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Congressional Committee Hearing Today on Crowdfunding Exemption

Congressional Committee Hearing Today on Crowdfunding Exemption

A landmark U.S. congressional hearing relating to crowdfunding and small business capital formation is taking place today, May 10th, 2011!  Entrepreneur Sherwood "Woody" Neiss will testify in front of the House Committee on Oversight and Government Reform.  Woody is advocating SEC regulatory change which would enable small businesses to solicit funding from the general public.  And besides the ear of congress, Whoopi Goldberg has got behind him.

The implications of such needed change are monumental to the entrepreneur, to small businesses and to the economy -- all of which have been held back by lack of modern methods of capital formation.  Despite the commercialized Internet being over 15 years old, the general public has nearly no access to private companies as an asset class, outside of their immediate circle.  And yet, people of wealth (i.e. "accredited investors") can be readily solicited for funding, and thus have virtually unlimited access to potential private investments.

While this momentous event takes place at a U.S. congressional hearing, its significance is absolutely global.  The U.K. already has an exemption in place, and at least one equity-based crowdfunding platform (
Crowdcube) is operational in the U.K.  Given the proliferation of other forms of crowdfunding throughout the entire world, it's a matter of time before other countries come on board.  And thus there is also a strong competitive element in allowing crowdfunding for investment.  In an Internet-based information economy, it will be virtually impossible to compete without bringing private investment into the Internet fray.

The hearing will be broadcast live.  


By Kevin Lawton


Kevin Lawton is a progenitor of PC virtualization (now a multi-billion dollar cloud-related industry), serial startup entrepreneur, trend-caster and visionary at the intersection of biz & tech, contributor for SeekingAlpha and VentureBeat, and has published a book on crowdfunding titled, "The Crowdfunding Revolution / Social Networking Meets Venture Financing". Kevin was also a founding team member in a microprocessor startup, author and lead for two Open Source projects, public speaker, prolific idea creator, author of multiple patents, and news and business book junkie. IHe has a degree in computer science and started his career at MIT Lincoln Laboratory in space-based radar and satellite communication.


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