
Which Companies Crowdfund?
The JOBS Act and Regulation Crowdfunding were intended to create a new and inclusive type of online capital market where all entrepreneurs, regardless of their physical location, gender, or anything else, can go directly to the public (the “crowd”) to raise capital for their early-stage startup companies. Has it met this goal?
To answer this question, my research assistant and I created an original data set using every Form C (the official form that all crowdfunding issuers must file with the SEC) from 2016 to 2018 – roughly 1,500 filings in all. Our results are reported in a recently published … Read more