The JOBS Act will be lost in the purgatory of SEC review for some time now, but increasingly, that seems like a moot point. Crowdfunding for startups is already here.
In some ways this is nothing new. Certainly, working businesses have long been created from funds supporting hardware and creative projects on Kickstarter. Even so, the gatekeeping rules governing the world’s top crowdfunding platform seem to be getting looser, asPenny Arcade raises money to cover a year’s worth of operating costs, Code School gets cash to launch a new course and clothing companies seek funds to capitalize ongoing businesses. It seems like if you can wiggle your company – or even an expansion of an existing venture – into one of the site’s 13 categories, Kickstarter won’t be too strict in enforcing the funding guidelinesthat discourage businesses from masquerading as projects.
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