August 6, 2014
Dear Pioneers of the Title III Jobs Act Legislation,
My name is Manolis Sfinarolakis, the Founder Producer of Reality Crowd TV Media Corporation. We are a startup company that has been patiently waiting for Title III crowdfunding rules to be finalized.
Our company's mission statement is to inform, educate, inspire, and motivate entrepreneurs worldwide to start small businesses through crowdfunding and to provide them with a blueprint on how to crowdfund.
We are working with rewards based startups at present to help them build an audience and have no less than 10 issuers who we are working with who are waiting for Title III crowdfunding.
There has been comment letters from some organizations who are grossly overstating the cost of compliance in legal and accounting and it is causing a lot of negative press in general around Title III. Issuers should be the focus and there are funding portals who are perfectly ready to support these issuers now.
The point of this legislation is to help small companies raise capital and create jobs in America. Crowdfunding should not be "business as usual" where the funding portals are given all of the priority and sway. It should be lets support the entrepreneurs in this country who are looking to make positive changes in the economy and the world at large.
We believe that the rules should be implemented, should not be delayed, should not allow congress to apply pressure because people are looking to get "elected". This is about the U.S. Economy, the hopes and dreams of entrepreneurs and the multitude of employees that they will hire. I know that you in the SEC are under a lot of pressure and you are all trying to put this out as quick as possible. I APPRECIATE you. I want to voice my support for Title III and for releasing the rules as soon as possible.
In anticipation of supporting the entrepreneurs who use Title III once finalized, we are hiring employees to help these individuals go through the process as cheaply as possible. There are services out there such as:
CrowdFundCPA
FundHub.biz
And other companies and services that will essentially bring the costs down of complying via use of technology with the regulations.
We need baseline rules to get empirical data on. To me, we must have more access to capital and the delay in implementation is holding entrepreneurs back who would be using this mechanism today if it were available.
I am a future issuer under Title III and I represent issuers who are waiting for this to happen. Please continue the good work you do. Do not listen to the noise of others trying to tell you how this legislation will be the "end of the world". We all know that entrenched interests who do not have the best interests of the American public are at play, and we must stop them from trying to hijack what was one of the most bi-partisan bills ever passed in the nation's history, that of the 2012 JOBS act.
Thank you for your consideration and thank you for the work that you do.
Kind Regards,
Manolis Sfinarolakis
Founder Produer
Reality Crowd TV