Entrepreneurs
|
8/16/2012 @ 1:02PM |7,496 views
Top 10 Most Influential People in Business Crowdfunding
Every revolution needs a leader. But when it comes to revolutionizing the funding landscape for millions of entrepreneurs and small business owners, it takes a crowd.
I got involved with crowdfunding legislation in November 2011 when the U.S. House of Representatives was preparing to vote on a bill that passed and subsequently – over the next several months – helped shape what was the final crowdfunding bill under the JOBS Act.
Along the way, I’ve met hundreds of visionary entrepreneurs, business leaders, legislators, policymakers and advocates who are blazing the trail for safe and responsible business crowdfunding.
There were many people involved in the crowdfunding legislative and regulatory efforts. This is my list of crowdfunding revolutionaries; these are the ten I see as innovators, game changers and thought leaders impacting future business crowdfunding – shaping what it will mean for innovation, entrepreneurship, economic growth and jobs.
Congressman Patrick McHenry (R-NC)
U.S. Representative for North Carolina’s 10th District
Cred: He authored H.R. 2930, the first crowdfunding bill that eventually became law.
Why Top 10? As a small-business owner, he knows first-hand the funding challenges faced by small business owners. His passion and bipartisan approach were major factors in winning overwhelming support for business crowdfunding on the House floor.
Jason Best & Sherwood Neiss
Co-founders of Crowdfund Capital Advisors; Co-founders of Crowdfund Intermediary Regulatory Advocates (CfIRA); Executive Board of the Crowdfunding Professional Association (CfPA)
Cred: Like Rep. McHenry, they have the scar tissue to make a compelling case for revolutionizing access to capital. After raising $80 million the “hard way” for numerous businesses over the years, they saw the need for a better way. Without outside funding, and without personal incentive to do so, they set out to change the law.
Why Top 10? Working shoulder-to-shoulder with Rep. McHenry, Jason & Sherwood authored parts of the framework for H.R. 2930. Off the Hill, they galvanized a national grassroots coalition of thought leaders, and groups from business, government, higher education, consumer and non-profit sectors to urge Congress to make business crowdfunding a reality.
Steve Case
Co-founder of America Online; Chairman of Startup America Project; Chairman/CEO of Revolution
Cred: Steve is one of the country’s most well-known and respected entrepreneurs and philanthropists.
Why Top 10? His involvement was essential to the passage of the JOBS Act. He rallied support from investors, entrepreneurs and members of Congress – from both sides of the aisle – to give this upstart movement solid credibility.
Michael Migliozzi
Managing Partner/Creative Director of Forza Migliozzi
Cred: An advertising agency owner, he inadvertently created the first business crowdfunding campaign, rallying everyday people to buy the Pabst Brewing Company for $300 million. He hit $220 million in pledges within two weeks before being shut down for violating securities laws.
Why Top 10? What started as a tongue-in-cheek campaign proved that business crowdfunding has legs. Big legs.
Perry Chen
Co-founder/CEO of Kickstarter
Cred: Kickstarter sparked the crowdfunding revolution with multiple successful raises of $1 million or more.
Why Top 10? He brought crowdfunding to popular culture as both a meme and a viable way to fund a project. Without Kickstarter’s success, the jump to business crowdfunding would’ve been nearly impossible.
Candace Klein
Founder/CEO of SoMoLend; Founder of Bad Girl Ventures, Co-founder of CfPA; Founder/Co-chair of CfIRA
Cred: Her company, SoMoLend, was one of the earliest crowdfunding sites (on the debt side of fundraising).
Why Top 10? Everyone in crowdfunding seems to know and respect her. She believes social good is a natural byproduct of crowdfunding, and is a compelling, committed advocate.
Vincent Molinari
Founder/CEO of GATE Technologies; Co-chair of CfIRA; Founding Member of CfPA
Cred: As the CEO of a respected broker-dealer, he doesn’t need crowdfunding to help drive investment in early-stage businesses, but sees it as necessary and beneficial to the market.
Why Top 10? A fearless supporter, he lends legitimacy to the cause, and has been instrumental in making crowdfund investing a reality. His Congressional testimony in Fall 2011 was a major turning point in the H.R. 2930 House debate.
David Blass
Chief Counsel, S.E.C. Trading and Markets Division
Cred: As a point person at the S.E.C. for codifying crowdfunding regulations, he’s one of the go-to regulators.
Why Top 10? He’s hands-on and collaborative, and continues to engage crowdfunding stakeholders, encouraging open dialogue, feedback, and participation.
Dana Mauriello & Jessica Jackley
Co-founders of ProFounder
Cred: They were among the first to the crowdfunding party – possibly too early as evidenced by their brush with regulators last August, which resulted in a decision to shutter ProFounder. (Jackley is also a cofounder of Kiva.)
Why Top 10? Early crowdfunding innovators, these two paved the way for the movement to come. Whatever comes next for each of them, it’s sure to be exciting.
D.J. Paul
Co-founder/CSO of crowdfunder; Executive Board Member of CfIRA
Cred: He coordinated the first post-JOBS Act meeting between the S.E.C. and crowdfunding stakeholders, helping to effectively launch a cooperative, ongoing conversation to support crowdfunding that both protects investors and empowers entrepreneurs alike.
Why Top 10? He has a knack for getting the right people in the room, hashing out the details and building consensus.
These folks helped lead the charge in crowdfunding legislation, and beyond.
Business crowdfunding will soon be a reality, with the first S.E.C. Rulings for accredited investors offerings due to drop this fall. Get the latest details on crowdfunding Rulings here.
Get involved in crowdfunding now, and you can make a difference for founders and companies you may already know. Although they can’t raise funds quite yet, many thousands of entrepreneurs are ready and waiting on sites like crowdfunder.com and others. Their entire business profiles are available – waiting for you to review, vet and ask questions.
Go check it out now and be a part of the democratization of early-stage finance that’s taking place.
* Disclosure: I am a Co-founder and CEO of crowdfunder; I am a Co-founding Member of CfPA; D.J. Paul, as mentioned, is a Co-founder and CSO of crowdfunder, and is involved with both CfIRA and CfPA; Jason Best and Sherwood Neiss are on the Advisory Board of crowdfunder.
Comments
If you’re looking for influential people in crowd funding, known recently for his campaign of “Bear love good, cancer bad” has once again proved his influence with his new campaign “Let’s build a goddamn Tesla Museum” which has currently raised $400,000 in 20 hours.
http://www.indiegogo.com/teslamuseum?a=675468
If you’re looking for influential people in crowd funding, look no further than Matt Inman from The Oatmeal, known recently for his campaign of “Bear love good, cancer bad” has once again proved his influence with his new campaign “Let’s build a goddamn Tesla Museum” which has currently raised $400,000 in 20 hours.
http://www.indiegogo.com/teslamuseum?a=675468
Great article, Chance, and kudos for including Jason Best and Woody Neiss and Candace Klein on this list. Excellent picks. This is going to be an interesting time –
Regards,
Cheryl Conner
Here Here! Its been fun to see the leadership and passion provided by this group. Im especially impressed with Candace Klein who stood out as a clear galvanizing leader at the first Crowdfunding conference in SLC in May 2012 and who continues to lead with excellence both her company and lobbying efforts with CfIRA.
I’ve do need add a shoutout to Freeman White as Co-founder and CEO of Launcht and co-Chair of CfIRA. Hes been an early leader and advocate for everything Crowdfunding.
Agreed! Freeman is a fantastic leader and participant in crowdfunding legislation, regulatory involvement… and a great guy to boot.
It’s often the nicest and most low-key people who make things happen in back rooms, yet go unnoticed. Thanks for mentioning him.
Application of Innovative idea makes the entrepreneurs more capable of.
Whenever I read an article, I like to look up the author and learn more about their background. This article made we register just to make a comment on what I discovered.
This article is very bias, and as long as the author does not disclose that he works for one of the companies conveniently put in the top 10 list, and also lists the fact he is part of the organization whose members conveniently got listed in the top 10 as well, this article is unfortunately not credible and wrongfully representing its authority in the space – which I am doubtful of.
It reads like shameful plugging by up and comers. Steve Case, Profounder, and Kickstarter are the only three I recognize as either people or companies.
Forbes, should be more diligent – the press is not dead yet – this author did something that goes against many writers code of ethics.
Jacob Shwim
Jacob, thank you for pinging me about my personal participation with the crowdfunding related people and companies mentioned in the article. Disclosure is important, and I updated the post with full disclosure on the last line of the post. You are right, and my bad.
Admittedly, as someone engaged with, and personally connected to each person on this list, I am biased. However, I did open the article in a candid manner stating that these were my personal opinions and experiences with the most influential people in crowdfund investing.
While I have some relationship to people listed in the article, I am involved with them because I genuinely do find them to be the best and brightest in the industry for what they do.
Additionally, I am open and available to comments and questions here, and through my personal presence on the web. In an effort to engage and respond to you directly and personally, I tried to find your information as publicly available on the web. I could find no Jacob Shwim on Google, Facebook, LinkedIn and other networks. Please advise.
This is a great list of the most influential people in American crowdfunding, but it’s a shame that not a single international leader was mentioned. There’s a whole world of entrepreneurs and investors out there, and the developments in crowdfunding (particular on the equity side) in the UK, Europe and elsewhere are as transformative — and moving faster — that what’s happening in the States.
Chance,
Missed you at Atlanta Crowdfunding Symposium this week. Hope to see you in Las Vegas in Oct.
Perhaps this should have been a Top 20 list? :o)
I would also like to submit Alan E. Hall, who along with Richard Swart have worked tirelessly in the background to bring us to where we are today, plus Ruth Hedges (Crowdfunding Roadmap) and Dara Albright (Now Street Journal) who have championed our cause all along.
The road before us is still long, but with such capable minds and hands at the fore, we will prevail.
Blessings…
Robert Dobyns
CEO
Conzortia Business Funding, Inc.