Оглавление
Matthew R. Nutting. Equity Crowdfunding for Investors
Disclaimer
Foreword
Preface: The New Angel Investors
The Old Rules
The Game Changer
Enter at Your Own Risk
IPOs, Exits, and Secondary Markets
Financial, Strategic, and Social Benefits
Regulations Will Evolve
Definitions of Key Terms
Acknowledgments
About the Authors
Chapter 1. The Foundations of Online CrowdfundingA History of Rewards-, Donation-, and Debt-Based Crowdfunding Platforms
The Internet Doesn't Change Everything
But the Internet Changes Some Things
Rewards Crowdfunding Blasts Off
Debt and Donation Crowdfunding
Emergence of Equity Crowdfunding
Chapter 2. Equity Offering Platforms (under Regulation D)For Accredited Investors Only
Definitions
Regulation D Basics
Profile: MicroVentures
Profile: CircleUp
Suspense Builds around Title III
Chapter 3. Equity CrowdfundingFor All Investors (Under Title III of the JOBS Act)
Paving New Roads to Capital Markets
A Deeper Dive into Title III
The Cautious Outlook
Chapter 4. Intrastate Equity CrowdfundingNonaccredited Investors May Invest in Startups Located in Their Own State
The Intrastate Exemption
The Surge of Intrastate Exemptions
Chapter 5. Deal Flow
Stages of Business Development
Chapter 6. Angel Investors
Angel Investors before Crowdfunding
Traditional Angel Investors
Angel Groups and Angel Crowds
Wisdom and Madness of Crowds
New Angel Investors
Two Keys to Angel Investing Success
Chapter 7. Equity Crowdfunding PortalsHow to Navigate the Websites That List Title III Offerings
Suitability and Due Diligence
Orientation to Equity Crowdfunding Sites
Chapter 8. How to Invest, Part I: Portfolio StrategyA Three- to Five-Year Plan for Building an Equity Crowdfunding Portfolio
Private Securities Risk and Reward
Risk and Diversification
Alternative Assets
Asset Allocation
Dry Powder
Before You Pull the Trigger
Chapter 9. How to Invest, Part II: Identify Suitable Offerings
Narrow Down Your Selection of Offerings
Selecting Equity Crowdfunding Sites
Get Good Advice from Informed Advisers
Tying It All Together
Chapter 10. Equity Crowdfunding Securities
Straight Equity: Stock and LLC Units
Convertible Debt, the Hybrid Security
Chapter 11. Deal Terms
Negotiations and Standards
Do All Those Terms Really Matter?
Deal Terms for Straight-Equity Offerings
Economic Terms
Control Terms
Terms Relating to Liquidity Events and Future Financing
Other Terms
Evaluating Deal Terms
The Joys of Due Diligence
Chapter 12. How to Invest, Part III: Due Diligence
DIY, Outsource, or Collaborate
Legal Due Diligence
Financial Due Diligence
Business Due Diligence
Chapter 13. How to Invest, Part IV: Funding and Postfunding
Your Rights as a Shareholder
Management Participation
Manage Your Equity Crowdfunding Portfolio
Return on Investment
Your Investor Network
Chapter 14. Liquidity and Secondary Markets
Restrictions on Transfers
Why Sell? Who Will Buy?
Secondary Markets in the Digital World
Title III Secondary Markets
Conclusion
Epilogue: Trends and Innovations
Equity Crowdfunding Resources
A. Laws and Regulations
B. Reliable Crowdfunding News and Analysis
C. Trade Associations
About the Companion Website
WILEY END USER LICENSE AGREEMENT
Отрывок из книги
The information in this book is intended for educational purposes only, not to be construed as specific investment advice for particular individuals. The authors are not investment advisers. Readers should consult qualified tax, legal, and other appropriate advisers prior to engaging in any business or financial transactions. Because the laws and regulations underpinning this book are new and ever-changing, please refer to updated information at www.wiley.com/go/equitycf.
Although crowdfunding is a diverse collection of strategies and mechanisms for supporting fund-raising by innovative and entrepreneurial projects and ventures, my primary enthusiasm for the crowdfunding arena is that of an investor interested in the securities-based forms, as opposed to the entrepreneurial fund-raiser or a service-providing member of the supporting industry. Indeed, I have been for several decades an active individual angel investor, and am now a professional fund manager for others. As few would dispute, the manifold social and economic benefits of crowdfunding are dependent on the willingness and ability of individuals to write the all-important checks. However, most of the public discussion of crowdfunding focuses on the benefits to entrepreneurs and society as a whole. This book represents a major step in filling this gap, by providing a primer to the newly enfranchised crowdfunding investor on both early-stage entrepreneurial finance in general, and by explaining practically how recent legal and regulatory changes allow everyone – not just the wealthy few – to participate in this attractive and beneficial asset class. The book is well written and enjoyably readable, and has background and other information of interest even for the experienced and already involved participant.
.....
• Deciding what kind of industry, company, and development stage (seed, startup, growth, or later) to invest in.
• Identifying your primary motivation for angel investing: financial gain or community development.
.....
