On Monday Crowdsourcing.org hosted our fourth crowdfunding live chat and below is the full transcript of the conversation as promised. The discussion included the official announcement of the creation of the Crowdfunding Professional Association.  A detailed statement on CfPA also immediately followed the conclusion of the live chat. CfPA will act as a sister organization to CFIRA, and answers to plenty more questions about the new organization can be found in this full transcript:

(Also see the transcript from our previous live chat here.)

TRANSCRIPT

Crowdsourcing.org 4th Crowdfunding Live Chat
 Monday, May 7th, 2012

Moderator: Carl Esposti - Crowdsourcing.org founder

Kevin Berg Grell:Goodmorning everyone. Please announce yourself as you log in to the chat.

Vincent Molinari:Greetings, sorry for the delay

Brian Tsuchiya:Good morning and welcome everyone to the CfPA chat my name is Brian Tsuchiya founder of Vim Inc and goverance and executive committee role

Brian Tsuchiya:with CfPA

Sara Hanks:Sara from CrowdCheck

thenextstreet:Hi Everyone - Dara Albright of NowStreet and TSL Capital Creation Events

EcoEinstein:Hi, Peter Einstein, Founder of www.CrowdFunding4Good.com

Kevin Berg Grell:Kevin Berg Grell Crowdsourcing.org, Program Director of the CAPS initiative

Vincent Molinari:CFIRA Co Chair and CEO Gate Tech

Charles Davidson:Good morning all, Charles Davidson, Vice President Incorporating Cervices, Ltd

iLona Major:with CfPA

Charles Davidson:Services

screaser:Hi everyone; Steve Reaser of Vim Funding

EarlyShares:Hello everyone - EarlyShares.com (equity crowdfunding platform)

sdav54:Hi Of Counsel with Richardson & Patel

Curtis Fong:Hi. Curtis Fong with Fog Ventures.

Carl Esposti:@Brian - so what can you tell us about todays announcement regarding CfPA

Leo T:Good morning, this is Leo I am an entrepreneur

Vincent Molinari:Thanks Carl  It is very exciting to announce our rollout

Darin Gordon:Darin <-- fin services innovation background, now building a startup in the crowdfunding space

Vincent Molinari:We have an unbelievable group that is committed to CfPA and another vey focused on CFIRA

Brian Tsuchiya:@Carl Berkeley Geddes our Executive Committe Chair should be on in a minute to make the announcement, Berkeley?

Elleon Siwel:Good morning

Vincent Molinari:May I address CFIRA while waiting on Berkeley

Vincent Molinari:We welcome and all input and help as CFIRA as we continue to engage SEC, FINRA and NFA

Brian Tsuchiya:@Vincent yes

Carl Esposti:Berkeley will be with us shortly

Brian Tsuchiya:@Vince how do people get involved with CFIRA and what is CFIRA?

Vincent Molinari:As most may know we have had initial meeting w the SEC, and Finra and are very engaged in helping in the rulemaking process

EcoEinstein:I've been trying to officially join CFIRA and the SRO. Please help...

Vincent Molinari:@Brian, they can go to www.cfira.org and email Candace or myself.  we would welocme and enjoy the help

Darin Gordon:Eco:  as have I and no response.. might have to look elsewhere?

Vincent Molinari:@eco. as we are now organized and have distinct roles between CfPA and CFIRA much easier to execute the strategy

Kevin Berg Grell:Anyone who have signed up via the registration form either on crowdsourcing.org or on cfira.org will receive a welcome letter shortly

EcoEinstein:Thanks, Kevin!

Kevin Berg Grell:The delay is only due to a suppricing amount of supporters..

Brian Tsuchiya:@eco they got slammed with interest and just getting the underlying structure to engage going, high quaity problem to have :-)

Kevin Berg Grell:Your welcome EcoE :)

Vincent Molinari:@darin I am curious as to what you tried.  no response.  As the official launch of CfPA is today, I believe you will have a much better go o

Carl Esposti:@Eco - the CfPA web site is now live - you can register your interest via CfPA.org orhttp://www.crowdsourcing.org/cfira

Dawn Turner:good morning

Vincent Molinari:thanks Carl

Rhonda Love:Good Morning everyone, I'm Rhonda Love, entrepren­eur, marketing executive/producer in the entertainment industry.

Carl Esposti:Berkeley has just joind us

EcoEinstein:I'm working with some people to create a Network of Niche / Special Interest Platforms. I'd like to discuss later today

Vincent Molinari:Hi Berkeley

Ruth  E. Hedges:Hi Carl

Carl Esposti:Hi Ruth - Berkeley will be with us in a matter of seconds :) - he has logged in

EcoEinstein:Hi Ruth :-)

Darin Gordon:is there a link to the financial supporters and board of CFIRA?

Ruth  E. Hedges:Hi Peter. Please sign up on http://crowdfundingprofessional.org/join/general-membership/

Sara Hanks:does CFIRA have/need financial support?

Kevin Williams:has joined the conversation

EcoEinstein:Thanx, Ruth

Carl Esposti:This is the link to the registration form on CFIRA http://www.cfira.org/?page_id=22

Vincent Molinari:The board will be posted as the update on the web.  There in no membership fee and no current model for sponsorship for CFIRA

Vincent Molinari:CFRIA will look to CfPA for financial assitancer and others to support education and rulemaking interaction

Brian Tsuchiya:@Sara they have not yet made that decision

Berkeley Geddes:Just joined the chat... great to be here....

Vincent Molinari:great to have you

Kevin Berg Grell:Hi Berkeley,

Carl Esposti:Hi Berkeley - good that you joined

Carl Esposti:Can you please let us know about todays announcement - everyone is keen to hear

Kevin Berg Grell:Would you like to give a formal introduction to CfPA?

Berkeley Geddes:The Crowdfunding Professional Association press release just went out... the efforts of alot of people made this possible...

Berkeley Geddes:Check out CfPA at www.crowdfundingprofessional.org ... a shorter URL would be www.MYcfpa.org

Sara Hanks:link to press rel?

Ruth  E. Hedges:Please put the link to the press release here.

Berkeley Geddes:@Carl, Yes CfPA is an association created by many leaders in crowdfunding... it literally is the crowd, coming together is support of CF

Darin Gordon:thanks for taking leadership in putting together a professional association on this.. I just registered and would be glad to help

Berkeley Geddes:We will have the press release posted on the CfPA web site momentarily... the final release was just approved...

Carl Esposti:@berkeley - what is are the next steps for CfPA now CfPA is launched?

Brian Tsuchiya:@Berkeley what are the main points for CfPA

Berkeley Geddes:@Darin - wonderful... glad to have you on board, it is extremely important to the crowd to come together on this one!

EcoEinstein:Will there be committees for people with special interests / talents?

Darin Gordon:what is the difference between the CfPA and CFIRA

Ruth  E. Hedges:Yes task forces

Berkeley Geddes:@Carl, we need volunteers, lots of people who would like to champion the advancement of CF to join the association

Brian Tsuchiya:@Eco yes we have 15 committee leaders each building subcommittees to get things done

Darin Gordon:how does the CfPA plan to govern itself?  what are its objectives?

Berkeley Geddes:@Darin, CfPA in this next year will be taking action to get a CF professional association formed...

Brian Tsuchiya:here is a list and contact information, bios up soon http://crowdfundingprofessional.org/leadership/

EcoEinstein:@Brian. Is there info on the task forces/committees?

Darin Gordon:@brian 404

Berkeley Geddes:@Darin, while CfIRA is a group that is addressing the immediate need to assist the SEC in setting CF rules and regs.

Ruth  E. Hedges:Darin we have jsut built a great website with lots of information to help answer your question on our objectives

Dawn Turner:Hi Berkeley, Quick question is CFIRA a global or national assoc?

Ruth  E. Hedges:http://crowdfundingprofessional.org/statement-of-intent/

Rhonda Love:@Berkeley, sound great. I'm on board to help with whatever is needed.

Sara Hanks:@ruth 404 again!

Charles Davidson:same here @Berkley

EcoEinstein:Count me in.

screaser:The 404 errors appear to be something about this chat widget

screaser:Try just going to crowdfundingprofessional.org and clicking on 'Statement of Intent'

Ruth  E. Hedges:CFPA is a global organization

Brian Tsuchiya:use www. does not sure in my URL for sime reason

Berkeley Geddes:@Rhonda - great to have you on board, when the chat if over, please download the Press release and sent to Friend...

Kevin Berg Grell:@Berkely and Brian: Why is CfPA global?

Rhonda Love:Awesome...consider it done!

Alejandro Cremades:Hi Guys, sorry I am late. Alejandro Cremades, CEO of Rock The Post

Sara Hanks:how do governance cttee and exec cttee differ?

Brian Tsuchiya:CfPA is global because entrepreneurship is global, although based in US now, we expect to help other countries add equity based CF

Carl Esposti:@Brian - but CfPA is not just about equity based crowdfunding

Brian Tsuchiya:Also crowdfunding is not merely equities or debt it is donation and reward based with over 400 existing sites

Ruth  E. Hedges:Welcome Alejandro

Berkeley Geddes:@Kevin CfPA is global because the very nature of CF, since it is an Internet play is Globa, while nations will set individual rules ...

Vincent Molinari:Hi Alejandro

Berkeley Geddes:@Kevin, CF funding will exist accross boards and link good people to good ideas around the world...

iLona Major:What audiences will CfPa focus on?

Berkeley Geddes:@Kevin, the CF platform by its very Internet foundation is a global platform in support of entrepreneurs and crowd investors..

Brian Tsuchiya:@Kevin we are global because other countries like the UK, Ireland and others in EU have been doing crowdfunding before US on securities

Carl Esposti:@Berkeley - so what should other groups do from other countries - we have seen efforts in Europe to set-up a TA

Harel Omer:does it thing is legal in europe?

Brian Tsuchiya:@ILona entrepreneurs seeking funding, investors wishing to invest, platforms, service providers

Berkeley Geddes:A-lot of our efforts will be based in the US this year, in behalf of the global community we need to help America get right...

Brian Tsuchiya:@ILona also finance professionals, current professional investors like VC and Angel groups

EcoEinstein:I'm not crazy about the way current equity-based platforms provide info on companies.

Carl Esposti:@Berkeley - shall we step through the aims of CfPA

Brian Tsuchiya:@ILona also we feel it is important to include regulators and governments

Berkeley Geddes:@Ilona, CfPA has three main audiences, Entrepreneurs, Crowdfunding platforms and Crowd Investors, all have a stake in this vital initiative.

Carl Esposti:What are the core principles of CfPA and what objectives are they designed to achieve?

Sara Hanks:@Berkeley: also service providers?

Carl Esposti:"#1: •Establish the highest ethical industry standards to ensure the successful expansion of the crowdfunding industry"

Brian Tsuchiya:@Carl objectives are to ensure a safe and efficient marketplace that the JOBS Act enables

Berkeley Geddes:@Carl, Yes, CfPA's main mission and goal is to help ensure a vibrant, thriving, credible, energetic industry continues to develope.

Carl Esposti:@Berkeley - what standards will be set - what areas will they address?

Carl Esposti:and @Brian

Brian Tsuchiya:@Carl we also plan to engage the crowds to help build CfPA, no one group individual is in charge of everything

Berkeley Geddes:@Carl, on the CfPA we have posted our statement of intent, within that document more details are provided.

EcoEinstein:How do we ensure than small, niche platforms can survive against large, general interest sites?

Berkeley Geddes:@Carl, we need everyone who beleives in CF and the mission of CfPA to read and sign the statement of intent...

Brian Tsuchiya:Berkeley and the committee stepped up to enable CfPA to exist, the final governance will be set by Bylaws and a formal BoD one day

Berkeley Geddes:@EcoEinstein, one of the best ways to help this important group is to give them equal, timely access to information, so their Business...

Brian Tsuchiya:@Eco the marketplace will detemine who thrives and who fails, it is important anyone who is building a niche site to get involved with CfPA

Carl Esposti:@Eco - CfPA's role will be to ensure that crowdfunding works as an industry - individual platforms will be responsible for their own success

Brian Tsuchiya:to make the connections to learn what is getting created

Berkeley Geddes:@ecoEinstein,... business models can adjust and adapt... we need to help ensure a 'fair' playing field for all CF platforms...

Carl Esposti:CfPA will be able to offer advice, education and it will provide many membership benefits that will help all those involved in CF

EcoEinstein:That brings me to my idea for creating a Network of niche sites to allow them to better compete.

Kevin Berg Grell:Will CfPA represent service providers as well?

Berkeley Geddes:@Kevin, yes, the CfPA has a very significant roll regarding Service providers and advancing their critical part of CF

Alejandro Cremades:@Carl good work and congratulations to you and your team on putting the CfPA together

Brian Tsuchiya:CfPA working closely with CFIRA also will help members get the lastest information on the regulatory process

Carl Esposti:@Eco - platforms will be able to network with their peers - understanding the market as a whole will help them direct their strategy

Alejandro Cremades:This type of initiatives will help to bring additional credibility and trust to the crowdfunding community

Brian Tsuchiya:@Alejandro yes, we have THE industry leaders involved with CfPA for that reason, credibility

Carl Esposti:@Alejandro - thanks - as Berkeley said - CF is a global phenomenon - through Crowdsourcing.org we reach a global audience

Alejandro Cremades:Having users educated is in my opinion one of the most important ingredients

Berkeley Geddes:Crowdfunding at its heart is about linking good people with good ideas to funding... this basic activity is critical to econimic grow

iLona Major:Any suggestions on how to get our network of peers to sign up with CfPA?

Charles Davidson:@Eco I would like to carry on a conversation with you post-forum. please email me at cdavidson@incserv.com so we can set up a time

Brian Tsuchiya:The people who initiated it, helped define it and legislate it, now this group will help with the regulation of it

EcoEinstein:Thanks, Charles

Berkeley Geddes:@Alej, Yes, education is vital... we need more people around the world to understand how critical the CF industry is to everyones future...

Brian Tsuchiya:Does everyone know how to join CfPA?

Carl Esposti:when we initially designed CAPS four months ago it was designed as a global program - we are providing resources and support globallybal

Leo T:I noticed that some of the functions of CFIRA/CfPA are handled in traditional finance by FINRA, a securities watchdog.

Leo T:Do you plan any collaboration/coordination with FINRA?

Eric Mack:here's a question - What are the key services that the CfPA will provide for CF platforms?

Leo T:Do you plan any collaboration/coordination with FINRA?

Alejandro Cremades:@Berkeley and @Carl, lets connect after the chat alejandro@rockthepost.com

Eric Mack:here's a question - What are the key services that the CfPA will provide for CF platforms?

Rhonda Love:@Brian...yes, thank you.

Brian Tsuchiya:@Leo Vince what this one?

Eric Mack:here's a question - What are the key services that the CfPA will provide for CF platforms?

Carl Esposti:@Brian - we mentioned there was an expression of interest form on CFIRA.org and here http://www.crowdsourcing.org/cfira

Vincent Molinari:Yes we are in talks w Finra on a weekly basis

Berkeley Geddes:@Loe, YEs, CfPA throught CfIRA is aleady at the FINRA table..

Vincent Molinari:@ Leo we are also speaking to NFA as well

Brian Tsuchiya:@Eric CfPA will help with programs like CAPS- best practices

Vincent Molinari:@ Leo of course the SEC as well

Brian Tsuchiya:@Eric we will also help understand the regulatory process

Leo T:OK, I think it make sense ... we will need to coordinate with traditional finance as we matures as industry

Berkeley Geddes:@Mark, great question, first support to help ensure that the industry is not stiffled by onerous regulations...

Carl Esposti:@Eric - CfPA will focus on a number of areas; standards with programs such as CAPS

Berkeley Geddes:@Mark, Second, access to information to help ensure Business models and approached to CF are credible and aligned with regs..

Carl Esposti:@Eric: broad crowdfunding training and certification programs to solidify the implementation of necessary ethical standards and practices

Leo T:IS SEC moving on the regulations for crowdfunding ... they are surprisingly quiet. Any insight on whats coming up from them?

Berkeley Geddes:@Mark, Third, a place where CF Platforms can advance issues and concerns that deal with the industry at large and potential soliutions

Alejandro Cremades:Good point @Leo. Where are we standing with the CfIRA. Any news from the SEC or FINRA?

Kevin Williams:@Berkeley, that's to me is the most important point, not to be stifled by regulations

Vincent Molinari:SEc is very engaged in understanding CF generally

Brian Tsuchiya:You can join CfPA as a member free this year, you can financial support CfPA and get your name and brand on the founding board of sponsors

Vincent Molinari:They are in the early stage of rulemaking

Berkeley Geddes:@Mark, individually we certainly have a voice... however, for the current CF threats to be overcome, it is critical that our voice be united

Vincent Molinari:the rullemaking really starts @ the SRO level then passed up to SEC

David Drake:I'm sure we will have interesting updates from Candace at the CFira meeting Thursday in SF.

Brian Tsuchiya:you can join one of the sub teams lead by the current Executive Committee, does everyone understand how to engage?

Rhonda Love:@ Carl, approximately when will the ­crowdfund­ing training and ­certifica­tion programs begin?

Vincent Molinari:The question is will the SRO be Finra

Berkeley Geddes:@Mark, CfPA's main befit is that united voice in support of continued grow and development of the industry.

David Drake:We just sent a list of signed Mission of Intent members to FINRA last week after a prelim meeting we have had.

EcoEinstein:What about standards for equity platforms? I notice that CrowdCube in the UK doesn't mention share price

Alejandro Cremades:Thanks, @David. Looking forward to hearing the updates

Berkeley Geddes:It is important, when you join CfPA, to volunteer to be part of the organization and be willing to serve on several committes

Carl Esposti:@Rhonda - we are forming a sub-group to begin working on an education program - the first event is being held in UT soon

Berkeley Geddes:Educatio and certification will certainly be one of those commitees...

Carl Esposti:@Rhonda - The conference is scheduled for May 31st and June 1st www.crowdfundingmadesimple.com

Rhonda Love:@Carl, awesome...thanks Carl!

Berkeley Geddes:Regarding education, we are announcing tomorrow a series of CF education seminars that will be held in several cities through 2012.

Carl Esposti:@Rhonda - are you interested in participating in the development of education or benefiting from education/training

thenextstreet:I hope to see many of you in SF this week.

thenextstreet:For those who can't make it to SF, you can be there virtually at crowdfundingconference dot net

Charles Davidson:@Berkeley If DC or Philadelphia make your list, I will be happy to volunteer to help out.

David Drake:DC certainly will.  There is strong demand in DC.

Brian Tsuchiya:We will also have an event in CO soon working to get Senators Bennet and Merkley to speak- date to be decided

Berkeley Geddes:@Charles, great.. yes we have Philly - my home state/city and DC on the list. Would love your assistance...

Rhonda Love:@Carl - I would love to participa­te in the ­developme­nt of education/training.

Carl Esposti:@David - are you still in Europe - what is your read on the interest in CF in Europe and their reaction to the passing of JOBS?

Kevin Berg Grell:@Rhonda: Could you send me an e-mail: kevin@crowdsourcing.org after this chat.

Ruth  E. Hedges:@Rhonda , I'd like to discuss this with you on a call.

Charles Davidson:@Berkeley I joined cfpa you can reach me there

David Drake:I'm back last night from Stockholm

Berkeley Geddes:@Rhonda, we would love to have you assist in our education efforts...

EcoEinstein:What about a cfPA marketing campaign to promote equity crowdfunding once its legal?

David Drake:Europe has local legislation thwarting cf for equity currently and we were

Brian Tsuchiya:@David welcome back

David Drake:surprised on the lack of awareness on cf for donations

Berkeley Geddes:@Charles... thanks - welcome to CfPA great you have you part of the team and look forward to working with you...

David Drake:Thanks Brian, besides Holland and UK, little growth has been done in CF - I brought the european crowdfunding association

David Drake:to CfPA and they are eager to sign on with 550 members throughout Europe.

Brian Tsuchiya:@Eco CfPA is working to engage lots of Platinum sponsors to have a significant budget for such items

Rhonda Love:@Kevin...will do.

EcoEinstein:@Berkeley I'll be joining cjPA, too. Right after this

Vincent Molinari:sorry we have to jump

Berkeley Geddes:Dave, your efforts this past month in Europe regarding CF were noting short of amazing...

Brian Tsuchiya:See you Vince, SF?

David Drake:The local antiquated laws of each country has thwarted much movement so I have been asked to join the EU commission in Brussels on this

iLona Major:Well done thank you David

Carl Esposti:ALL: look out for announcements tomorrow regarding the release of our Crowdsourcing Industry Research Report on the global market

Alejandro Cremades:In Spain there has been a lot of growth within the crowdfunding industry

Berkeley Geddes:@Eco, wonderful... welcome to CfPA, looking forward to working with you in support of CF...

EcoEinstein:@Brian  Cool! I can help with that. I'm an award-winning ad copywriter/creative director

Carl Esposti:I meant Crowdfunding Report....

Brian Tsuchiya:Spread the word, we will continue to meet for a chat Mondays at this time for awhile

Carl Esposti:@David - the market for Donation-based crowdfunding in Europe is sized against other markets

Kevin Berg Grell:Nice chatiing everyone. Have a great day!

EcoEinstein:Can we all give our contact info b4 we go?

Brian Tsuchiya:@Eco well sounds like you have a role to play on CfPA team soon

Berkeley Geddes:@Carl, Regarding the report... can't wait to see what you and your team have developed... this type of research is vital

Kevin Berg Grell:kevin@crowdsourcing.org

Charles Davidson:Charles Davidson, VP Marketing, Incorporating Services, Ltd. cdavidson@incserv.com

Carl Esposti:thanks for attending today - we look forward to continuing the discussion and making new announcements

EcoEinstein:EcoEinstein @ Gmail .com

Berkeley Geddes:Thanks to all... we look forward to working with you at CfPA!!!!

Brian Tsuchiya:Brian@vim.biz 303-408-3671 nice chatting see many of you at TSL event in SF Wed

Rhonda Love:@Ruth...great. Would love to talk with you. My mail address is rhonda@rhondalove.com. We can arrange a time to talk. Looking forward!

Ruth  E. Hedges:Me too

Alejandro Cremades:alejandro@rockthepost.com http://www.rockthepost.com/contact-us

thenextstreet:dara albright 770-880-0801 dsa@nowstreetmedia.com

Berkeley Geddes:MYcgpa.org... join today! and working together lets protect our future!

Brian Tsuchiya:@Carl and Kevin where are previous chats saved?

Berkeley Geddes:That was MYcfpa.org....

Ruth  E. Hedges:See many of you in SF or contact me at info@fundingroadmap.com

Rhonda Love:@Berkeley...thanks. It would be an honor. Glad to be apart.

Ruth  E. Hedges:TWEET and RT please

Kevin Berg Grell:@Brian: You can find chat transcripts under the Editorial section. This chat's transcript will be available shortly.

Brian Tsuchiya:Thank you guys for hosting this

Berkeley Geddes:Thanks Carl... and all that you continue to do fo CF...

Eric Mack:eric.mack@crowdsourcing.org - transcript will be up later this week

David Drake:Carl, Berkeley - great work on setting this up and taking leadership roles

Rhonda Love:@Everyone, Rhonda@rhondalove.com/562.310.4944. Thanks for all you do.