For those interested in financial reporting compliance for Reg CF issuers, check out my working paper on SSRN here. The paper has been discussed with SEC Commissioners Peirce and Uyeda as well as featured on various podcasts/shows, including some from CfPA members. Podcasts/shows include: SuperPowers for Good, Test. Optimize. Scale., and Business Scholarship Podcast.

Abstract: Using the regulated, but largely unenforced setting of U.S. equity crowdfunding (ECF) we consider why managers comply with ongoing financial reporting regulations beyond enforcement and litigation risk. In a market with billions of dollars invested by millions of investors, over half of ECF issuers fail to file their mandated annual report, with only a third issuing timely. Using rich offering-level data, we show compliance is negatively associated with compliance costs and tardy filings are partially explained by the desire to issue additional securities. However, despite our rich data, the overall explanatory p...more

I’ve spent years immersed in the world of impact investing, and if I sound a little fired up today, it’s because I am. The traditional capital markets continue to overlook brilliant, diverse entrepreneurs—especially those working in and for their communities. That’s why I’m passionate about regulated investment crowdfunding (Regulation Crowdfunding or Reg CF, particularly). It’s not perfect, but it’s the most promising tool we have to democratize access to capital, empower underrepresented founders, and reshape our economy from the ground up. Here are just a few of the reasons I believe so deeply in this movement:

1. Democratization of Capital
   Reg CF breaks down barriers that historically excluded all but the wealthy from investing in private ventures.

2. Access to Overlooked Founders
   Traditional VC overlooks diverse founders; Reg CF helps level the playing field by allowing the crowd to support talent the system ignores.

3. Rooted in Community
   Reg CF enables investment in local businesses a

I love regulated investment crowdfunding and the portals that participate in the space. I’ve got gripes and complaints, but overall, I’m their biggest fan. They are fundamentally essential to the ongoing success of the industry—and its future growth.

Today, I’d like to enumerate some of my favorite things about portals operating under Regulation Crowdfunding:

9 Things I Love About Portals

1. Pre-Screening Investments: We all rely on portals to screen the offerings they host. They all use different criteria, but they are all required to exclude companies associated with “bad actors”—people who have been in trouble with the SEC in the past.

2. Regulatory Compliance: Having run a FINRA-member, SEC-registered broker-dealer, I know how hard it is to comply with the regulations. That is a big reason I don’t run a portal today! I’m grateful that they have made the effort to comply with the rules. These sometimes impose on us minor inconveniences, but the net effect is a safe and

FOR IMMEDIATE RELEASE

Contact: Rose Kauzeni 

Community Coordinator

Crowdfunding Professional Association (CfPA)

Email: coordinator@cfpa.org

Website: https://CfPA.org 

CfPA Highlights Achievement and Innovation at Inaugural Industry Awards Ceremony

Leading voice of the Regulated Investment Crowdfunding industry announces winners of industry awards following a successful 2024 Washington D.C. Summit  

Washington, D.C. (October 24, 2024) The Crowdfunding Professional Association (CfPA) is pleased to announce the winners of the inaugural CfPA Industry Awards, presented at the end of the CfPA hosted and organized Regulated Investment Crowdfunding Summit 2024. This prestigious event celebrated the most innovative minds and impactful projects shaping the future of the regulated investment crowdfunding industry.

The awards honor excellence across five key categories, highlighting success stories and pioneers driving positive change in the sector. 

1: Social Impact Award (Ti...more

Day 1 (10/22: Tues.) : Advocacy Visits & Pre-event Reception

Day 2 (10/23: Wed.) : Conference and Summit  

Venue: Top of the Town (Top Floor 1400 14th Street North, Arlington, VA) 

“One of the most magnificent views in Washington”

On behalf of the Crowdfunding Professional Association (CfPA), I would like to express gratitude to @Devin Thorpe and @Chandan Saha for providing CfPA with the opportunity to co-host SuperCrowd24 and for giving the CfPA board and members the opportunity to share their perspectives and expertise and to connect with a community of attendees from all over the world. The event was highly engaging and informative (-- and provided a welcome diversion following the end of this year’s tax season). 

The agenda was packed, the speakers were amazing, and the topics were relevant across a wide range of themes. Personally, I was pleased to hear numerous discussions about the possible integration of regulated investment crowdfunding into the full capital stack of various businesses -- from small enterprises seeking SBA loans to major corporations managing complex divestitures – as it points to a future where crowdfunding and community-ownership could be an important pro-social subs...more