iDisclose Provides Republic Users With a Low Cost Legal Solution to Comply With Title III Crowdfunding Regulations
NEW YORK, NY–(Marketwired – July 18, 2016) – iDisclose announced today that it is proud to be a part of Republic’s Title III crowdfunding launch. The AngelList spinoff and funding portal officially launched today with iDisclose as its exclusive Form C service provider. Each Republic issuer is provided with access to the iDisclose application to prepare their Form C at a fraction of the time and cost of using a traditional lawyer or law firm. Using a series of adaptive questions, similar to TurboTax TM, iDisclose helps entrepreneurs prepare their own first draft of the Form C, the legal document which is required by each issuer in order to launch a crowdfunding campaign. After a quick review by the company’s attorney (or iDisclose partner attorney), the entrepreneur can simply file the final document directly from the iDisclose application with the Securities and Exchange Commission.
Republic CEO Ken Nguyen stated that “This partnership has been instrumental for us, making Form C preparation far more manageable for our issuers. iDisclose also represents the type of startups we want to see on our platform: innovative, diverse and mission-driven.”
“We are so excited about what Republic is doing and our relationship with them. Republic’s mission really gets to the core of what iDisclose is trying to do, which is assist small businesses, who have historically lacked access, receive the capital they deserve. We are a small part of that, by taking the legal costs out of the process,” said iDisclose CEO Georgia Quinn.
Republic is a platform for startups to connect with investors from Main Street to Wall Street and boasts a team of AngelList and Uber alumni to provide hands-on advice to entrepreneurs on the execution, risks and rewards of running a successful equity crowdfunding campaign. Through its engagement with women and minority founded businesses and partnerships with industry influencers (such as Naval Ravikant and Jason Calacanis), social advocates diversifying tech (Shiza Shahid of The Malala Fund, Shaherose Charania of Women 2.0 and Ramona Ortega of Latin Startup Alliance) and crowdfunding experts (Katherine Krug and Georgia Quinn), it has created a unique support network for founders and investors alike.
iDisclose puts the job of disclosure back into the hands of the entrepreneur, eliminating the inefficiencies of the traditional method, reducing substantial time to comply with the rules and saving thousands of dollars. Rather than provide un-contextualized information about a business to a lawyer, and then relying on the lawyer to prepare the first draft, the entrepreneur responds to an online dialogue to draw out the relevant disclosure issues and the platform organizes the information into a legal document. Throughout the entire process, the entrepreneur is able to collaborate with his or her own team and attorney as needed, and to send their attorney their document drafts for final review and sign-off.
also generates a Red Flag report of key issues that must be addressed, which can also be shared with an attorney for further advice and counsel. In addition, the platform creates a list of Risks Factors that are seamlessly organized within the document for easy review by investors.
Businesses: The platform allows you to create your own legal documents at a reduced time and cost.
Investors: iDisclose provides fulsome disclosure in an easy to evaluate format.
Fundraising Platforms: iDisclose allows platforms to offer a value-added service to their users and standardizes the disclosure format across the entire platform.
Lawyers: It eliminates much of the drafting drudgery required with the disclosure process, and allows lawyers to focus on the true aspects of being a lawyer (offering real legal counsel, guidance and reviews).
iDisclose was developed by Douglas Ellenoff and Georgia Quinn of Ellenoff, Grossman & Schole, who are both award-winning, NY-based corporate attorneys and globally-recognized figures in the alternative finance space. Having both facilitated hundreds of corporate financings over the course of their careers, the founders harness a deep understanding of the disclosure process, as well as the issues businesses face when raising capital.