Back for a second year, the 2nd Annual Global Crowdfunding Convention and Bootcamp was held Oct. 14-16 at the M Resort and Casino in Las Vegas. The convention turned out to be one of the most informative tutorials held to date on the skyrocketing potential of Title II of the Jump Start Our Business Startups Act.
Previously, small businesses and private start-ups were prohibited from collecting venture capital from the public. On Sept. 23, the right to solicit early stage investments through social media and crowdfunding was legally granted. This forever changed the dynamics of how the “find the funds for your start-up” game is played.
Not only did the speakers list shape up to be a who’s who in the fledgling crowdfunding industry, but each and every panelist generously passed along a wealth of information. Benefitting were a diverse audience of investors and entrepreneurs who were savvy enough to attend this year’s event.
Hosted by Crowdfunding Roadmap, the conference consisted of approximately 50 of the “top of the heap” industry experts. Panelists covered topics ranging from the differences between reward- and equity-based crowdfunding to the intense competition playing out between the two most popular crowdfunding platforms, Kickstarter and Indiegogo. Another major topic was the frenzied race among the over 700 crowdfunding websites already in existence. With their numbers rising so quickly, it’s almost like watching the running of the bulls – with scores of charging hopeful newbies scrambling down the narrow gold laden streets of the fledging funding program and feverishly trying not to trip.
From the amazingly comprehensive software program developed by this year’s convention hosts, Crowdfunding Roadmap simplified applying for the program. Using “pre-fabbed” documents complete with multiple choice drop boxes, the process was less complicated than registering a vehicle at the DMV. Lectures on best practices covered every aspect of what to expect from the federal government, FCC, IRS and the implementation of Title III.
The 2013 Crowdfunding Convention did a fantastic job of highlighting the fact that the newly introduced Title II of the Jumpstart Our Business Startups Act offers young start-ups with the opportunities to get the funding they need to become fully realized profitable businesses. The much needed funding program is also an ingeniously innovative way to open the door for smaller investors to bypass bank lenders and large venture capital firms.
The Jump Start Our Business Startups Act is growing at an unprecedented rate – expanding from $1.5 billion to $2.7 billion from 2011 to 2012 and to top over $5 billion by the end of this year.
Indeed it is the hope of many that by enacting this urgently needed Jobs Act, the President has once again made it possible for small businesses with big dreams to succeed, brave new crops of determined entrepreneurs to defy the odds and small investors who wish to nurture these sprouting start-up seedlings with their funds to provide the job growth capable of rebooting our sluggish economy into a full recovery.