A Challenger, Gray & Christmas survey found that 2011 marked the lowest start-up rate in the 11 years since their study began. The waning state of entrepreneurship demonstrates why the U.S. Senate needs to get off the dime and pass H.R. 2930, the "Entrepreneurs Access to Capital Act" -- otherwise known as the crowdfunding bill.
GOP Senators are having a press event today to urge passage of four capital access bills that swept through the House with huge bipartisan majorities. For example, the vote for H.R. 2930 was 407-17. President Obama supports these bills, so what is the hold up in the Senate? Entrepreneurs need access to capital – the environment is getting steadily worse.
Call your U.S. Senators at 202-224-3121 and demand that they act on the bipartisan, Obama-supported crowdfunding bill – H.R. 2930!
Karen Kerrigan, President & CEO
Showing posts with label H.R. 2930. Show all posts
Showing posts with label H.R. 2930. Show all posts
Thursday, February 16, 2012
Wednesday, December 21, 2011
13 Lessons from the Guys Who Brought Crowdfunding to Washington
SBE Council member Woodie Neiss writes about how crowdfund investing legislation started, where it is going and his observations along the way. "Giving up is not an option," writes Neiss. We agree!
Thank you Woodie, Jason and Zak for your perseverance, and your generous commitment of time, talent and capital toward this effort! With your leadership, SBE Council is confident that President Obama will sign a bill in the near future!
Karen Kerrigan, President & CEO
Thank you Woodie, Jason and Zak for your perseverance, and your generous commitment of time, talent and capital toward this effort! With your leadership, SBE Council is confident that President Obama will sign a bill in the near future!
Karen Kerrigan, President & CEO
Wednesday, November 23, 2011
Thankful for Entrepreneurs!
SBE Council is thankful for America's entrepreneurs -- those who dare to risk their time and treasure on ideas that drive growth, innovation and job creation. But entrepreneurs need capital, and on this Thanksgiving eve we continue to encourage the U.S. Senate to act on H.R. 2930, the "Entrepreneurs Access to Capital Act," which will unlock the power of crowdfunding to help entrepreneurs raise the capital they need to grow and restore our nation's economy.
On November 17, SBE Council and Startup Exemption co-hosted a "rally for capital" in Washington to urge the Senate to act upon H.R. 2930, which passed the House with 407 YEA votes. The spirit and messsage of the rally was captured by House Financial Services committee staff who put together this great video of the event! The video also explains what crowdfunding is, and what is being done to make this a more viable and powerful fundraising platform for entrepreneurs.
Happy Thanksgiving!
Karen Kerrigan, President & CEO
On November 17, SBE Council and Startup Exemption co-hosted a "rally for capital" in Washington to urge the Senate to act upon H.R. 2930, which passed the House with 407 YEA votes. The spirit and messsage of the rally was captured by House Financial Services committee staff who put together this great video of the event! The video also explains what crowdfunding is, and what is being done to make this a more viable and powerful fundraising platform for entrepreneurs.
Happy Thanksgiving!
Karen Kerrigan, President & CEO
Wednesday, November 16, 2011
"Rally for Capital" -- Entrepreneurs to Push for Senate Passage of House-Backed Crowdfunding Bill
Entrepreneurs to Rally in Washington, DC
Thursday, November 17th
8:00 a.m.-10:00 a.m.
Capitol Grounds: Across from Union Station
A "Rally for Capital" Urging the Senate to Pass House-Backed Legislation to Provide Community Capital to Fund Small Businesses and Create Jobs
What: The Story Behind the "Rally for Capital
What started a year ago as an idea to use the tenants of crowdfunding to solve the capital crunch facing entrepreneurs and startups is culminating in a rally by entrepreneurs in Washington, DC on November 17th. Sherwood Neiss, Chief Advocate of the Startup Exemption, will discuss the funding void. He, like many entrepreneurs, faced this lack of capital while trying to fund his startup. He will discuss how the current hurdles to capital formation forced him and his co-founders at the Startup Exemption, Jason Best and Zak Cassady-Dorion, to develop a framework to get capital flowing by using the advances in the Internet and Technology.
U.S. Rep. Patrick McHenry (R-N.C.) who introduced H.R. 2930, the "Entrepreneurs Access to Capital Act," will speak about the need for this legislation and reflect upon the almost unanimous vote (407 to 17) in favor of the bill. Karen Kerrigan, President & CEO of the Small Business & Entrepreneurship Council and two entrepreneurs will also speak.
President Obama endorsed the crowdfunding framework in his American Jobs Act, and issued a Statement of Policy from the White House supporting H.R. 2930. The entrepreneurs hope the Senate moves with the same speed as the House in approving similar legislation. Over the next five years, they believe crowdfund investing can help create over 500,000 new companies employing 1.5 million net new jobs.
Who:
U.S. Rep. Patrick McHenry (R-N.C.), Lead Sponsor, H.R. 2930
Sherwood Neiss and Jason Best, Startup Exemption
Karen Kerrigan, President, Small Business & Entrepreneurship Council
Marc Wallace, Entrepreneur
Josh Frey, Entrepreneur
When: Thursday, November, 17 2011 -- 8:00am to 10am
Where: Across from Union Station, Washington, DC
Map: http://bit.ly/uQ3SM0
Contacts:
Sherwood Neiss, (202) 247-7182; sherwood@startupexemption.com
Karen Kerrigan (703) 242-5840; kkerrigan@sbecouncil.org,or Mabel Vaught, mvaught@sbecouncil.org
Additional Background:
Crowdfund Investing (CFI) is a concept that originates from crowdfunding. The main difference is that in traditional crowdfunding, a group of individuals "donate" small amounts of money to an idea (usually an art related project). In CFI, a group of individuals use small amounts of money to buy equity in a business. The goal of CFI is to provide entrepreneurs and small businesses with access to capital that they will use to hire and grow. Individuals are motivated by the desire to be a part of something bigger than themselves, to support an idea they believe in and for the potential financial return.
Related Links:
Startup Exemption website: www.startupexemption.com
HR2930, The Entrepreneur Access to Capital Act http://bit.ly/nJTOEv
Startup Exemption framework: http://bit.ly/mRWXcZ
Congressional testimony from May 10th: http://bit.ly/na1u9t & Sep 15th http://bit.ly/pcvTdz
Petition to the SEC & Congress: http://bit.ly/hQ2GXE
#1 idea on Startup America's website: http://bit.ly/ivPQw5
Thursday, November 17th
8:00 a.m.-10:00 a.m.
Capitol Grounds: Across from Union Station
A "Rally for Capital" Urging the Senate to Pass House-Backed Legislation to Provide Community Capital to Fund Small Businesses and Create Jobs
What: The Story Behind the "Rally for Capital
What started a year ago as an idea to use the tenants of crowdfunding to solve the capital crunch facing entrepreneurs and startups is culminating in a rally by entrepreneurs in Washington, DC on November 17th. Sherwood Neiss, Chief Advocate of the Startup Exemption, will discuss the funding void. He, like many entrepreneurs, faced this lack of capital while trying to fund his startup. He will discuss how the current hurdles to capital formation forced him and his co-founders at the Startup Exemption, Jason Best and Zak Cassady-Dorion, to develop a framework to get capital flowing by using the advances in the Internet and Technology.
U.S. Rep. Patrick McHenry (R-N.C.) who introduced H.R. 2930, the "Entrepreneurs Access to Capital Act," will speak about the need for this legislation and reflect upon the almost unanimous vote (407 to 17) in favor of the bill. Karen Kerrigan, President & CEO of the Small Business & Entrepreneurship Council and two entrepreneurs will also speak.
President Obama endorsed the crowdfunding framework in his American Jobs Act, and issued a Statement of Policy from the White House supporting H.R. 2930. The entrepreneurs hope the Senate moves with the same speed as the House in approving similar legislation. Over the next five years, they believe crowdfund investing can help create over 500,000 new companies employing 1.5 million net new jobs.
Who:
U.S. Rep. Patrick McHenry (R-N.C.), Lead Sponsor, H.R. 2930
Sherwood Neiss and Jason Best, Startup Exemption
Karen Kerrigan, President, Small Business & Entrepreneurship Council
Marc Wallace, Entrepreneur
Josh Frey, Entrepreneur
When: Thursday, November, 17 2011 -- 8:00am to 10am
Where: Across from Union Station, Washington, DC
Map: http://bit.ly/uQ3SM0
Contacts:
Sherwood Neiss, (202) 247-7182; sherwood@startupexemption.com
Karen Kerrigan (703) 242-5840; kkerrigan@sbecouncil.org,or Mabel Vaught, mvaught@sbecouncil.org
Additional Background:
Crowdfund Investing (CFI) is a concept that originates from crowdfunding. The main difference is that in traditional crowdfunding, a group of individuals "donate" small amounts of money to an idea (usually an art related project). In CFI, a group of individuals use small amounts of money to buy equity in a business. The goal of CFI is to provide entrepreneurs and small businesses with access to capital that they will use to hire and grow. Individuals are motivated by the desire to be a part of something bigger than themselves, to support an idea they believe in and for the potential financial return.
Related Links:
Startup Exemption website: www.startupexemption.com
HR2930, The Entrepreneur Access to Capital Act http://bit.ly/nJTOEv
Startup Exemption framework: http://bit.ly/mRWXcZ
Congressional testimony from May 10th: http://bit.ly/na1u9t & Sep 15th http://bit.ly/pcvTdz
Petition to the SEC & Congress: http://bit.ly/hQ2GXE
#1 idea on Startup America's website: http://bit.ly/ivPQw5
Friday, November 11, 2011
SBE Council Member Jason Best on "Nightly Business Report" -- Crowdfunding and H.R. 2930
The media is focusing more and more on legislation to modernize Securities & Exchange Commission (SEC) rules that enable "crowdfund investing."
In this PBS News "Nightly Business Report" segment, SBE Council member Jason Best (co-founder of Startup Exemption) explains the general concept of crowdfunding and its value to small businesses.
Please remember to attend the "rally for entrepreneurs" on November 17 on the U.S. Capitol grounds! The purpose of the rally is to urge the Senate to quickly act on House-passed legislation -- "Entrepreneurs Access to Capital Act," H.R. 2930 -- which advanced in the House with over 400 votes! President Obama also supports this critical piece of legislation.
Karen Kerrigan, President & CEO
In this PBS News "Nightly Business Report" segment, SBE Council member Jason Best (co-founder of Startup Exemption) explains the general concept of crowdfunding and its value to small businesses.
Please remember to attend the "rally for entrepreneurs" on November 17 on the U.S. Capitol grounds! The purpose of the rally is to urge the Senate to quickly act on House-passed legislation -- "Entrepreneurs Access to Capital Act," H.R. 2930 -- which advanced in the House with over 400 votes! President Obama also supports this critical piece of legislation.
Karen Kerrigan, President & CEO
Senate Passes 3% Withholding Tax Repeal
Small business owners are benefitting from a burst of bipartisan activity to promote certainty, business confidence and economic recovery. Repeal of the 3 percent withholding tax mandate is one such initiative that certainly makes economic and fiscal sense.
With the cost of the mandate far exceeding anticipated revenue gains, and small firms becoming less able to compete for government contracts due to new costs and cash flow constraints spawned by the withholding tax, repeal makes absolute sense. Taxpayers and government at all levels also benefit from repeal.
As SBE Council President & CEO Karen Kerrigan noted in a media release following passage of the legislation, small business owners look forward to President Obama signing this important legislation. The President endorsed the legislation as it moved through the U.S. House and of course continued his support during Senate debate.
There are other opportunities for Democrats and Republicans to work together on legislation. For example, the House-passed "Entrepreneurs Access to Capital Act," H.R. 2930, received over 400 votes.
"This innovative legislation will unlock large pools of capital for small business owners while protecting investors," says Kerrigan. "Entrepreneurs with scalable businesses are in need of capital to grow and create jobs. Now is the time to act on this critical piece of legislation," she added.
With passage of the 3% withholding tax repeal legislation, SBE Council look forward to the Senate extending its streak of bipartisanship by focusing on other critical small business issues that have already passed the House.
With the cost of the mandate far exceeding anticipated revenue gains, and small firms becoming less able to compete for government contracts due to new costs and cash flow constraints spawned by the withholding tax, repeal makes absolute sense. Taxpayers and government at all levels also benefit from repeal.
As SBE Council President & CEO Karen Kerrigan noted in a media release following passage of the legislation, small business owners look forward to President Obama signing this important legislation. The President endorsed the legislation as it moved through the U.S. House and of course continued his support during Senate debate.
There are other opportunities for Democrats and Republicans to work together on legislation. For example, the House-passed "Entrepreneurs Access to Capital Act," H.R. 2930, received over 400 votes.
"This innovative legislation will unlock large pools of capital for small business owners while protecting investors," says Kerrigan. "Entrepreneurs with scalable businesses are in need of capital to grow and create jobs. Now is the time to act on this critical piece of legislation," she added.
With passage of the 3% withholding tax repeal legislation, SBE Council look forward to the Senate extending its streak of bipartisanship by focusing on other critical small business issues that have already passed the House.
Friday, October 28, 2011
"Crowdfunding" Advances in House Finance Committee
SBE Council lauds bipartisan support for one of its top initiatives
SBE Council is cheering the momentum behind one of its top initiatives to help small business owners and entrepreneurs access capital. On October 27, the House Financial Services Committee passed the "Entrepreneurs Access to Capital Act," H.R. 2930 by voice vote.
SBE Council and its members planted the seed -- and a specific model -- for crowd fund investing. For much of 2011 we have been aggressively advocating for a new regulatory framework that would make this innovative solution a reality. President Barack Obama supports the framework, and U.S. Representative Patrick McHenry (R-N.C.) put forward legislation in mid-September.
Regarding passage of the legislation in the Finance Committee, entrepreneur and SBE Council member Woodie Neiss said: "It is amazing to see members of both parties get behind this important issue. The understanding that small businesses face a critical shortfall in their capital needs runs deep, and crowd fund investing is a common sense solution. Entrepreneurs now have hope that Washington is coming together to address one of their top concerns."
Neiss testified before the House in mid-September where he provided ideas and a crowd funding model for House members. The model includes strong protections for investors, and ways to tap into the power of technology to increase transparency and investor knowledge. Along with Neiss's framework (which was the impetus for H.R. 2930) other elements of his model were adopted by the Financial Services Committee including the thresholds for investment, registration of crowdfunding sites with the SEC, an online investor test, among other provisions.
SBE Council President & CEO Karen Kerrigan said that the quick pace of this legislative initiative demonstrates that members in both political parties understand capital access is a critical issue for both entrepreneurs and our nation's economic recovery.
"We are pleased to see bipartisan support behind this common sense approach. Crowd fund investing will give small business owners and entrepreneurs access to sources of capital they currently cannot tap into without triggering complex SEC rules. With common sense reforms, more Americans will be able to invest in promising small businesses, which means more jobs and greater economic growth. Reformulating outdated rules while maintaining investor protections will help entrepreneurs identify and connect with qualified, potential funders," said Kerrigan.
She added: "We are very excited that Congress and President Obama are seeking intelligent and innovative ways to help small business owners access capital. Technology and the Internet have leveled the playing field in so many other areas for entrepreneurs, and it only makes sense that they are allowed to tap into its power for needed capital."
We are hearing the legislation may get a full House vote by the end of this year. We will keep you posted!
SBE Council is cheering the momentum behind one of its top initiatives to help small business owners and entrepreneurs access capital. On October 27, the House Financial Services Committee passed the "Entrepreneurs Access to Capital Act," H.R. 2930 by voice vote.
SBE Council and its members planted the seed -- and a specific model -- for crowd fund investing. For much of 2011 we have been aggressively advocating for a new regulatory framework that would make this innovative solution a reality. President Barack Obama supports the framework, and U.S. Representative Patrick McHenry (R-N.C.) put forward legislation in mid-September.
Regarding passage of the legislation in the Finance Committee, entrepreneur and SBE Council member Woodie Neiss said: "It is amazing to see members of both parties get behind this important issue. The understanding that small businesses face a critical shortfall in their capital needs runs deep, and crowd fund investing is a common sense solution. Entrepreneurs now have hope that Washington is coming together to address one of their top concerns."
Neiss testified before the House in mid-September where he provided ideas and a crowd funding model for House members. The model includes strong protections for investors, and ways to tap into the power of technology to increase transparency and investor knowledge. Along with Neiss's framework (which was the impetus for H.R. 2930) other elements of his model were adopted by the Financial Services Committee including the thresholds for investment, registration of crowdfunding sites with the SEC, an online investor test, among other provisions.
SBE Council President & CEO Karen Kerrigan said that the quick pace of this legislative initiative demonstrates that members in both political parties understand capital access is a critical issue for both entrepreneurs and our nation's economic recovery.
"We are pleased to see bipartisan support behind this common sense approach. Crowd fund investing will give small business owners and entrepreneurs access to sources of capital they currently cannot tap into without triggering complex SEC rules. With common sense reforms, more Americans will be able to invest in promising small businesses, which means more jobs and greater economic growth. Reformulating outdated rules while maintaining investor protections will help entrepreneurs identify and connect with qualified, potential funders," said Kerrigan.
She added: "We are very excited that Congress and President Obama are seeking intelligent and innovative ways to help small business owners access capital. Technology and the Internet have leveled the playing field in so many other areas for entrepreneurs, and it only makes sense that they are allowed to tap into its power for needed capital."
We are hearing the legislation may get a full House vote by the end of this year. We will keep you posted!
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