In late 2013, seed accelerator YCombinator introduced the SAFE (simple agreement for future equity) – a convertible instrument designed to make seed stage investing quicker and less expensive. The SAFEs quickly became a popular structure for seed investing. Early this fall, YCombinator introduced several changes… Read More
With the Jumpstart Our Business Startups (JOBS) Act having just reached its five year milestone, Regulation Crowdfunding hitting its one year milestone, and the two year anniversary of Regulation A(+) fast approaching, I thought this would be a good time to (briefly) reflect on the… Read More
The Securities and Exchange Commission (SEC) posted an Investor Bulletin yesterday (May 9) addressing the utilization of “Simple Agreement for Future Equity” commonly referred to as SAFEs. These securities are frequently utilized in equity crowdfunding offers, specifically under the Reg CF exemption. The Bulletin, from… Read More
A Reply on the Use of SAFEs in Crowdfunding On September 22nd, Crowdfund Insider published a post summarizing the arguments presented in our new essay entitled “Crowdfunding and the Not-So-Safe SAFE“ (forthcoming in Virginia Law Review Online). Our essay raises a number of concerns about… Read More
This article is a response to the draft paper referenced in the article entitled “Crowdfunding and the Not-So-Safe SAFE” authored by Joseph M. Green and John F. Coyle. There are many so words to describe my thoughts about the paper: patronizing, impractical, misguided—but mostly, unfortunate. One… Read More
Earlier this year, on May 16, 2016, the final portion of the JOBS Act became actionable. The much anticipated Title III provisions and Regulation Crowdfunding (Reg CF) went into effect, marking the official beginning of retail crowdfunding in the United States. While the industry is… Read More
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