A Boston-area startup has raised more than $3 million in less than 24 hours–but so far, it’s illegal.
Cambridge-based WeFunder, which would help anyone invest small amounts in start-ups, needs Congress to change the law before the company can launch officially.
Although crowdfunding is legal for charities and projects where those donating get no ownership–think Kiva or Kickstarter–currently startups can only take money from accredited investors, such as venture capital firms or venture banks. The Securities and Exchange Commission also limits the number of investors a company can have without going public.
What the pending legislation would do is amend the Securities Act of 1933, which was enacted four years after the 1929 market crash. It was designed both to protect investors and to spur U.S. business.
“The existing rules around who counts as an ‘accredited investor’ are antiquated and wrong,” Dharmesh Shah, founder and CTO of HubSpot, told BostInno. “I can understand the desire to protect blue-haired grandmothers from smooth-talking shysters that will milk them of their $300,000 in retirement savings. But, that’s not what we’re talking about here. We’re talking about a maximum investment of $1,000.”
More than 1,100 would-be investors have signed WeFunder’s petition urging Congress to pass the bill, called the Democratizing Access to Capital Act of 2011. (Yes, a lot of the signers are entrepreneurs.) If it’s passed, start-ups will be able to raise up to $1 million through crowd-funding. The company launched Monday hoping to get $100,000 from 100 pledges.
Read the full story here.
Really, Hulu? You want me to troubleshoot the fact that you aren’t showing me ads?
Oh man, I’m having so many PROBLEMS. I better email Hulu support so I can figure out how to see advertisements again. Oh look! They have tips! Maybe I could put all this effort in on my own first before emailing support. Oh wow, “requirements” is underlined. They must really mean that. I bet if my connection isn’t fast enough they can’t show me ads. That would really piss me off.
Oh that must be it. My stupid pesky ad-blocking software must be ENABLED. I can’t believe I made that mistake again. I’m always doing that. You know, I should probably just get rid of all this ad-blocking software. It’s completely ruining my advertising experience. Now all I get are these stupid tv show episodes.
Settlers of CATan (pun written by Glenn Boozan) (photo taken by me)
Let’s talk about Oscar snubs of 2005 - Jim Carrey being robbed of a Best Actor nomination for Eternal Sunshine of the Spotless Mind.
Agreed!
***PANGAEA T-SHIRTS***
Due to the high volume of people asking “Can I get that on a T-Shirt”, my Pangaea cartoon is now available on a T-Shirt!
Be the first kid on your continent to own one!
Click here to purchase it! We got Mens and Womens!
Reblog for Kevin
(Source: danmeth.com)
Happy Friday Before The Friday Before Superbowl XLVI everybody!
Seriously, is it just me or do these two have literally the best lives fucking ever? This is what I imagine an average conversation for them sounds like.
KATIE: Hey, honey, want to give me script advice on the followup to my well-received directorial debut? I’m making a kick ass-sounding horror movie this time.
MARK: Sounds good. I’ll help out as soon as I finish work on the latest dramedy my brother and I are making. You know, my brother I helped originate an entire film movement with.
KATIE: Cool. Well, I’ll meet up with you on the set of the popular sitcom we both star in.
MARK: Yeah, see you there. Gosh, we sure are two attractive people who are happily married.
I just watched the entire 3rd season of The League yesterday.
(Source: jonbershad)
Directed by John Ford (1971)
Do it for Myra
This is a new and extremely short short of mine called Extraordinary.
This is the first in a series of tiny shorts I’ve decided to write and direct so I can stay on top of my game and get to work with performers I haven’t worked with yet. This one is called Extraordinary and features the great Will Hines and Anthony King.
This is great and not just for Cathryn’s pretty handwriting, though that’s a big part of it.
Thanks to JD for casting me in the perfect role! A man who thought he could be a superhero and then gives up immediately.
This is great.
Any company that is providing great content online in a way that’s easy to use with a fair price has a booming business right now. The people who don’t are trying to fight that future.
So here we have this legislation, with all of these possible harms, to solve a problem that only exists in the minds of people who are afraid of the future. Why should the government be intervening on behalf of the people who aren’t getting with the program?
"Tim O’Reilly on SOPA: it protects the wrong people - Boing Boing
Pretty accurate, succinct way of putting it, Tim O’Reilly. Kudes!
(via crockeronline)
[Ed.] While I endorse the above message, I do not endorse Mr. Crocker’s slangifying of “kudos.”
Joseph Gordon Levitt reblogged me and alden’s video.
“What are you doing New Years Day?” — by AldenWFord
(in response to “What are you doing New Years Eve?” — from hellogiggles)
There’s no greater satisfying moment for an artist than to see their work inspire the creativity of others. Especially when it involves barfing on dicks.
very awesome!
THIS IS THA COOLEST!!!
Bill Murray on Gilda Radner:
“Gilda got married and went away. None of us saw her anymore. There was one good thing: Laraine had a party one night, a great party at her house. And I ended up being the disk jockey. She just had forty-fives, and not that many, so you really had to work the music end of it. There was a collection of like the funniest people in the world at this party. Somehow Sam Kinison sticks in my brain. The whole Monty Python group was there, most of us from the show, a lot of other funny people, and Gilda. Gilda showed up and she’d already had cancer and gone into remission and then had it again, I guess. Anyway she was slim. We hadn’t seen her in a long time. And she started doing, “I’ve got to go,” and she was just going to leave, and I was like, “Going to leave?” It felt like she was going to really leave forever.
So we started carrying her around, in a way that we could only do with her. We carried her up and down the stairs, around the house, repeatedly, for a long time, until I was exhausted. Then Danny did it for a while. Then I did it again. We just kept carrying her; we did it in teams. We kept carrying her around, but like upside down, every which way—over your shoulder and under your arm, carrying her like luggage. And that went on for more than an hour—maybe an hour and a half—just carrying her around and saying, “She’s leaving! This could be it! Now come on, this could be the last time we see her. Gilda’s leaving, and remember that she was very sick—hello?”
We worked all aspects of it, but it started with just, “She’s leaving, I don’t know if you’ve said good-bye to her.” And we said good-bye to the same people ten, twenty times, you know.
And because these people were really funny, every person we’d drag her up to would just do like five minutes on her, with Gilda upside down in this sort of tortured position, which she absolutely loved. She was laughing so hard we could have lost her right then and there.
It was just one of the best parties I’ve ever been to in my life. I’ll always remember it. It was the last time I saw her.”- from Live from New York: an Uncensored History of Saturday Night Live
[via oldloves]