Capital-Raising Building Blocks

June 12, 2024

Explore the fundamentals of capital raising with the Office of the Advocate for Small Business Capital Formation.

Getting Ready to Raise Capital

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 Ready to Raise CAPITAL

 How do I know when I am ready to raise capital from investors?

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 Entrepreneurial Support Organizations

 Get the 411 on entrepreneurial support organizations.

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 Financial Statements: Balance Sheet

 Master the anatomy of the balance sheet.

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 Financial Statements: Income Statement

 Master the anatomy of the income statement.

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 Common Startup Securities

  What different types of securities are issued to startup investors?

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 Private Companies and the SEC

 What does the SEC have to do with my private company?

Early-Stage Capital Raising

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 Offering Pathways

 What pathways are available to raise capital from investors?

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 General Solicitation

  What is general solicitation?

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Integration

What is “integration” and why does it matter?

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Broker-Dealers

What is a broker-dealer?

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Form D

What is a Form D and how do I file it?

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Consequences of Noncompliance

What happens if a startup does not comply with securities laws?

Small Business Investors

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Accredited Investors

What is the role of accredited investors?

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Assessing Accredited Investors under Regulation D

What are a company’s obligations when assessing whether an investor is accredited?

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Private Funds

How do private funds provide capital to early-stage companies?

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Starting a Private Fund

What do I need to know before starting a private fund?

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Diversifying Risk

How do early-stage investors diversify risk?

Later-Stage Capital Raising

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Exit Strategies and Liquidity

How do startups “exit” or provide liquidity to investors?

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Raising Later-Stage Capital

I’ve raised early-stage capital. What comes next?

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Private Secondary Markets

What is a private secondary market?

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Regulation A

What is a Regulation A offering?

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Public Companies

What does it mean to be a public company?

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Ready to Go Public

How do I know when I am ready to take my company public?

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Types of Registered Offerings

What are the differences in an IPO, a SPAC, and a direct listing?

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SEC Filing Review Process

What should I expect from the SEC’s filing review process?

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SEC Filer Status and Reporting Status

What are filer and reporting statuses and how do they affect public company reporting requirements?

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Engaging in the SEC Rulemaking Process

How can I comment on rules the SEC proposes to adopt?

Have ideas, suggestions, or questions we should answer? Email smallbusiness@sec.gov.

Last Reviewed or Updated: March 21, 2025