August 19, 2013
As an early stage startup founder I can tell you with absolute certainty that the obligations imposed on general solicitation will hurt, rather than help, my company. We have very limited funds, and the cost of our legal fees to ensure we stay within bounds would be prohibitive (our lawyer is $300/hr... and that's on the very low end of the range). I understand the reason for the restrictions, but it's just crazy to impose the same rules on a 4 person startup as it is on a $1b hedge fund.