New York – The Crowdfunding Economy by David Drake chronicles the crowdfunding revolution happening in our midst – from a financial phenomenon, it has grown and is encompassing the globe and covering different sectors as well from health, entertainment, real estate, cleantech, renewable energy and more. It also highlights crowdfunding as a tool for market research and development.
An advocate of the US JOBS Act, as well as innovations in capital formation policies and developments globally, Drake is a champion of crowdfunding, and how it intersects with family offices and other sectors in the industry. He chose to elaborate on how to raise money online for a S.P.P.I.C.E. (Service, Product, Project, Investment, Cause or Experience), a term he coined himself as the journey of crowdfunding unfolds.
Market and product development is an essential but expensive step in creating a product. One way to lessen the costs is to use crowdfunding as a tool for market and product development, and a chapter is devoted on this topic. Drake says, “You can engage the crowd to measure your product’s market readiness. Crowdfunding is an effective tool for measuring market demand. Startups, and even existing and established companies, have used this path to check the market’s readiness for their ideas or to introduce their product prototype while raising funds.”
To guide the industry’s stakeholders in the conduct of crowdfunding, the rules on regulated crowdfunding, Regulation A+ and other enacted laws of the Jumpstart our Business Startups (JOBS) Act are also discussed in this new book. With the approved Title III rules (debt and equity crowdfunding), non-accredited investors can now participate and this means more capital can be raised by startups and entrepreneurs. Moreover, companies and startups will not undergo full audit when using Title III for the first time.
Drake, a co-author of the books Planet Entrepreneur and Crowdfunding and Other Animals, was born in Sweden. He has 2 masteral degrees from George Washington University – MBA in Finance and an MA in International Law and Economics – where he was awarded the Wallenberg Scholarship for academic merit.
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