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href="//assets-cdn.abcnews.com/abcnews/8addf4423cdd-release-11-12-2024.17/client/abcnews/prism-story-691d7910.js" as="script" /> <title data-react-helmet="true">Newly Legal: Buying Stock in Start-Ups Via Crowdsourcing - ABC News</title> <meta data-react-helmet="true" name="description" content="Qualified investors can now use crowdsourcing to buy equity in start-ups. But should they? At least one expert--the author of a comprehensive report on Kickstarter--recommends caution. Under a newly implemented provision of 2012's "Jumpstart Our Business Start-ups Act" (JOBS Act), it became legal this week for small start-ups looking to raise money to sell equity to investors via the Internet, and to do so without first having to register their shares with the Securities and Exchange Commission. "/><meta data-react-helmet="true" name="keywords" content="Kickstarter, RockThePost, SEC, Securities and Exchange Commission, crowdsourcing, Wharton, Ethan Mollick, Article, 20343963"/><meta data-react-helmet="true" name="theme-color" content="#fff"/><meta data-react-helmet="true" name="copyright" content="2024 ABC News"/><meta data-react-helmet="true" name="author" content="ABC News"/><meta data-react-helmet="true" name="robots" content="index, follow"/><meta data-react-helmet="true" property="fb:admins" content="704409894"/><meta data-react-helmet="true" property="fb:app_id" content="4942312939"/><meta data-react-helmet="true" name="fb_title" content="Newly Legal: Buying Stock in Start-Ups Via Crowdsourcing"/><meta data-react-helmet="true" property="og:site_name" content="ABC News"/><meta data-react-helmet="true" property="og:url" content="https://abcnews.go.com/Business/dark-side-crowdfunding-startup-companies/story?id=20343963"/><meta data-react-helmet="true" property="og:title" content="Newly Legal: Buying Stock in Start-Ups Via Crowdsourcing"/><meta data-react-helmet="true" property="og:description" content="Qualified investors can now use crowdsourcing to buy equity in start-ups. But should they? At least one expert--the author of a comprehensive report on Kickstarter--recommends caution. Under a newly implemented provision of 2012's "Jumpstart Our Business Start-ups Act" (JOBS Act), it became legal this week for small start-ups looking to raise money to sell equity to investors via the Internet, and to do so without first having to register their shares with the Securities and Exchange Commission. 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But should they? At least one expert--the author of a comprehensive report on Kickstarter--recommends caution. Under a newly implemented provision of 2012's "Jumpstart Our Business Start-ups Act" (JOBS Act), it became legal this week for small start-ups looking to raise money to sell equity to investors via the Internet, and to do so without first having to register their shares with the Securities and Exchange Commission. 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style="--spacing-top:40px;--spacing-bottom:32px;--spacing-child-top:initial;--spacing-child-bottom:24px;--spacing-firstChild-top:initial;--spacing-firstChild-bottom:initial;--spacing-lastChild-top:initial;--spacing-lastChild-bottom:initial;--spacing-compact-top:24px;--spacing-compact-bottom:32px;--spacing-firstChild-compact-top:initial;--spacing-firstChild-compact-bottom:initial;--spacing-child-compact-top:initial;--spacing-child-compact-bottom:24px;--spacing-lastChild-compact-top:initial;--spacing-lastChild-compact-bottom:initial" class="dHdHP jLREf zXXje aGO eCClZ nTLv jLsYA gmuro TOSFd VmeZt sCkVm hkQai wGrlE MUuGM fciaN qQjt DhNVo Tgcqk IGLAf tWjkv "><div class="kCTVx qtHut lqtkC HkWF HfYhe kGyAC " data-testid="prism-headline"><h1 class="vMjAx gjbzK tntuS eHrJ mTgUP "><span class="gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ ">Newly Legal: Buying Stock in Start-Ups Via Crowdsourcing</span></h1><p class="jxTEW Poyse uieav lqtkC HkWF HfYhe kGyAC "><span class="gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ ">A new law makes it easier to finance start-ups, via crowdsourcing.</span></p></div><div class="QHblV nkdHX kvZxL hTosT whbOj " data-testid="prism-byline"><div class="VZTD mLASH OcxMG oJce "><div class="kKfXc ubAkB VZTD rEPuv "><div class="TQPvQ fVlAg HUcap kxY REjk UamUc WxHIR HhZOB yaUf VOJBn KMpjV XSbaH Umfib ukdDD "><span class="tChGB zbFav ">By</span><span>ABC News</span></div><div class="VZTD mLASH gpiba "><div class="xAPpq JQYD ZdbeE jTKbV zIIsP xpuOU pCRh ">September 24, 2013, 8:53 AM</div></div></div></div><div class="RwkLV Wowzl FokqZ LhXlJ FjRYD toBqx " data-testid="prism-share"><div class="JpUfa aYoBt "><ul class="MZaCt dUXCH nyWZo RnMws Hdwln WBHfo tAchw UDeQM XMkl NUfbq kqfZ "><li class="WEJto "><button aria-label="Share Story on 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GNmeK pYrtp dSqFO " data-testid="prism-figure"><picture data-testid="prism-picture"><source media="(max-width: 374px)" srcSet="https://s.abcnews.com/images/Business/HT_kickstarter_nt_130918_16x9_992.jpg?w=384"/><source media="(min-width: 375px) and (max-width: 693px)" srcSet="https://s.abcnews.com/images/Business/HT_kickstarter_nt_130918_16x9_992.jpg?w=608"/><source media="(min-width: 694px)" srcSet="https://s.abcnews.com/images/Business/HT_kickstarter_nt_130918_16x9_992.jpg?w=1600"/><img alt="Since 2009, Kickstarter has funded 48,000 creative projects. " class="hsDdd vBqtr KrDt itslR zFTjo hakZw HlUVI " data-testid="prism-image" draggable="false" fetchpriority="high" src="https://s.abcnews.com/images/Business/HT_kickstarter_nt_130918_16x9_992.jpg?w=1600"/></picture><figcaption><div class="nMMea bNYiy Mjgpa dGwha DDmxa jgKNG RGHCC aBIU PriDW lZur " data-testid="prism-caption"><div class="HXPPJ barbu yKsXL IzgMt VcHIt uhSzI YGNMU cRAsZ xqMcl QtRul "><span class="hsDdd OOSI GpQCA lZur VlFaz " data-testid="prism-truncate"><span><span class="gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ ">Since 2009, Kickstarter has funded 48,000 creative projects. </span></span></span></div><div class="qinlA IpWvx oqZz tylGM lyWxS nWcVF UhTug PPcLh "><span class="YNujN JGtjI aZFDu rkKLh gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ ">Kickstarter.com</span></div></div></figcaption></figure></div><div class="XQpSH " data-testid="prism-divider"></div><div class="xvlfx ZRifP TKoO eaKKC EcdEg bOdfO " data-testid="prism-article-body"><p class="EkqkG IGXmU nlgHS yuUao MvWXB TjIXL aGjvy ebVHC"><span class="oyrPY qlwaB AGxeB">Sept. 24, 2013 -- </span>Amateur investors may soon be able to use crowdsourcing to buy equity in start-ups. But should they? At least one expert--the author of a report on Kickstarter--recommends caution.</p><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">Under a newly implemented provision of 2012's "Jumpstart Our Business Start-ups Act" (JOBS Act), it became legal this week for small start-ups to solicit investments publicly, via the Internet. They can sell shares without first having to register them with the Securities and Exchange Commission.</p><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">An entrepreneur in need of cash can raise up to $1 million a year, provided he or she sells shares only to "accredited" investors鈥攎eaning ones who can show they have a net worth of more than $1 million or income of over $200,000 a year.</p><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">Such sites as <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="https://rockthepost.com">RockThePost</a> already sell equity to accredited investors, who lawmakers and regulators regard as being more sophisticated than less-affluent ones (and thus better able to assess the risks inherent in new means of funding).</p><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">Ethan Mollick, a professor of management at the Wharton School of Business, has studied social media funding platforms extensively. His paper, <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2088298">"The Dynamics of Crowdfunding: An Exploratory Study,"</a> looks at the outcomes of some 48,500 Kickstarter projects, which collectively raised $237 million donated dollars.</p><div class="oLzSq QrHMO GbsKS pvsTF EhJPu vPlOC zNYgW OsTsW AMhAA daRVX ISNQ sKyCY eRftA acPPc ebfE nFwaT MCnQE mEeeY SmBjI xegrY VvTxJ iulOd NIuqO zzscu lzDCc aHUBM hbvnu OjMNy eQqcx SVqKB GQmdz jaoD iShaE ONJdw vrZxD OnRTz gbbfF roDbV kRoBe oMlSS gfNzt oJhud eXZcf zhVlX "><div data-testid="prism-ad-wrapper" style="transition:min-height 0.3s linear 1s" data-ad-placeholder="true"><div data-box-type="fitt-adbox-fitt-article-inline-outstream" data-testid="prism-ad"><div class="Ad fitt-article-inline-outstream ad-slot " data-slot-type="fitt-article-inline-outstream" data-slot-kvps="pos=fitt-article-inline-outstream-1"></div></div></div></div><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy"><strong class="vtkaO"><a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="http://abcnews.go.com/Entertainment/veronica-mars-fundraising-campaign-makes-kickstarter-history/story?id=18948147">VERONICA MARS KICKSTARTER SHATTERED RECORD</a></strong></p><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">He tells ABC News, "It's an interesting world right now. As of this week, a new opportunity has opened up for qualified investors."</p><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">At least 1,000 companies, he says, are lined up to get in on this business.</p><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">The reason they're lined up, Mollick says, is that they expect that the SEC will eventually decide to remove or to vitiate the "accredited" requirement, thus making it possible for grandma to invest her money in companies pursuing perpetual motion.</p><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">While selling equity to un-accredited investors on the Internet would be new, raising money鈥攖hrough sites like Kickstarter and Indiegogo鈥攄efinitely is not. Mollick became curious to see how Kickstarter's projects had performed: How many reached their funding targets? Of those, how many delivered on time whatever it was they had promised to give donors? How many failed to deliver at all?</p><div class="oLzSq QrHMO GbsKS pvsTF EhJPu vPlOC zNYgW OsTsW AMhAA daRVX ISNQ sKyCY eRftA acPPc ebfE nFwaT MCnQE mEeeY SmBjI xegrY VvTxJ iulOd NIuqO zzscu lzDCc aHUBM hbvnu OjMNy eQqcx SVqKB GQmdz jaoD iShaE ONJdw vrZxD OnRTz gbbfF roDbV kRoBe oMlSS gfNzt oJhud eXZcf zhVlX "><div data-testid="prism-ad-wrapper" style="min-height:250px;transition:min-height 0.3s linear 0s" data-ad-placeholder="true"><div data-box-type="fitt-adbox-fitt-article-inline-box" data-testid="prism-ad"><div class="Ad fitt-article-inline-box ad-slot " data-slot-type="fitt-article-inline-box" data-slot-kvps="pos=fitt-article-inline-box"></div></div></div></div><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">His findings, to the extent they bear on the Internet sale of equities, offer cause for both hope and fear.</p><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">Kickstarter doesn't sell equities鈥攐r at least it hasn't yet. What Kickstarter offers, explains company spokesperson Justin Kazmark, "is not an investment. It's not a donation. It's not a purchase." The thing being offered, though, shares the attributes of all those three, he says, while being something new and different: "You are pledging money to help bring an idea to life. You're getting updates [from the creative team trying to bring the project to fruition], you're getting vicarious participation in the process, you're getting bragging rights and the satisfaction of knowing that you helped."</p><p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">Participants might be offered first crack at buying the product, once it's been produced. They might be offered and "gift" T-shirt or other expression of thanks. But they don't own a slice of the undertaking, nor are they making a purpose, according to Kickstarter.</p><p class="EkqkG IGXmU nlgHS yuUao lqtkC eTIW sUzSN">So, what happens if you pledge $150 to help fund somebody's movie, and the maker fails to reach his funding goal? Do you get your money back?You never parted with your money in the first place, because Kickstarter does not debit your credit card unless and until the funding goal is met. If the goal isn't met by the project's deadline, Kickstarter pulls the plug. The person seeking funding, no matter how close to meeting his goal he may have been, gets nothing. So there's nothing to refund.</p></div><div></div><div class="Article__Footer Article__Footer--news"><div class="Article__Footer--items flex flex-wrap flex-no-wrap items-center justify-between"><section class="Share flex flex-no-wrap"></section></div><div class="StoryDivider StoryDivider--logo"><hr/><img alt="ABC News" class="Image Logo Logo__xxxl" data-mptype="image" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7"/><hr/></div></div><div class="taboola bmjsw lZur " data-testid="prism-taboola" style="min-height:800px"><div id="taboola-below-article-thumbnails"></div></div></div></div><div class="theme-e FITT_Article_main__sidebar oBTii mrzah mZWbG RCVjw fjcc BFuEm " data-testid="prism-GridColumn" style="--grid-column-span-lg:9;--grid-column-span-xl:8;--grid-column-span-xxl:8;--grid-column-start-xxs:auto;--grid-column-start-xs:auto;--grid-column-start-sm:auto;--grid-column-start-md:auto;--grid-column-start-lg:16;--grid-column-start-xl:17;--grid-column-start-xxl:17"><div style="--spacing-top:48px;--spacing-bottom:initial;--spacing-child-top:initial;--spacing-child-bottom:40px;--spacing-firstChild-top:initial;--spacing-firstChild-bottom:initial;--spacing-lastChild-top:initial;--spacing-lastChild-bottom:initial;--spacing-compact-top:24px;--spacing-compact-bottom:initial;--spacing-firstChild-compact-top:initial;--spacing-firstChild-compact-bottom:initial;--spacing-child-compact-top:initial;--spacing-child-compact-bottom:40px;--spacing-lastChild-compact-top:initial;--spacing-lastChild-compact-bottom:initial" class="dHdHP jLREf zXXje aGO eCClZ nTLv jLsYA gmuro TOSFd VmeZt sCkVm hkQai wGrlE MUuGM fciaN qQjt DhNVo Tgcqk IGLAf tWjkv "><div><section class="CHWlW ZgZTu FlDNH hQfuy feniZ wBpop uAyYK yJYJo OGgqj tQHio PCVZs Kiog iKqXF eeiyR " data-testid="prism-collection"><header class="mLASH VZTD bhaVx "><div><h2 class="KuBvM RTkZF lFzlq GbVC HkWF exKgG kGyAC SwCrv ">Popular Reads</h2></div></header><div class="rRTs EwJTR UpiKB sKbok RsAxh msYPt zKjNI SXHxp OaElp halTF KzevM LFuuA xTOeQ jLoop liAe uMOq zYIfP pYgZk Mxrkk VZTD lZur TPpRg NoUSU igcMP DtJWr QgBvn DFdlJ QGHKv VuOFc " data-testid="prism-card"><a class="iVcn UbGlr ibBnq qdXbA avodi DbOXS tqUtK GpWVU iJYzE QGHKv HNQqj ICwhc Bkgbl ZLXw kSqqG rEBmF " data-testid="prism-linkbase" href="https://abcnews.go.com/US/man-missing-1999-found-after-sister-sees-picture/story?id=116234095" aria-label="Man missing since 1999 is found alive 2024-11-26T19:20:00Z"><div class="hsDdd GpQCA lZur BOsoU YMZw dihEb srtah LmIPo JzlZQ qrShQ iRFVw ZZxEf zHngH jCA-DP TucPs XifJd MWLZF PEVz VbrfA zZsl kjmkg OwbFk QuuaM cBQOR "><div class="GpQCA lZur oVsVV nFtJ GHKp awJgN EuJtJ " data-testid="prism-ratio-frame"><div class="FvQLF iLTd NqeUA UzzHi iWsMV "><img alt="" class="hsDdd " data-testid="prism-image" draggable="false" src="https://i.abcnewsfe.com/a/e944930a-56d4-4b6f-a3ff-d954f303cf5a/newspaper-2-gty-er-241126_1732644342688_hpMain_1x1.jpg?w=208"/></div></div></div><div class="QGHKv iVcn avodi rEPuv ICwhc ibBnq Bkgbl ZLXw kSqqG rEBmF "><div class="VZTD rEPuv QXDKT pJYTK " data-testid="prism-meta"><div class="CJAFL gDeX "><h2 class="PFoxV eBpQD rcQBv bQtjQ lQUdN GpQCA mAkiF FvMyr WvoqU nPLLM tuAKv " id="Manmissingsince1999iheadline">Man missing since 1999 is found alive</h2></div></div><div class="RVPG cTzRP UzlIl VXIwh hCp lZur YOODG pJYTK "><div class="VZTD rEPuv ltDkr QXDKT "><ul class="tfFRZ zOGtW VZTD UeCOM RzKoN JEct YaqUo BedyR UoVV WtEci dSKvB seFhp "><li class="tuAKv fzeHv eSWW VUFMN SdBAb AQSxL xBxr " id="Manmissingsince1999ipubDate"><div class="theme-JfHmw theme-aMvDO mLASH egFzk qXWHA ScoIf zRKnP jIRH wNxoc OJpwZ BOFPn wSPfd ofvJb bMrzT RGoaN cvDzE ARCOA kyjTO lvyBv aANqO aNnIu GDslh LjPJo RpDvg YYtC rTpcz EDgo SIwmX sWWJW mzm MbcTC bVept SEPRz LRqoM kzZQf xGdAb hBvCD fQMZM tVKun zUtsb yHyni pzxXD AbcH " data-testid="prism-Badge"><span class="QXDKT rGjeC tuAKv iMbiE "><span class="awXxV jTKbV zIIsP xpuOU pCRh ">Nov 26, 2:20 PM</span></span></div></li></ul></div></div></div></a></div><div class="rRTs EwJTR UpiKB sKbok RsAxh msYPt zKjNI SXHxp OaElp halTF KzevM LFuuA xTOeQ jLoop liAe uMOq zYIfP pYgZk Mxrkk VZTD lZur TPpRg NoUSU igcMP DtJWr QgBvn DFdlJ QGHKv VuOFc " data-testid="prism-card"><a class="iVcn UbGlr ibBnq qdXbA avodi DbOXS tqUtK GpWVU iJYzE QGHKv HNQqj ICwhc Bkgbl ZLXw kSqqG rEBmF " data-testid="prism-linkbase" href="https://abcnews.go.com/US/man-arrested-after-alleged-florida-golf-murder-police/story?id=116241043" aria-label="Man killed with own golf clubs on Florida course 2024-11-26T21:56:00Z"><div class="hsDdd GpQCA lZur BOsoU YMZw dihEb srtah LmIPo JzlZQ qrShQ iRFVw ZZxEf zHngH jCA-DP TucPs XifJd MWLZF PEVz VbrfA zZsl kjmkg OwbFk QuuaM cBQOR "><div class="GpQCA lZur oVsVV nFtJ GHKp awJgN EuJtJ " data-testid="prism-ratio-frame"><div class="FvQLF iLTd NqeUA UzzHi iWsMV "><img alt="" class="hsDdd " data-testid="prism-image" draggable="false" src="https://i.abcnewsfe.com/a/b88f1e18-8c33-40c9-b904-d6ddc7b2093e/suspect-golf-course-ht-lv-241126_1732647651851_hpMain_1x1.jpg?w=208"/></div></div></div><div class="QGHKv iVcn avodi rEPuv ICwhc ibBnq Bkgbl ZLXw kSqqG rEBmF "><div class="VZTD rEPuv QXDKT pJYTK " data-testid="prism-meta"><div class="CJAFL gDeX "><h2 class="PFoxV eBpQD rcQBv bQtjQ lQUdN GpQCA mAkiF FvMyr WvoqU nPLLM tuAKv " id="Mankilledwithowngolfheadline">Man killed with own golf clubs on Florida course</h2></div></div><div class="RVPG cTzRP UzlIl VXIwh hCp lZur YOODG pJYTK "><div class="VZTD rEPuv ltDkr QXDKT "><ul class="tfFRZ zOGtW VZTD UeCOM RzKoN JEct YaqUo BedyR UoVV WtEci dSKvB seFhp "><li class="tuAKv fzeHv eSWW VUFMN SdBAb AQSxL xBxr " id="MankilledwithowngolfpubDate"><div class="theme-JfHmw theme-aMvDO mLASH egFzk qXWHA ScoIf zRKnP jIRH wNxoc OJpwZ BOFPn wSPfd ofvJb bMrzT RGoaN cvDzE ARCOA kyjTO lvyBv aANqO aNnIu GDslh LjPJo RpDvg YYtC rTpcz EDgo SIwmX sWWJW mzm MbcTC bVept SEPRz LRqoM kzZQf xGdAb hBvCD fQMZM tVKun zUtsb yHyni pzxXD AbcH " data-testid="prism-Badge"><span class="QXDKT rGjeC tuAKv iMbiE "><span class="awXxV jTKbV zIIsP xpuOU pCRh ">Nov 26, 4:56 PM</span></span></div></li></ul></div></div></div></a></div><div class="rRTs EwJTR UpiKB sKbok RsAxh msYPt zKjNI SXHxp OaElp halTF KzevM LFuuA xTOeQ jLoop liAe uMOq zYIfP pYgZk Mxrkk VZTD lZur TPpRg NoUSU igcMP DtJWr QgBvn DFdlJ QGHKv VuOFc " data-testid="prism-card"><a class="iVcn UbGlr ibBnq qdXbA avodi DbOXS tqUtK GpWVU iJYzE QGHKv HNQqj ICwhc Bkgbl ZLXw kSqqG rEBmF " data-testid="prism-linkbase" href="https://abcnews.go.com/US/social-media-influencer-arrested-after-filming-ready-steal/story?id=116226587" aria-label="Social media influencer arrested for Target theft 2024-11-26T09:36:00Z"><div class="hsDdd GpQCA lZur BOsoU YMZw dihEb srtah LmIPo JzlZQ qrShQ iRFVw ZZxEf zHngH jCA-DP TucPs XifJd MWLZF PEVz VbrfA zZsl kjmkg OwbFk QuuaM cBQOR "><div class="GpQCA lZur oVsVV nFtJ GHKp awJgN EuJtJ " data-testid="prism-ratio-frame"><div class="FvQLF iLTd NqeUA UzzHi iWsMV "><img alt="" class="hsDdd " data-testid="prism-image" draggable="false" src="https://i.abcnewsfe.com/a/8ef68857-3368-417a-868a-f956078664f8/Velez_1732613489686_hpMain_1x1.JPG?w=208"/></div></div></div><div class="QGHKv iVcn avodi rEPuv ICwhc ibBnq Bkgbl ZLXw kSqqG rEBmF "><div class="VZTD rEPuv QXDKT pJYTK " data-testid="prism-meta"><div class="CJAFL gDeX "><h2 class="PFoxV eBpQD rcQBv bQtjQ lQUdN GpQCA mAkiF FvMyr WvoqU nPLLM tuAKv " id="Socialmediainfluenceheadline">Social media influencer arrested for Target theft</h2></div></div><div class="RVPG cTzRP UzlIl VXIwh hCp lZur YOODG pJYTK "><div class="VZTD rEPuv ltDkr QXDKT "><ul class="tfFRZ zOGtW VZTD UeCOM RzKoN JEct YaqUo BedyR UoVV WtEci dSKvB seFhp "><li class="tuAKv fzeHv eSWW VUFMN SdBAb AQSxL xBxr " id="SocialmediainfluencepubDate"><div class="theme-JfHmw theme-aMvDO mLASH egFzk qXWHA ScoIf zRKnP jIRH wNxoc OJpwZ BOFPn wSPfd ofvJb bMrzT RGoaN cvDzE ARCOA kyjTO lvyBv aANqO aNnIu GDslh LjPJo RpDvg YYtC rTpcz EDgo SIwmX sWWJW mzm MbcTC bVept SEPRz LRqoM kzZQf xGdAb hBvCD fQMZM tVKun zUtsb yHyni pzxXD AbcH " data-testid="prism-Badge"><span class="QXDKT rGjeC tuAKv iMbiE "><span class="awXxV jTKbV zIIsP xpuOU pCRh ">Nov 26, 4:36 AM</span></span></div></li></ul></div></div></div></a></div><div class="rRTs EwJTR UpiKB sKbok RsAxh msYPt zKjNI SXHxp OaElp halTF KzevM LFuuA xTOeQ jLoop liAe uMOq zYIfP pYgZk Mxrkk VZTD lZur TPpRg NoUSU igcMP DtJWr QgBvn DFdlJ QGHKv VuOFc " data-testid="prism-card"><a class="iVcn UbGlr ibBnq qdXbA avodi DbOXS tqUtK GpWVU iJYzE QGHKv HNQqj ICwhc Bkgbl ZLXw kSqqG rEBmF " data-testid="prism-linkbase" href="https://abcnews.go.com/US/trump-border-czar-tom-homan-jail-denver-mayor/story?id=116235385" aria-label="Homan willing to jail mayor over mass deportation 2024-11-26T15:32:00Z"><div class="hsDdd GpQCA lZur BOsoU YMZw dihEb srtah LmIPo JzlZQ qrShQ iRFVw ZZxEf zHngH jCA-DP TucPs XifJd MWLZF PEVz VbrfA zZsl kjmkg OwbFk QuuaM cBQOR "><div class="GpQCA lZur oVsVV nFtJ GHKp awJgN EuJtJ " data-testid="prism-ratio-frame"><div class="FvQLF iLTd NqeUA UzzHi iWsMV "><img alt="" class="hsDdd " data-testid="prism-image" draggable="false" src="https://i.abcnewsfe.com/a/40f94f77-94f6-4013-9443-c6b5e7866e8d/Tom_1731301091494_hpMain_1x1.jpg?w=208"/></div></div></div><div class="QGHKv iVcn avodi rEPuv ICwhc ibBnq Bkgbl ZLXw kSqqG rEBmF "><div class="VZTD rEPuv QXDKT pJYTK " data-testid="prism-meta"><div class="CJAFL gDeX "><h2 class="PFoxV eBpQD rcQBv bQtjQ lQUdN GpQCA mAkiF FvMyr WvoqU nPLLM tuAKv " id="Homanwillingtojailmaheadline">Homan willing to jail mayor over mass deportation</h2></div></div><div class="RVPG cTzRP UzlIl VXIwh hCp lZur YOODG pJYTK "><div class="VZTD rEPuv ltDkr QXDKT "><ul class="tfFRZ zOGtW VZTD UeCOM RzKoN JEct YaqUo BedyR UoVV WtEci dSKvB seFhp "><li class="tuAKv fzeHv eSWW VUFMN SdBAb AQSxL xBxr " id="HomanwillingtojailmapubDate"><div class="theme-JfHmw theme-aMvDO mLASH egFzk qXWHA ScoIf zRKnP jIRH wNxoc OJpwZ BOFPn wSPfd ofvJb bMrzT RGoaN cvDzE ARCOA kyjTO lvyBv aANqO aNnIu GDslh LjPJo RpDvg YYtC rTpcz EDgo SIwmX sWWJW mzm MbcTC bVept SEPRz LRqoM kzZQf xGdAb hBvCD fQMZM tVKun zUtsb yHyni pzxXD AbcH " data-testid="prism-Badge"><span class="QXDKT rGjeC tuAKv iMbiE "><span class="awXxV jTKbV zIIsP xpuOU pCRh ">Nov 26, 10:32 AM</span></span></div></li></ul></div></div></div></a></div><div class="EwJTR UpiKB sKbok RsAxh msYPt zKjNI SXHxp OaElp halTF KzevM LFuuA xTOeQ jLoop liAe uMOq zYIfP pYgZk Mxrkk VZTD lZur TPpRg NoUSU igcMP DtJWr QgBvn DFdlJ QGHKv VuOFc " data-testid="prism-card"><a class="iVcn UbGlr ibBnq qdXbA avodi DbOXS tqUtK GpWVU iJYzE QGHKv HNQqj ICwhc Bkgbl ZLXw kSqqG rEBmF " data-testid="prism-linkbase" href="https://abcnews.go.com/US/woman-testified-house-ethics-committee-gaetz-sex-17/story?id=115867555" aria-label="Woman said she had sex with Gaetz at 17: Sources 2024-11-14T22:46:00Z"><div class="hsDdd GpQCA lZur BOsoU YMZw dihEb srtah LmIPo JzlZQ qrShQ iRFVw ZZxEf zHngH jCA-DP TucPs XifJd MWLZF PEVz VbrfA zZsl kjmkg OwbFk QuuaM cBQOR "><div class="GpQCA lZur oVsVV nFtJ GHKp awJgN EuJtJ " data-testid="prism-ratio-frame"><div class="FvQLF iLTd NqeUA UzzHi iWsMV "><img alt="" class="hsDdd " data-testid="prism-image" draggable="false" src="https://i.abcnewsfe.com/a/99318d6e-25c1-472a-adcb-523c043b3d30/matt-gaetz-1-ap-gmh-241113_1731533168285_hpMain_1x1.jpg?w=208"/></div></div></div><div class="QGHKv iVcn avodi rEPuv ICwhc ibBnq Bkgbl ZLXw kSqqG rEBmF "><div class="VZTD rEPuv QXDKT pJYTK " data-testid="prism-meta"><div class="CJAFL gDeX "><h2 class="PFoxV eBpQD rcQBv bQtjQ lQUdN GpQCA mAkiF FvMyr WvoqU nPLLM tuAKv " id="Womansaidshehadsexwiheadline">Woman said she had sex with Gaetz at 17: Sources</h2></div></div><div class="RVPG cTzRP UzlIl VXIwh hCp lZur YOODG pJYTK "><div class="VZTD rEPuv ltDkr QXDKT "><ul class="tfFRZ zOGtW VZTD UeCOM RzKoN JEct YaqUo BedyR UoVV WtEci dSKvB seFhp "><li class="tuAKv fzeHv eSWW VUFMN SdBAb AQSxL xBxr " id="WomansaidshehadsexwipubDate"><div class="theme-JfHmw theme-aMvDO mLASH egFzk qXWHA ScoIf zRKnP jIRH wNxoc OJpwZ BOFPn wSPfd ofvJb bMrzT RGoaN cvDzE ARCOA kyjTO lvyBv aANqO aNnIu GDslh LjPJo RpDvg YYtC rTpcz EDgo SIwmX sWWJW mzm MbcTC bVept SEPRz LRqoM kzZQf xGdAb hBvCD fQMZM tVKun zUtsb yHyni pzxXD AbcH " data-testid="prism-Badge"><span class="QXDKT rGjeC tuAKv iMbiE "><span class="awXxV jTKbV zIIsP xpuOU pCRh ">Nov 14, 5:46 PM</span></span></div></li></ul></div></div></div></a></div></section></div><div class="LivePromotion LivePromotion--centered"><div class="LivePromotion--title--container"><span class="circle"></span><h3 class="LivePromotion--title">ABC News Live</h3></div><figure class="Image aspect-ratio--parent 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At least one expert--the author of a report on Kickstarter--recommends caution."]},{"type":"p","content":["Under a newly implemented provision of 2012's \"Jumpstart Our Business Start-ups Act\" (JOBS Act), it became legal this week for small start-ups to solicit investments publicly, via the Internet. They can sell shares without first having to register them with the Securities and Exchange Commission."]},{"type":"p","content":["An entrepreneur in need of cash can raise up to $1 million a year, provided he or she sells shares only to \"accredited\" investors鈥攎eaning ones who can show they have a net worth of more than $1 million or income of over $200,000 a year."]},{"type":"p","content":["Such sites as ",{"type":"a","content":["RockThePost"],"attrs":{"href":"https://rockthepost.com"}}," already sell equity to accredited investors, who lawmakers and regulators regard as being more sophisticated than less-affluent ones (and thus better able to assess the risks inherent in new means of funding)."]},{"type":"p","content":["Ethan Mollick, a professor of management at the Wharton School of Business, has studied social media funding platforms extensively. His paper, ",{"type":"a","content":["\"The Dynamics of Crowdfunding: An Exploratory Study,\""],"attrs":{"href":"http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2088298"}}," looks at the outcomes of some 48,500 Kickstarter projects, which collectively raised $237 million donated dollars."]},{"type":"inline","content":{"name":"Ad","props":{"ad":{"kvps":{"pos":"fitt-article-inline-outstream-1"},"type":"fitt-article-inline-outstream","className":"fitt-article-inline-outstream"},"placeholders":{"compact":{"ratio":0.5625,"delay":1},"regular":{"ratio":0.5625,"delay":1}}},"context":{},"config":{}}},{"type":"p","content":[{"type":"strong","content":[{"type":"a","content":["VERONICA MARS KICKSTARTER SHATTERED RECORD"],"attrs":{"href":"http://abcnews.go.com/Entertainment/veronica-mars-fundraising-campaign-makes-kickstarter-history/story?id=18948147"}}]}]},{"type":"p","content":["He tells ABC News, \"It's an interesting world right now. As of this week, a new opportunity has opened up for qualified investors.\""]},{"type":"p","content":["At least 1,000 companies, he says, are lined up to get in on this business."]},{"type":"p","content":["The reason they're lined up, Mollick says, is that they expect that the SEC will eventually decide to remove or to vitiate the \"accredited\" requirement, thus making it possible for grandma to invest her money in companies pursuing perpetual motion."]},{"type":"p","content":["While selling equity to un-accredited investors on the Internet would be new, raising money鈥攖hrough sites like Kickstarter and Indiegogo鈥攄efinitely is not. Mollick became curious to see how Kickstarter's projects had performed: How many reached their funding targets? Of those, how many delivered on time whatever it was they had promised to give donors? How many failed to deliver at all?"]},{"type":"inline","content":{"name":"Ad","props":{"ad":{"type":"fitt-article-inline-box","className":"fitt-article-inline-box"},"placeholders":{"compact":{"size":[0,250]},"regular":{"size":[0,250]}}},"context":{},"config":{}}},{"type":"p","content":["His findings, to the extent they bear on the Internet sale of equities, offer cause for both hope and fear."]},{"type":"p","content":["Kickstarter doesn't sell equities鈥攐r at least it hasn't yet. What Kickstarter offers, explains company spokesperson Justin Kazmark, \"is not an investment. It's not a donation. It's not a purchase.\" The thing being offered, though, shares the attributes of all those three, he says, while being something new and different: \"You are pledging money to help bring an idea to life. You're getting updates [from the creative team trying to bring the project to fruition], you're getting vicarious participation in the process, you're getting bragging rights and the satisfaction of knowing that you helped.\""]},{"type":"p","content":["Participants might be offered first crack at buying the product, once it's been produced. They might be offered and \"gift\" T-shirt or other expression of thanks. But they don't own a slice of the undertaking, nor are they making a purpose, according to Kickstarter."]},{"type":"p","content":["So, what happens if you pledge $150 to help fund somebody's movie, and the maker fails to reach his funding goal? Do you get your money back?You never parted with your money in the first place, because Kickstarter does not debit your credit card unless and until the funding goal is met. If the goal isn't met by the project's deadline, Kickstarter pulls the plug. 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","src":"https://s.abcnews.com/images/Business/HT_kickstarter_nt_130918_16x9_992.jpg?w=1600","sources":[{"min":0,"max":374,"src":{"x1":"https://s.abcnews.com/images/Business/HT_kickstarter_nt_130918_16x9_992.jpg?w=384"}},{"min":375,"max":693,"src":{"x1":"https://s.abcnews.com/images/Business/HT_kickstarter_nt_130918_16x9_992.jpg?w=608"}},{"min":694,"src":{"x1":"https://s.abcnews.com/images/Business/HT_kickstarter_nt_130918_16x9_992.jpg?w=1600"}}],"fetchPriority":"high"}},"body":"<p>Amateur investors may soon be able to use crowdsourcing to buy equity in start-ups. But should they? At least one expert--the author of a report on Kickstarter--recommends caution.</p><p>Under a newly implemented provision of 2012's \"Jumpstart Our Business Start-ups Act\" (JOBS Act), it became legal this week for small start-ups to solicit investments publicly, via the Internet. They can sell shares without first having to register them with the Securities and Exchange Commission.</p><p>An entrepreneur in need of cash can raise up to $1 million a year, provided he or she sells shares only to \"accredited\" investors鈥攎eaning ones who can show they have a net worth of more than $1 million or income of over $200,000 a year.</p><p>Such sites as <a href=\"https://rockthepost.com\">RockThePost</a> already sell equity to accredited investors, who lawmakers and regulators regard as being more sophisticated than less-affluent ones (and thus better able to assess the risks inherent in new means of funding).</p><p>Ethan Mollick, a professor of management at the Wharton School of Business, has studied social media funding platforms extensively. His paper, <a href=\"http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2088298\">\"The Dynamics of Crowdfunding: An Exploratory Study,\"</a> looks at the outcomes of some 48,500 Kickstarter projects, which collectively raised $237 million donated dollars.</p><p><strong><a href=\"http://abcnews.go.com/Entertainment/veronica-mars-fundraising-campaign-makes-kickstarter-history/story?id=18948147\">VERONICA MARS KICKSTARTER SHATTERED RECORD</a></strong></p><p>He tells ABC News, \"It's an interesting world right now. As of this week, a new opportunity has opened up for qualified investors.\"</p><p>At least 1,000 companies, he says, are lined up to get in on this business.</p><p>The reason they're lined up, Mollick says, is that they expect that the SEC will eventually decide to remove or to vitiate the \"accredited\" requirement, thus making it possible for grandma to invest her money in companies pursuing perpetual motion.</p><p>While selling equity to un-accredited investors on the Internet would be new, raising money鈥攖hrough sites like Kickstarter and Indiegogo鈥攄efinitely is not. Mollick became curious to see how Kickstarter's projects had performed: How many reached their funding targets? Of those, how many delivered on time whatever it was they had promised to give donors? How many failed to deliver at all?</p><p>His findings, to the extent they bear on the Internet sale of equities, offer cause for both hope and fear.</p><p>Kickstarter doesn't sell equities鈥攐r at least it hasn't yet. What Kickstarter offers, explains company spokesperson Justin Kazmark, \"is not an investment. It's not a donation. It's not a purchase.\" The thing being offered, though, shares the attributes of all those three, he says, while being something new and different: \"You are pledging money to help bring an idea to life. You're getting updates [from the creative team trying to bring the project to fruition], you're getting vicarious participation in the process, you're getting bragging rights and the satisfaction of knowing that you helped.\"</p><p>Participants might be offered first crack at buying the product, once it's been produced. They might be offered and \"gift\" T-shirt or other expression of thanks. But they don't own a slice of the undertaking, nor are they making a purpose, according to Kickstarter.</p><p>So, what happens if you pledge $150 to help fund somebody's movie, and the maker fails to reach his funding goal? Do you get your money back?You never parted with your money in the first place, because Kickstarter does not debit your credit card unless and until the funding goal is met. If the goal isn't met by the project's deadline, Kickstarter pulls the plug. The person seeking funding, no matter how close to meeting his goal he may have been, gets nothing. 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