd financing, equity crowdfunding, or hyper funding) describes the collective effort of individuals who network and pool their resources, usually via the Internet, to support efforts initiated by other people or organizations.[1] Crowd funding is used in support of a wide variety of activities, including disaster relief, citizen journalism, support of artists by fans, political campaigns, startup company funding,[2] movie[3] or free software development, inventions development and scientific research.[4]

Crowd funding can also refer to the funding of a company by selling small amounts of equity to many investors. This form of crowd funding has recently received attention from policymakers in the United States with direct mention in the JOBS Act; legislation that allows for a wider pool of small investors with fewer restrictions. The JOBS Act was signed into law by President Obama on April 5, 2012. The U.S. Securities and Exchange Commission has been given approximately 270 days to set forth specific rules and guidelines that enact this legislation, while also ensuring the protection of investors.[5] Some rules have already been proposed by the SEC.[6][7]

History

In 1997, fans underwrote an entire U.S. tour for the British rock group Marillion, {{citation}}: Empty citation (help) raising $60,000 in donations by means of a fan-based Internet campaign.[8] The idea was conceived and managed by fans without any involvement by the band, although Marillion has since used this method with great success as a way to fund the recording and marketing of its albums [citation needed] Anoraknophobia,[9][10] Marbles,[11] and Happiness Is the Road.[12]

The United States based company ArtistShare (2003) is documented as being the first crowdfunding website for music followed later by sites such as Sellaband (2006), Indiegogo (2008), Pledge Music (2009), Kickstarter (2009), RocketHub (2009), Rock The Post (2010), and in the UK Sponsume (2010) PleaseFund.Us (2011), and Fundable (2012).

In 2012, TIME published an article describing and rating the best crowdfunding platforms in the world, including Indiegogo, Kickstarter, and Rock The Post as the top picks[13].

Electric Eel Shock, a Japanese rock band who have toured the world, became one of the first bands without a previous significant recording deal to fully embrace crowdfunding. In 2004 as an unsigned band they raised £10,000 from 100 fans (the Samurai 100) by offering them guestlist for life.[14] Two years later they became the fastest band to raise a 50,000 budget through SellaBand.[15] They licensed the album internationally including to Universal in their native Japan.

Crowd funding in the film industry was pioneered by French entrepreneurs and producers Benjamin Pommeraud and Guillaume Colboc in August 2004, when they launched a public internet donation campaign [16] to fund their film, Demain la Veille (Waiting for Yesterday).[17] Within 3 weeks, they managed to raise $50,000, allowing them to shoot their film.

Morton Valence are an early example of a relatively obscure band to independently enter into crowd funding without using a third party website such as Sellaband.[18]

Crowd funding's earliest known citation[19] was by Michael Sullivan in fundavlog on August 12, 2006.

In 2012, President Barack Obama signed the JOBS (Jumpstart Our Business Startups) Act; this piece of legislation effectively lifted a previous ban against public solicitation for private companies raising funds.[20] As of August 13, 2012, the Securities Exchange Commission has yet to set rules in place regarding equity crowdfunding campaigns involving unaccredited investors for private companies; however, rules are expected to be set by January 1, 2013. Currently, the JOBS Act allows accredited investors to invest in equity crowdfunding campaigns.

There are questions about the legality of taking money from "investors" without offering any of the security demanded by legitimate investment schemes. Sites such as ArtistShare, Pledgemusic and Funding4Learning have a failsafe. They hold funds in an escrow account.[citation needed] If the nominated target isn't reached, all funds are returned to contributors. While sites such as Indiegogo, RocketHub and Sponsume allow projects to keep all the funds raised.[citation needed]

Investors are given something for their money - so in a legal sense, they have paid for and received something. [citation needed] The Tunnel is selling frames of film for one dollar each. Pioneer One gives you the theme music or a special edition download.[citation needed]

Micropatronage is a system in which the public directly supports the work of others by making donations through the Internet. In use as early as 2001,[citation needed] the term was popularized in 2005[citation needed] by blogger Jason Kottke when he quit his day job as a web designer and spent a year blogging full time, living off the voluntary donations of his readership. Micropatronage differs from traditional patronage systems by allowing many "patrons" to donate small amounts, rather than a small number of patrons making larger contributions.

Contemporary applications

Crowd funding is being experimented with as a funding mechanism for creative work such as blogging and journalism,[21] music, and independent film,[22][23] for funding a startup company,[24][25][26] and even for funding public projects.[27] Community music labels are usually for-profit organizations where "fans assume the traditional financier role of a record label for artists they believe in by funding the recording process".[28]

Since pioneering crowd funding in the film industry Spanner films have published a useful ‘how to’ guide.[29] Innovative new platforms, such as RocketHub, have emerged that combine traditional funding for creative work with branded crowdsourcing - helping artists and entrepreneurs unite with brands "without the need for a middle man."[30]

New peer-to-peer companies such as Prosper Marketplace, P2P Financial, Zopa and Lending Club seek to match lenders directly to borrowers. Crowd lending from non-banks is gaining momentum globally as banks have increased interest rates or pulled back from lending to consumers and small businesses; however, as of early 2012, the non-bank sector of crowd lending is yet to be considered a threat to the big consumer lending businesses of the largest global banks.[31]

Crowd funding philanthropy

A variety of crowd funding platforms has emerged to allow ordinary web users to support specific philanthropic projects without the need for large amounts of money. Global Giving allows individuals to browse through a selection of small projects proposed by nonprofit organizations worldwide, donating funds to projects of their choice. Microcredit crowd funding platforms such as Kiva (organization) and Wokai facilitate crowd funding of loans managed by microcredit organizations in developing countries. The US-based nonprofit Zidisha offers a new twist on these themes, applying a direct person-to-person lending model to microcredit lending for low-income small business owners in developing countries. Zidisha borrowers who pass a background check may post microloan applications directly on the Zidisha website, specifying proposed credit terms and interest rates. Individual web users in the US and Europe can lend as little as one US dollar, and Zidisha's crowd funding platform allows lenders and borrowers to engage in direct dialogue. Repaid principal and interest is returned to the lenders, who may withdraw the cash or use it to fund new loans.[32]

Intellectual property exposure

One of the challenges of posting new ideas on crowd funding sites is there may be little or no intellectual property (IP) protection provided by the sites themselves. Once an idea is posted, it can be copied. As Slava Rubin, founder of IndieGoGo said: “We get asked that all the time, ‘How do you protect me from someone stealing my idea?’ We’re not liable for any of that stuff.”[33] Inventor advocates, such as Simon Brown, founder of the UK-based United Innovation Association, counsel that ideas can be protected on crowd funding sites through early filing of patent applications, use of copyright and trademark protection as well as a new form of idea protection supported by the World Intellectual Property Organization called Creative Barcode.[34]

Patent disputes

On September 30, 2011, the crowdfunding site Kickstarter filed a request for declaratory judgment against Fan Funded who owns U.S. patent US 7885887 , "Methods and apparatuses for financing and marketing a creative work". Brian Camelio, founder of ArtistShare, is the inventor on the patent. Kickstarter says it believes it is under threat of a patent infringement lawsuit. Kickstarter has asked that the patent be invalidated, or, at the very least, that the court find that Kickstarter is not liable for infringement.[35][36]

In February 2012, Fan Funded responded to Kickstarter's complaint notably claiming that patent infringement litigation was never threatened, that "ArtistShare merely approached KickStarter about licensing their platform, including patent rights", and that "rather than responding to ArtistShare's request for a counter-proposal, Kickstarter filed this lawsuit."[37]

Pros and cons

Proponents of the crowd funding approach argue that it allows good ideas which do not fit the pattern required by conventional financiers to break through and attract cash through the wisdom of the crowd. If it does achieve "traction" in this way, not only can the enterprise secure seed funding to begin its project, but it may also secure evidence of backing from potential customers and benefit from word of mouth promotion.[citation needed] Another potential positive effect is the propensity of groups to "produce an accurate aggregate prediction" about market outcomes as identified by author James Surowiecki in his book The wisdom of crowds, thereby placing financial backing behind ventures likely to succeed.

Proponents also identify a potential outcome of crowdfunding as an exponential increase in available venture capital. One report claims that If every American family gave one percent of their investable assets to crowdfunding, $300 billion (a 10X increase) would come into venture capital.[38] Proponents also cite that a benefit for companies receiving crowdfunding support is that they retain control of their operations, as voting rights are not conveyed along with ownership when crowdfunding.

While this does not usually apply to artists and charitable organizations, a disadvantage for business is the requirement to disclose the idea for which funding is sought in public when it is at a very early stage. This exposes the promoter of the idea to the risk of the idea being copied and developed ahead of them by better-financed competitors.[citation needed]. For crowdfunding of equity stock purchases, there is some research in social psychology that indicates that, like in all investments, people don't always do their due diligence to determine if it's a sound investment before investing, which leads to making investments decisions based on emotion rather than financial logic. [39]

Crowdfunding draws a crowd, investors and other interested observers who follow the progress, or lack of progress, of a project. Sometimes it proves easier to raise the money for a project than to make the project a success. Managing communications with a large number of possibly disappointed investors and supporters can be a substantial, and potentially diverting, task.[40]

Another significant disadvantage to crowd funding is the possibility of getting ensnared in various securities laws, since soliciting investments from the general public is most often illegal unless the opportunity has been filed with an appropriate securities regulatory authority, such as the Securities and Exchange Commission in the U.S., the Ontario Securities Commission in Ontario, Canada, the Autorité des marchés financiers in France and Quebec, Canada, or the Financial Services Authority in the U.K. These regulators can have different ways of determining what is and what is not a security but a general rule one can rely on (at least in the U.S.) is the Howey Test. The Howey Test says that a transaction constitutes an investment contract (therefore a security) if there is (1) an exchange of money (2) with an expectation of profits arising (3) from a common enterprise (4) which depends solely on the efforts of a promoter or third party. Clearly, under this standard, any crowd sourcing arrangement in which people are asked to contribute money in exchange for potential profits based on the work of others would be considered a security. As such, the applicable investment contract would have to be registered with a regulatory agency (such as the S.E.C.) unless it qualified for one of several rule-laden exemptions (e.g., Regulation A or Rule 506 of Regulation D of the Securities Act of 1933, or the California Limited Offering Exemption - Rule 1001 (also known as S.E.C. Rule 1001)). The penalties for a securities violation can vary greatly and depend in large part on the amount of profit obtained by the "promoter," the damage done to the investors, and whether a violation is a first time offense. However, a violation may result in both civil and criminal penalties, a return of any profit made and sometimes a lifetime ban from work in the securities industry. According to Section 5 of the Securities Act, it is illegal to sell any security unless such a sale is accompanied or preceded by a prospectus that meets the requirements of the Securities Act.[41][citation needed]

Equity

Equity Based Crowdfunding is a mechanism that enables broad groups of investors to fund startup companies and small businesses in return for equity. Investors give money to a business and receive ownership of a small piece of that business (equity and / or debt). If the business succeeds, then its value goes up – and so does the value of that share of that business. The converse is also true. Coverage of Equity Based Crowdfunding indicates that its potential is greatest with Startup businesses, who are seeking smaller investments to launch and that additional follow-on funding required for rapid growth may come from other sources.[42]

United States

History

In February 2011, Jason Best, Sherwood Neiss, and Zak Cassady-Dorion Principals of Crowdfund Capital Advisors banded together and formed Startup Exemption with the goal to lobby Washington, D.C. to update the U.S. Federal Security Laws and make it legal for entrepreneurs to use crowdfunding to raise a limited amount of early-stage equity-based financing. With the assistance of the Small Business and Entrepreneurship Council (SBEC) they partook in two hearings on Capitol Hill. Their framework was the basis for the Entrepreneur Access to Capital Act[43] introduced by Rep. Patrick McHenry (R-NC) on September 14, 2011. It proposed to greatly reduce restrictions on equity crowdfunding of for-profit businesses then present in state and federal securities laws.[citation needed]

Legislation

The bill went through a number of amendments and on April 5, 2012 President Barack Obama signed the JOBS Act into law.[44] The legislation mandates that funding portals must register with the SEC as well as an applicable self-regulatory organization to operate.[45]
The JOBS Act places limits on the value of securities issuer may offer and individuals can invest through crowdfunding intermediaries. An issuer may sell up to $1,000,000 of its securities per 12 months, and, depending upon their net worth and income, investors will be permitted to invest up to $100,000 in crowdfunding issues per 12 months.[46]

Regulaton

The SEC is now drafting regulations to implement the equity and debt crowdfunding provisions of the bill.[47][7] In parallel to the SEC regulations, the Financial Industry Regulatory Authority(FINRA) is creating additional rules related to member firms engaged in crowdfunding.[45]

Funding Portals

The JOBS Act enables equity based crowdfunding when it is conducted by a licensed broker-dealer or via a Funding Portal registered with the SEC.[48] Many Crowdfunding Portals have launched to fill this role, and the space is evolving rapidly. Early portal Profounder closed before SEC guidelines were released,[49] and equity portal Earlyshares acquired charity portal Helpersunite.[50] Many portals have also consulted the SEC on its guidelines.[51][citation needed].

Industry Associations

A number of US organizations have been founded to provide education and advocacy related to equity based crowdfunding as enabled by the JOBS Act. They include:

United Kingdom

On 6 July 2012, Seedrs Limited launched as the first equity crowdfunding platform to have received regulatory approval anywhere in the world, from the Financial Services Authority (FSA). [55]

Australia

Crowdfunding as a discreet activity is not prohibited in Austrialia.[56] Sources cite that it has been legal in Australia for 7 years.[7]

See also

References

  1. ^ Attention: This template ({{cite doi}}) is deprecated. To cite the publication identified by doi:10.1108/09564231111155079, please use {{cite journal}} (if it was published in a bona fide academic journal, otherwise {{cite report}} with |doi=10.1108/09564231111155079 instead. (also available as Scribd document)
  2. ^ "Welcome to The Crowdfunding Wiki!". Michael Sullivan and pbworks consensus group. Retrieved 12 August 2012. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  3. ^ "Crowd funding: An emerging trend in Bollywood". Retrieved 12 August 2012. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  4. ^ "Crowdfunding as the future of science funding? | The Science Exchange Blog". Blog.scienceexchange.com. 2012-05-27. Retrieved 2012-08-19.
  5. ^ "HR3606" (PDF). Retrieved 25 July 2012.
  6. ^ "Crowd SEC: Rules for advertising crowdfunding" (PDF). Retrieved 15 Octl 2012. {{cite web}}: Check date values in: |accessdate= (help)
  7. ^ a b c "Venturebeat: SEC uses JOBS Act to set up new roadblocks to crowdfunding". Retrieved 15 Octl 2012. {{cite web}}: Check date values in: |accessdate= (help)
  8. ^ "The Marillion story and what we can all learn from it".
  9. ^ "guitartabsexplorer.com".
  10. ^ "BBC article, May 11, 2001".
  11. ^ "OHM Review".
  12. ^ "Calling the faithful for Album 15".
  13. ^ "How to Pick the Right Crowdfunding Site". accessed October 22, 2012. {{cite web}}: Check date values in: |date= (help); Cite has empty unknown parameter: |1= (help)
  14. ^ "Drownedinsound.com "Wanna Go VIP? Electric Eel Shock'll show you the way...", Dec 2nd, 2004".
  15. ^ "itsallhappening, June 24th, 2008".
  16. ^ http://mashable.com/2011/01/17/kickstarter-crowd-funding-infographic/
  17. ^ http://9.mshcdn.com/wp-content/uploads/2011/01/kickstarter_graphic_v2-1.jpg
  18. ^ "blog entry by Morton Valence "Nothing Like Sellaband", May 22, 2008".
  19. ^ "Crowdfundings earliest citation".
  20. ^ "President Obama Signs JOBS Act Into Law". Retrieved 12 August 2012. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  21. ^ funding-journalism/ "Crowdfunding journalism". idio. 2009-05-19. Retrieved 2009-05-15. {{cite web}}: Check |url= value (help)
  22. ^ Helen Pidd. "Teenagers' credit note approach to fund £1m film of Clovis Dardentor". Guardian. Retrieved 2012-08-19.
  23. ^ Dell, Kristina (2008-09-04). "TIME article on Crowd Funding the 'Age of Stupid'". Time.com. Retrieved 2012-08-19.
  24. ^ TechCrunch"Sponsume lets projects get off the ground with Groupon-style group funding model"
  25. ^ "TechCrunch 'Grow VC launches, aiming to become the Kiva for tech startups'". Eu.techcrunch.com. 2010-02-15. Retrieved 2012-08-19.
  26. ^ Prentice, Claire (2010-05-12). "'Cash-strapped entrepreneurs get creative'". BBC News. Retrieved 2012-08-19.
  27. ^ "CivicSponsor helps citizens crowdfund their public spaces". Govfresh.com. 2012-04-12. Retrieved 2012-08-19.
  28. ^ Kappel, Tim, "Ex Ante Crowdfunding and the Recording Industry: A Model for the U.S.?" in Loyola of Los Angeles Entertainment Law Review, Vol.29, Issue 3, p.376
  29. ^ "How to crowd fund your film". Spanner Films. Retrieved 2012-08-19.
  30. ^ Bell, Melissa. "Crowd-sourcing a brand", The Washington Post, March 12, 2011, accessed September 3, 2011.
  31. ^ "Crowdfunding: John Mack backs non-bank with board role ", Euromoney, April 12, 2012.
  32. ^ "Is Microfinance for You?", SecondAct, April 17, 2012.
  33. ^ Mike Drummond, “Making it Rain: Seeking Seed Money from the Crowd”, Inventors Digest, August 2011
  34. ^ Simon Brown. "Simon Brown, "Follow the Crowd", Intellectual Property Magazine, July 2011". Ipworld.com. Retrieved 2012-08-19.
  35. ^ Sarah Jacobsson Purewal, Kickstarter Faces Patent Suit Over Funding Idea, PCWorld, October 5, 2011. Consulted on October 6, 2011.
  36. ^ Eriq Gardner, KickStarter Seeks To Protect Fan-Funding Model From Patent Threat, The Hollywood Reporter, October 4, 2011. Consulted on October 15, 2011.
  37. ^ Eriq Gardner (February 16, 2012). "Hollywood Docket: Comedy Club Documentary Lawsuit; Michael Jordan vs. 1st Amendment". The Hollywood Reporter. Retrieved March 23, 2012.
  38. ^ "Gigaom: What crowdfunding means for the VC business". Retrieved 15 Octl 2012. {{cite web}}: Check date values in: |accessdate= (help)
  39. ^ Isenberg, Daniel (2012-04-23). "The Road to Crowdfunding Hell - Daniel Isenberg - Harvard Business Review". Blogs.hbr.org. Retrieved 2012-08-19.
  40. ^ Jenna Wortham (September 17, 2012). "Success of Crowdfunding Puts Pressure on Entrepreneurs". The New York Times. Retrieved September 18, 2012.
  41. ^ "Section 5 -- Prohibitions Relating to Interstate Commerce and the Mails". University of Cincinnati College of Law. Retrieved 2010-01-15.
  42. ^ "Washington Post: As-regulators-set-rules-for-equity-based-crowdfunding-investors-prepare-for-its-impact". Retrieved 25 Jul 2012.
  43. ^ Patrick McHenry. "H.R. 2930". Govtrack.us. Retrieved 2012-08-19.
  44. ^ Landler, Mark (5 April 2012). "Obama Signs Bill to Promote Start-Up Investments". New York Times. Retrieved 6 April 2012.
  45. ^ a b "Crowd Fnding News: FINRA Seeks Public Input on Crowdfunding Regulation". Retrieved 15 Octl 2012. {{cite web}}: Check date values in: |accessdate= (help)
  46. ^ "EGS: Crowdfunding Alert" (PDF). Retrieved 16 Oct 2012.
  47. ^ Neiss, The Honorable Patrick McHenry, Chairman The Honorable Mike Quigley, Ranking Member (September 15, 2011). "Testimony of Sherwood Neiss Entrepreneur The Startup Exemption" (PDF). Subcommittee on TARP, Financial Services, and Bailouts of Public and Private Programs United States House of Representatives. Retrieved 18 August 2012.{{cite news}}: CS1 maint: multiple names: authors list (link)
  48. ^ "SEC: Crowdfunding Intermediaries". Retrieved 15 Octl 2012. {{cite web}}: Check date values in: |accessdate= (help)
  49. ^ "Profunder Shutting Down". Retrieved 15 Octl 2012. {{cite web}}: Check date values in: |accessdate= (help)
  50. ^ "Crowdsourcing Dot Org: EarlyShares acquires Helpersunite". Retrieved 15 Octl 2012. {{cite web}}: Check date values in: |accessdate= (help)
  51. ^ "SEC.gov: Comments on JOBS Act for Crowdfunding". Retrieved 16 Oct 2012.
  52. ^ ""Crowdfunding Professional Association Welcomes Departing National Crowdfunding Association Board to Their Coalition" SBWire 19 July 2012". Sbwire.com. 2012-07-19. Retrieved 2012-08-19.
  53. ^ "Beth Potter, "Event at CU to offer crowdfunding primer", Boulder County Business Report, 25 July 2012". Bcbr.com. 2012-07-25. Retrieved 2012-08-19.
  54. ^ ""National Crowdfunding Association Partners with SCORE", Hispanic Business, 1 August 2012". Hispanicbusiness.com. 2012-08-01. Retrieved 2012-08-19.
  55. ^ "James Hurley, "Regulated financing market for start-ups launched", Telegraph, 13 July 2012". Telegraph.co.uk. Retrieved 2012-08-19.
  56. ^ "ASIC guidance on crowd funding". Retrieved 15 Octl 2012. {{cite web}}: Check date values in: |accessdate= (help)

Further reading

Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Crowdfunding&oldid=523178093"