About a year after President Barack Obama signed the JOBS Act, the crowdfunding provisions of the legislation have yet to be put in place.
But a Silicon Valley Crowdfund Expo and Conference has nonetheless been scheduled at the Sheraton in Palo Alto to mark the one-year anniversary of the law on April 4 and 5.
The Securities and Exchange Commission hasn’t given any indication about if or when it is actually going to allow the general public to buy pieces of the startup action.
Hundreds of companies have already registered domain names or set up preliminary businesses to help facilitate crowdfunding but some startup experts have grown quite skeptical about what, if anything, will finally emerge from the SEC.
“You will still be able to go to Vegas and lose $100 on blackjack but you are not going to be able to invest in Linkedin or Facebook or the next Zinga, which is really sad for America,” entrepreneur and investor Jason Calacanis told me before his recent Launch Festival that featured more than 250 startups.
Crowdfund Expo’s organizers say they are providing a “unique opportunity to discuss current state of the industry, to learn from experts in venture capital, business angel and crowdfunding fields, to network and find new partnerships.”
Venture investor Tim Draper is scheduled to give a keynote speech, along with the heads of two of the conference sponsors: Douglas Ellenoff of New York law firm Ellenoff Grosman & Schole LLP and Howard Leonhardt of Leonhardt Ventures.
Other sponsors are Veri-Tax, a California income tax verification company; InvestedIn, A California fundraising company; and Bancboxcrowd.com, a crowdfunding payments company.
SOURCE: Silicon Valley Business Journal – Cromwell Schubarth