Subject: File No. S7-09-13
From: Mack Taylor

November 8, 2013

The concept of "crowdfunding", or allowing the public to invest in companies/ventures that do not meet the very high bar currently required for public investments, has been much needed for a long time. Many small startups have had to go to the poorly regulated Toronto or London venture exchanges. There is a definite need for both crowdfunding and for a venture exchange in the US that is not so burdensome that small startups are seriously hindered from registering. Such a system would be a substantial boost to small business and to the US economy.