To make the leap from theory to reality, crowdfunding will require the core elements of entrepreneurial spirit: a tolerance for risk and an urgency to execute on a great idea.
Sadly, both of those qualities are in short supply in Washington, D.C.
While the U.S. government slid under its New Year deadline to avert the fiscal cliff, it blew right past its milestone calling for a comprehensive set of rules to control crowdfunding, where small firms sell equity stakes without having to go through the expensive registration traditionally required by regulators.
In theory, everyday investors will be able to buy a piece of a future Facebook without a pile of venture capital and a slick office in Silicon Valley.
And entrepreneurs with a great idea will be able to get capital when angels are hard to come by and banks are loath to lend.
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