What Do Angels Think of Crowdfunding?
February 24, 2012
What do angel investors think of the prospect of a new crowdfundingsecurities exemption? Good news, or bad?It depends on the angel you ask.I wanted to find a way to articulate the range of reactions I've beenhearing from angels, in the months since a crowdfunding exemption firstgained traction in Congress.So, late Wednesday afternoon, I emailed a three-questionSurveyMonkey poll to fourteen currently active angel investors. Eighthave responded as of this writing (Thursday afternoon).The poll, and the answers, are still very much in the realm of theanecdotal. But the results help me focus a bit better on how anycrowdfunding exemption might better overlap with the Reg D Rule 506paradigm to which serial entrepreneurs, angel investors and startuplawyers are accustomed. (I still think crowdfunding deals, to work, haveto be set up in a way that bypasses lawyers.)
The results, and some interspersed commentary, below:While angels are likely to have a generally positive view of crowdfunding, some feel strongly that crowdfunding should not extend
to the sale of stock in startup companies. "In general, I think it’s a bad
idea," one of the survey respondents wrote. "These are highly riskyassets."
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