October 29, 2013
I grew up poor, put myself through school, and started 10 companies in the last 30 years, including the 3 I have now so very entrepreneurial, all small companies and very difficult for any to raise money.
I built one of those ocmpanies into a very large managed healthcare company that created 3,500 jobs before being sold to Aetna and Crawford Company.
at first i was excited about the new SEC rules and the idea of enabling "crowd funding" for smaller companies since Angles and Venture Capitalists are not really a good source of capital since they typically want control etc..
So for God's sake, don't make it hard, make it easy for small companies, the backbone of job creation in this country, to raise money publicly on websites like Angellist, Crowdfunder or others without too many rules and reg's
allow third parties like AngelList to do the filing on the startup's behalf, with a simple URL that is delivered to the SEC via API. Second, only require boilerplate when startups are communicating financing terms. Finally, remove the 1-year ban for noncompliance—it is incommensurate with any harm.
there is a huge chasm, between VC's and entrepreneurs, and angels do it mostly as a hobby and don't really fill the empty no man's land of early capital, so open the doors to millions of other investors. We cannot always do it on our own as has typically been the case