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Crowdfunding Site Must Still Be Accredited Investors CrowdsFunding Gilad Ravid, PhD Crowd Sourcing ● Pooling Collective Knowledge ● Ushahidi ● Micro volunteering ● The Seed Company ● Crowd Creation ● https://twitter.com/youropera ● Crowd Voting ● http://www.brooklynmuseum.org/exhibitions/clic k/ ● Crowd Funding Source: How Crowdsourcing Can Help Your Nonprofit by Soha El Borno, August, 2012 Tips for Successful Crowd sourcing ● Plan ahead ● Keep it simple ● Engage the crowd and reward participation ● Stay positive—both publicly and privately ● Directory: • http://www.crowdsourcing.org/directory Source: How Crowdsourcing Can Help Your Nonprofit by Soha El Borno, August, 2012 Why to crowds Funding What is crowds Funding Crowd Funding is an internet-inspired means of raising money from the mass market, for a project or business. Crowd Funding : What is it? ● Initially, businesses/ new ventures/ individuals approached the public at large for cash/ loans/ donations/ investment into their film/ music/ arts projects and in return the individuals would typically receive a gift such as tickets to a film premier/ opening night or a mention in the credits etc. ● Crowd Funding was initially seen by many as a concept unsuitable for use in the business world. ● Despite this scepticism, the tightening of banks’ lending criteria and unavailability of commercial finance has meant that Crowd Funding is gaining attraction on both sides of the Atlantic. ● Crowd Funding creates investors and lenders out of a company’s customers, therefore creating loyalty within the company’s customer base. Crowd Funding : Some definitions ● “The practice of funding a project or venture by raising many small amounts of money from a large number of people, typically by the internet” ● “The democratisation of borrowing, lending and investing” ● “A continuous and growing series of virtual on-line auction houses, matching borrowers and lenders; investors and investees; and donors and donees” Crowd Funding Models ● Startup equity crowd funding • https://www.fundable.com/ ● https://www.ourcrowd.com/ ● Good-cause crowd funding • http://startsomegood.com/ ● Pre-order crowd funding • https://www.kickstarter.com/ ( https://www.kickstarter.com/year/2014/data?ref=yir2014 ) ● Rewards-based crowd funding • http://www.indiegogo.com/ ● Debt-based crowd funding • http://www.kiva.org/ Source: Will the Real Crowd Funding Model Please Stand Up? By Martin Zwilling, Forbs 24/8/2012 ● Total amount lent through Kiva: $667,402,525 ● Kiva Users: 2,033,078 ● Kiva Users who have funded a loan: 1,256,460 ● Borrowers funded through Kiva: 1,544,547 ● Number of loans made through Kiva: 833,114 ● Kiva Field Partners: 290 ● Countries where Kiva Field Partners are located: 85 ● Repayment rate: 98.79% ● Average loan size: $417.21 ● Average loans made per Kiva lender: 9.91 THE JOBS ACT (JUMP-START OUR BUSINESS STARTUPS ACT) Legislation passed Congress with bi-partisan support and was signed into law by the president in the Spring of 2012. According to its proponents it would remove regulatory hurdles for small businesses and allow fast growing start-up companies to raise capital from private investors and in public markets. The Securities and Exchange Commission would draft the specific guidelines. THE JOBS ACT (JUMP-START OUR BUSINESS STARTUPS ACT) Specifically the legislation would…. Remove the restrictions on advertising or soliciting investments Change who could qualify as an accredited investor Loosen the reporting requirements of the SEC, including provisions of the Sarbanes-Oxley Act THE JOBS ACT Now, entrepreneurs can crowdfund, but only by offering products or services in exchange for contributions. That’s due to an SEC rule that forbids the marketing of “private securities.” The SEC has proposed amending that rule, which will allow sites to publicly offer and solicit the sale of actual shares in companies in exchange for investments. But one thing that still blocks most Americans from funding startups: accreditation. All investors who buy equity in a startup through a crowdfunding site must still be accredited investors. http://venturebeat.com/2012/08/29/crowdfunding-investors-sec-change/#Oq3HDZ0KkUXFFeRM.99 August 29, 2012 Crowdfunding: risky but rewarding Fraudsters capable of producing a slick video or business plan can now dupe thousands of people into buying vaporware or investing in a ghost company Incompetent entrepreneurs can fail to deliver on their promises, spending millions of dollars of other people’s money in the process Unsatisfied customers or investors can dispute their purchases or investments, amassing huge liabilities for the businesses, platforms, and payment processors Insecure and non-compliant platforms can risk card holder data, misappropriate funds, and violate federal and state statutes. Source: Crowdfunding: risky but rewarding By Bill Clerico, September 18, 2012 6:00 PM It’s not just about the money ● Tip: it’s not just about the money - it can be a gateway to engagement ● An opportunity to build community or customer base ● an invitation to participate in and influence a new venture ● shared ownership from donation, through reward to celebration Tips (based on goFunding.com statistics) http://blog.gogetfunding.com/crowdfunding-success-statistics-how-you-should-raise- money-online/ Thanks, Questions? Gilad Ravid, PhD [email protected] Key challenges for crowdfunding in the EU • - lack of transparency on the applicable rules • - market access and investor protection • - tax treatment of contributions • - lack of awareness • - possibilities for matched (public and private) financing From: http://www.eesc.europa.eu/resources/docs/pp-de-ms-fabregas-fernandez-cf- com-communication.ppt Lack of transparency on the applicable rules – all types of CF • - anti-money laundering • - misleading advertising • - consumer protection • - intellectual property protection, where relevant • - fraud by project managers and/or platforms • - Payment Services Directive From: http://www.eesc.europa.eu/resources/docs/pp-de-ms-fabregas-fernandez-cf- com-communication.ppt Lack of transparency on the applicable rules - financial return • - depends on the specific business model • - relevant EU regulatory framework includes Prospectus Directive, Payment Services Directive MiFID, CRD/R, AIFMD, Consumer Credit Directive, Directive on Distance Marketing of Financial Services, EVC and ESEFs Regulations • - several Member States have taken or are taking regulatory actions with regard to CF (the UK, France, Italy, Spain and Belgium) From: http://www.eesc.europa.eu/resources/docs/pp-de-ms-fabregas-fernandez-cf- com-communication.ppt Issues for financial return CF identified by stakeholders: • - no transparency (information on investment and credit risks) • - no advice on investment diversification • - client money protection • - exercise of shareholder voting rights • - threshold for prospectus requirements • - investment limits From: http://www.eesc.europa.eu/resources/docs/pp-de-ms-fabregas-fernandez-cf- com-communication.ppt.
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