Only about half of the companies that crowdfund ever file an annual report. We tracked every Reg CF company with a reporting obligation since 2016. Of those whose first report has come due, just 50% have ever filed one — and most who do file only once, then go quiet.
For the half we can still see, the story is good: aggregate revenue grew 1.8x since the raise, and those companies disclose more than 28,000 direct employees — roughly 224,000 jobs supported once you count the indirect jobs each one sustains (Paychex 8x).
But the reporting gap is real — and it's a question every policymaker studying small-business capital should be asking.
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