By Kimberley Brown , CrowdFundBeat guest editor,
Idisclose is Adaptive web-based app that guides entrepreneurs through the process of generating their own customizable private placement memorandum at a fraction of the cost
This will be major game changer this year in facilitating legal protection throughout the crowdfunding industry.
Doug Ellenoff and Georgia Quinn, are leading securities attorneys at New York’s Ellenoff Grossman & Schole, and are major forerunners and advocates in the crowdfunding space. Both have always seen the lack of affordable and efficient disclosure as a major roadblock for small businesses seeking online capital, especially since creating a disclosure document (a PPM) can cost between $25,000 and $100,000, making the cost of raising capital with legal protection extremely prohibitive for entrepreneurs.
With the passage of the JOBS Act and the many new avenues for accessing capital, such as crowdfunding and other online platforms, disclosure is more important than ever. iDisclose helps protect the company raising money, and those assisting with the offering, against investor suits and SEC actions and provides the necessary information to investors.
iDisclose is a web-based application that streamlines the legal procedure of raising capital by guiding entrepreneurs through an adaptive process to customize institutional quality disclosure documents, including Private Placement Memorandums (PPMs). Built by a team of experienced securities lawyers, iDisclose fuses cutting-edge technology with legal know-how to significantly reduce the time, money and effort traditionally exerted on the disclosure process.
iDisclose allows business owners to “make their own counsel”, saving them thousands of dollars in fees as they draft their own, highly-accurate and comprehensive PPM documents in collaboration with their own team and attorney.
But now, Doug and Georgia are breaking down these cost barriers by launching an innovative platform this month called iDisclose.
iDisclose is a highly “intelligent” web-based application that allows entrepreneurs to create an institutional quality disclosure document (a PPM) online, while collaborating with their attorney only as needed or required throughout the entire process. This delivers up to 80% in cost savings for the business owner, while also significantly reducing the attorney’s time spent on drafting drudgery so they can focus on the real aspects of being a lawyer – offering real legal counsel and reviews.
Note that other key benefits provided by iDisclose include…
· For business owners, it allows them to draft their own, highly-accurate and comprehensive PPM document in collaboration with their team and legal counsel, which saves them thousands of dollars in fees.
· For investors, iDisclose provides robust disclosure in an easy to evaluate format, empowering them to make informed investment decisions.
· For platforms, it standardizes deal documentation allowing investors to make an apples to apples comparison and reducing risk.
· For lawyers, it eliminates much of the drafting drudgery required with PPMs, so lawyers can focus on offering real legal counsel and document review, as needed.