Although many aspects of crowdfunding regulation are still pending federal approval, the developing social fundraising system can offer growth opportunities for startups.
Crowdfunding was the main topic recently for the Western Michigan chapter of the Association for Corporate Growth at its breakfast series, at Kent Country Club in Grand Rapids.
A panel consisting of Jeff Van Winkle, partner with Clark Hill, Jeff Lambert, managing partner of Lambert, Edwards & Associates and CEO of Relay Fund and Mike Morin, portfolio relations at Start Garden, presented on crowdfunding and fielded questions afterward from ACG members and guests.
Crowdfunding’s origins trace back to crowdsourcing, which was designed to bring together people under a common theme to work on projects, said Lambert. This eventually evolved into using social media to connect with people to raise money, he said, and thus crowdfunding was born.