Jason Calacanis, the founder of Mahalo and Weblogs, took some time from preparing for this week’s Launch Festival, the startup pitchfest he throws in San Francisco, to talk about that and a number of topics.
This is his biggest show in six years of doing an annual startup conference, the first three in alliance with TechCrunch and the last three on his own. About 5,000 have said they will attend through Wednesday, which is the capacity for the Design Center Concourse where it is being held.
Among other topics we covered in our discussion was why Calacanis believes the Securities & Exchange Commission will never allow crowdfunding to happen as intended in a federal law passed last year.
To see what Calacanis has to say about competing with TechCrunch Disrupt, Mahalo, and his latest startup, check out the Silicon Valley Business Journal:
What do you think of the various crowdfunding-like platforms that are showing up?
I actually believe crowdfunding is not going to happen in the United States. I think the SEC has filibustered so long and the job situation is getting better and the economy is getting better. I think the SEC is going to fight and filibuster their way to not having non-accredited investors invest. I think that’s the 60 percent likelihood. I used to think that there was a 70 percent likelihood that it would happen. But too much time has passed.
I think you’ll have AngelList doing investments through accredited investors, along with SecondMarket, MicroVenture, Indiegogo and Kickstarter.
I don’t know that the world needs, say, a tenth platform. So I think that there’s going to be a lot of people who who will shut down the crowdfunding platforms they created in anticipation of the new rules going into effect. I saw that there were like 300 or 400 created. I think the world needs like no more than 10. They are going to “verticalize” a little bit. Maybe one for music, one for film, one for products, whatever, one for video games. Then there will be two or three big mega ones like you have Kickstarter and AngelList. But I think right now it’s really Kickstarter, AngelList, SecondMarket, and then everybody else.
Source: UPSTART Business Giornal- Cromwell Schubarth