Virtual Coffee Break

The SEC’s Office of the Advocate for Small Business Capital Formation is participating in a series of virtual coffee breaks to engage with the public to discuss updates, trends, and perspectives on how COVID-19 is impacting raising capital.  Each virtual coffee break will spotlight what’s happening in a particular area of the market, incorporating feedback from entrepreneurs, investors, and other market participants.  Businesses and investors are also encouraged to check out our COVID-19 resources for small businesses and reach out to the Office online at www.sec.gov/oasb, via email at smallbusiness@sec.gov, or by phone at 202.551.5407 for support with their capital raising needs.

Our Small Business Advocate, Martha Legg Miller, will join a virtual Frontiers of Entrepreneurship conference hosted by Kenan Institute of Private Enterprise and UNC Entrepreneurship Center at Kenan-Flagler to discuss the role of government in creating inclusive entrepreneurial ecosystems by providing equal opportunities for investment to diverse groups of founders, while protecting investors.

Director of the Office, Martha Legg Miller, joined the ABA Venture Capital Financing Subcommittee for their Spring meeting. She discussed recent capital raising trends, policy updates, and answered members’ questions on how to improve capital formation rules.

Our Office hosted the first of a three-part series of virtual panel discussions focusing on diversifying opportunity in venture capital. Throughout this series, we will continue to explore the role emerging venture capital funds and their investors play in funding underestimated founders across the country and empowering a new generation of investment decision makers. The first panel discussed opportunities and challenges faced by investors looking to support and invest with emerging managers. Check out Martha's opening remarks, and check back for updates on future virtual panel discussion dates and other details.

First Panel Discussion on Investing with Emerging Managers

Moderator: Martha Legg Miller, Director, Office of the Advocate for Small Business Capital Formation
Panelists: Frederik Groce (Storm Ventures and BLCK VC); Winter Mead (Oper8r); and Jamie Rhode (Verdis Investment Management)

Our Office spoke to the RuralRISE community about updated rules that impact how companies seek funding from investors, including at demo day events and online using crowdfunding.

Our Small Business Advocate, Martha Miller, joined the Southern Capital Forum to provide an update on capital formation in the Southeast region. The discussion provided an opportunity for Southeastern investors to share their feedback on raising new funds and investing in the region. You can view the presentation materials here.

Our Office joined a panel of securities regulators and private capital market participants hosted by the IMA Small Business Committee. The discussion covered the framework for exempt securities offerings as well as the practical applications including hybrid securities and crowdfunding platforms.

Commissioner Roisman and our Small Business Advocate, Martha Miller, joined a virtual meeting of the Coalition to Advance Arkansas Entrepreneurship. Listen in as they discuss access to capital for Arkansas entrepreneurs and gather feedback on increasing early stage financing activity in the state. The Coalition to Advance Arkansas Entrepreneurship is a monthly convening of business, higher education, and government leaders to explore collaboration opportunities to advocate for policies that reduce barriers for Arkansas founders.

National Entrepreneurship Week is an annual celebration of entrepreneurship across the United States. The Office of the Advocate for Small Business Capital Formation is excited to feature Acting Chair Allison Herren Lee in a series of videos that highlight the importance of entrepreneurship.

Our Office also joined other Federal agencies to discuss the COVID economic recovery for small business entrepreneurs. During the panel, we presented data from our Annual Report on COVID’s 2020 effects on small businesses and recommendations from the Report that can help underserved entrepreneurs recover and thrive.

Our Small Business Advocate Martha Miller joined BLK Founders Club on Clubhouse in a conversation on crowdfunding hosted by Shondra Washington. The discussion covered recent changes to Regulation Crowdfunding, latest innovations by crowdfunding platforms, and how founders can be prepared to successfully raise capital using crowdfunding. Participants included Harold Hughes, Chuck Pettid, Jonny Price, Howard Marks, and entrepreneurs.

Our office hosted the second annual Capital Call, which is styled after public companies' earnings release calls and included a discussion on our 2020 Annual Report to Congress and the Commission. This virtual event highlighted what has been happening with capital raising across the country, including a spotlight on the impacts of the COVID-19 pandemic, the unique challenges faced by underrepresented businesses, the office's work in supporting small businesses and their investors, and the policy recommendations the office has developed in response.

Our Office teamed up with the SEC’s Los Angeles and Atlanta Regional Offices for a virtual conversation featuring women entrepreneurs and investors of color from the Los Angeles and Atlanta Regions. Speakers shared their experiences and discussed ways to improve access to capital for minority and women entrepreneurs.

Our Office joined a conversation hosted by Oregon RAIN to discuss the Commission's recent amendments to the accredited investor definition that impact both investors' access to investment opportunities, as well as companies looking to raise capital in the private markets. The conversation highlighted the types of individuals and entities that will newly qualify as an accredited investor. Participants were able to ask questions and share feedback on small business capital raising. Oregon RAIN partners with Oregon communities to catalyze entrepreneurial ecosystems, connect overlooked entrepreneurs to resources, and contribute to the creation of prosperous economies.

Our Office hosted a virtual panel discussion, where panelists discussed topics ranging from investor access to private markets to the Commission’s recent proposal to improve the retail investor experience.

Moderators: Sebastian Gomez Abero and Jessica McKinney, Office of the Advocate for Small Business Capital Formation
Panelists: Dalia Blass (Director of the Division of Investment Management); Teresa Nilsen (Hennessy Funds); and Mike Ryan (Hamilton Lane)

Our Office joined a discussion with legal advisors in Houston and Dallas on connecting small businesses to capital. The conversation covered strategies to bridge networks, trends with capital raising in the current environment, how business leaders and investors are navigating challenges, and ongoing initiatives at the SEC, including the proposed finders exemption, the capital formation proposal, and recent efforts to modernize the disclosure system for public companies.

Our Office joined a discussion with StartOut and Socos Labs as they demonstrated their StartOut Pride Economic Impact Index platform and presented data on issues encountered by LGBTQ+ entrepreneurs. StartOut is a national organization supporting the LQBTQ+ entrepreneurial community by providing the resources entrepreneurs need to succeed, promoting the successes of the community, and researching the economic impacts of LGBTQ+ discrimination.  

Our Small Business Advocate, Martha Miller, joined the National Association of Securities Professionals (NASP) for a virtual coffee break moderated by Pamela Gibbs, Director of the SEC’s Office of Minority and Women Inclusion. NASP is a national organization that is committed to helping people of color and women achieve inclusion in the financial services industry. Martha and Pam spoke with securities professionals from across the country about trends in capital raising and ongoing initiatives at the SEC, and NASP members shared important feedback about that they are seeing in the market.

Our Small Business Advocate, Martha Miller, joined a virtual panel discussion on the experience of small, publicly-traded companies on Wednesday, July 22, 2020. Martha joined OTC Markets Group’s General Counsel, Dan Zinn, and several executives representing OTCQX-traded companies to discuss issues impacting small public companies in today’s markets, including capital raising, becoming a publicly-traded company, secondary trading, and reporting and disclosure. Participant questions and feedback were incorporated throughout the panel discussion. 

Our Small Business Advocate, Martha Miller, joined a virtual panel discussion with middle market private companies and late-stage investors discussing how to lead in crisis and engage on policy on July 9, 2020. The panel discussed how business leaders and investors are navigating the current challenges and positioning themselves for growth, the current framework for raising capital, and the public policy opportunities in capital formation, liquidity, and equity.

Our Small Business Advocate, Martha Miller, joined the Angel Capital Association’s Virtual Summit of Angel Investing on May 14, 2020 as a keynote speaker. As part of the event, Martha spoke with angel investors from across the country about trends with capital raising in the current environment, ongoing initiatives at the SEC, including the capital formation proposal, and strategies to bridge networks.