ICON-i控镭射键盘 实用小工具 FidelisTool 专为跑步者而设计的无座自行车 激光手表 强度可射穿薄胶板 极简木质车身自行车 飞利浦推出两款智能医疗设备帮助患者减轻痛楚 Airselfie能自拍更能装B的迷你航拍神器 千奇百怪的键盘设计 Touchjet Wave瞬间将电视机变成平板电脑 Uberella 防盗雨伞 舒适的“痛苦椅” ZON菜刀组合套装 独特的铰链系统桌椅 Touch+ 可让任何平面变成多点触控的设备 新奇好玩气泡足球 ClockONE 省电简约电子墨水时钟 三厘米的超迷你盆景 手拧螺丝固件系统 Alex 滤水书 疏水吸油的纤维海绵 可捕捉苍蝇的垃圾桶 便携吸管式加湿器 可以任意组合的沙发 灵活旋转的台灯 疯狂的纸板办公室 带轮子的长椅书架 智能胸罩Cueme 可远程操控震动模式 SUSTAIN自发热围巾 快情人节了,去玩玩色情的人体攀岩墙 反重力唱片机 zungle太阳镜 拥有骨传导技术可听音乐可打电话 可编程玩具:做模型学编程两不误 日本长崎全机器人酒店开业 英国建人造冲浪池 手腕穿戴式救生气囊 户外游泳必备 F-ONE体感输入指环 有望取代鼠标 可训练专注力的智能眼镜 这些寿司保证你没见过 在「太阳蛋」里蒸桑拿是一种什么样的体验? 隐藏15项功能的旅行卫衣 2015成都创意设计产业展览会9月19日开幕 夜光路面涂料 15分钟检测出艾滋病与梅毒的手机配件 ISO迷你外接蓝牙键盘 TextBlade 穿戴式空气净化口罩 牛人打造!气动金刚狼合金爪 愤怒小鸟沙雕 显示文字的交通指挥棒 精美的纸艺浮雕 不能照相的“照相机”
Amazon hires Disney SVP Kyle Laughlin as director of Alexa Gadgets
Apple’s battery cases return for the iPhone XS and XR
The Future Of TV Is HTML
This Week On Bullish: Can The Bold Italic Come Back?
Microsoft Drops New Windows 10 Mobile Build, Promises Faster Release Cadence
Cisco Pops 2.5% After Reporting Better-Than-Expected FQ4 Revenue Of $12.84B
Yahoo Sags 4% After Alibaba's Q2 Earnings Disappointment
Microsoft Postpones Ship Date For Its 'Surface Hub' Wall Computer To January
You Can Now Run Windows 10 On Your Mac
Microsoft Drops Another Windows 10 Update
Zulily's Buyout Spike Leaves It Less Valuable Than When It Went Public
Microsoft Launches New Windows 10 Build, Vows To Keep Its Early Access Program Alive


漂流瓶终于彻底拜拜 微信7.0.4新版体验
微信漂流瓶被玩坏了 聊聊漂流瓶里那些事
微信关闭漂流瓶 它曾经满足了我们对世界的好奇
微信暂停漂流瓶功能:对色情内容零容忍
[视频]惠普Chromebook x360 14 G1评测:搭载Chrome OS的商务变形本
特斯拉:北京客户可三年免息融资购车并免费租赁车牌
借贷宝:停止催收百名裸条女大学生 未满23岁将不得借贷
京东白条多地频现盗刷 消费者遭催收公司“逼债”
借款野蛮催收行为将被规范 真是几家欢喜几家愁
为规范网贷催收 上海互金协会发行业倡议书
腾讯解释为什么微信没有夜间模式 真相你相信吗?
一张发行8年的微信唱片:只收录了4首歌曲


SEC Lifts Ban On General Solicitation, Allowing Startups To Advertise That They're Fundraising

当前位置: 艾金森 > 门户 > 海外资讯

点击量 1
编辑: 1   作者: Techcrunch   时间: 2018/12/6 14:27:38  

The SEC has just voted 4 to 1 in favor of implementing section 201(a) of the JOBS Act, which lifts the ban on general solicitation and permits startups, venture capitalists, and hedge funds to openly advertise that they're raising money in private offerings. While it may pose added risk of investors being misled, it should make it significantly easier for companies to raise capital to start or continue financing a business.

The rule change washes away some limitations on advertising of fundraising that have been in place for 80 years. President Obama signed the Jumpstart Our Business Startups Act in April 2012 but now the removal of the ban on general solicitation is finally going into effect.

Previously, the idea was that companies could go public if they wanted to openly raise money. However, the intense regulation and scrutiny around IPOs has dissuaded some private companies from offering their stock to the public. Poor IPO performance for some fast-growing technology companies and well as improved secondary markets like SecondMarket have pushed startups to stay private for longer. Four times as much money was raised last year through private offerings than IPOs.

Due to the general solicitation ban, hedge funds, VCs, and startups had to quietly raise that money, soliciting by word of mouth and other forms of private communication. Now they could buy ads or openly announce that they're seeking investors alongside using the traditional quiet method.

Investment is still limited to accredited investors worth more than $1 million liquid net worth, and fundraisers must take reasonable steps to ensure investors are in fact accredited. To help the SEC collect data on how investment will change, fundraisers have to file a Form D with the SEC at least 15 days before they begin general solicitation, and amend that Form D to state that they're done soliciting within 30 days of finishing.

General solicitation will fuel a new cottage industry of investor matching-making sites that aim to broaden the investment pool to financial whales outside the insular world of Silicon Valley.

"Today, with the ban in place, only the most well-known investors get access to the best deal flow, making it more difficult for accredited investors across the country to invest in top deals," writes Ryan Caldbeck of crowdfunding website, Circleup, to us in an email. Many sites businesses, like FundersClub, Circleup, Angelist, and Wefunder, help investors find startups to invest in, but have been severely restricted in how they could promote opportunities

"With General Solicitation it will be much easier for investors to find companies they are passionate about supporting," writes Mike Norman of crowdfunding website, WeFunder, to us in an email. The new rule will hopefully open up the capital-starved startup market to the majority of investors. According to WeFunder's website, only 3% of the US's 8 million accredited investors are active in the tech startup space.

"This is creating a large void in the investment community whereby dissatisfied sophisticated investors are clearly looking to alternative investment options for lower fees, more options, etc. Crowdfunding portals will create a way for accredited investors to find additional deal flow," writes David Loucks of the healthcare investment bank, Healthios.

The SEC is still to rule on the most significant of all provisions: crowdfunding. The Jumpstart Our Business Act (JOBS) of 2013 was supposed to permit everyone from Bill Gates to soccer moms to take an equal stake in hot new startups, not just accredited investors. But the implementation of unaccredited crowdfunding has been delayed by SEC politics and mini-scandals. If crowdfunding is allowed, it could pump even more capital into the startup ecosystem.

Crowdfunding is mostly being stalled by fears that vulnerable elderly couples watching a late night-infomercial will be duped into handing over their nestegg to stupid investments or nefarious actors. While fraud and bankruptcy is a concern, Kiva co-founder, Jessica Jackley, who also founded the now-defunct crowdfunding portal, Profounder, says "I'm less concerned about abuse and more concerned about how well the new crowdfunding platforms will educate new investors - and entrepreneurs - on their investments," she writes to us in an email.

"No matter how you present an opportunity, investing, especially for equity, is complex. This law requires significant information disclosure and I hope that that info is shared in a way that people can understand and make decisions around."

For instance, a bill pending in North Carolina mandates that investors be warned in plain English “I acknowledge that I am investing in a high-risk, speculative business venture, that I may lose all of my investment and that I can afford the loss of my investment.”

With general solicitation now allowed, startups may be able to raise money more quickly and from a wider range of investors than before. That could create more companies, further fracturing top engineering and product design talent. It can take a lot of great minds in one room to solve big problems, and some believe more startup capital thereby leads to smaller ideas. Alex Mittal, CEO of FundersClub, says "A lot of noise is about to be introduced to the private markets, and distinguishing signal from noise will become critical for investors, and standing above the crowd will become critical for startups."

Still, the ability to advertise fundraising could spawn high-impact startups that never would have existed, and they might even spring up in areas where there are no investors within earshot - aka outside of Silicon Valley.