Inside an enterprising Melbourne city co-working office on Bourke Street, the Australian crowdfunding platform Pozible is preparing for DocWeek, a live documentary crowdfunding event in Adelaide. The world first pitch is planned to coincide with the release of Pozible’s mobile platform — both initiatives form part of the team’s 2013 strategy.
Alan Crabbe, Pozible co-director and founder, says they’re trying to give their clients a competitive advantage and prepare them for the imminent changes on the crowdfunding horizon. The Pozible director says the biggest of these changes will be the rollout of the JOBS (Jumpstart Our Business Startups) Act, which U.S. President Barack Obama passed last April.
In essence, the bill will give the American public the ability to receive company equity in exchange for funding. Currently crowdfunding platforms operate on a reward, gift or donation basis only.
In Australia, rules around investments are heavily regulated by the Australian Securities and Investments Commission (ASIC). Under the Australian Corporations Act 2001, projects are not permitted to raise capital without issuing a disclosure document. There is however an exception known as the 20/12 rule which excludes projects (of less than 20 people), generating less than AUD$2 million (just over USD$2 million) operating within a continuous 12-month period.
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