August 19, 2013
I, as an entrepreneur wants to spend time building products for my customers. Going through sec rules is not top of my list. Most startups in the prefunding stage cannot afford expensive legal counsel. usually legal comes into picture post funding in a traditional VC route. With the new rules, I will be forced to get legal counsel even if i use cheap ways to find funding through crowd funding sites. In effect these requirements will make the use of crowd funding completely useless for me and most entrepreneurs I know. Please make this easy to follow in real life. See how a startup with grand total of 2 technical founders , no legal counsel , no additional employees, can raise $250K through crowdfunding if these regulations are in place.