We're from the government, and we're here to help...
Jeff
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The site A VC is reporting that a banking bill proposed by Senator Dodd is going to make it even *more* difficult for a startup to raise capital. How so? By regulating who can invest in a startup.
Yes, that's right. Already some fairly absurd limitations are put on who can invest in a startup, via what's the Accredited Investor provision. I've not hit on it at McStartup in the past (that I can remember), but the idea is that only individuals with a certain income or net worth can invest in startup companies.
This, I assume, is the government is trying to prevent you from harming yourself. The logic is that if you mortgage your home on something as risky as a startup, you could ruin your financial future, and that is something they feel is unacceptable. You should instead by lottery tickets and play slot machines. Startup investing is way too risky.
If you want to turn $10k into $1 million, like Dell's original investors did, that's too bad for you, unless you're already a millionaire to begin with.
That's how it is today. Under the proposed *new* rules, even millionaires can't invest in a startup. You will need to have a net worth of over $2.3M in order to make that investment.
How insane is this? If you had $1M in the bank, and your made a $10,000 investment that went bad, does that ruin your financial future? Are you left in the streets? A burden to society? I think not.
Sometimes a great startup can grow from a $5,000 check a budding entrepreneur gets from his uncle. If that Uncle didn't write that check from an account holding $2,395,000 more dollars, then, under this proposal, that $5,000 investment violates US Securities law.
Clearly (here comes the sarcasm), an uncle with only $2.2M in his account is an untrustworthy, financial lunatic, prone to squandering his money. We, as a society, can not possibly let them invest $5,000 in a nephew's business plan, can we?
That, at least is the view of Senator Dodd. Perhaps you agree, and feel that only very wealthy people have any right to invest money in startup companies.
On the other hand, maybe you think other people are quite capable of making their own decisions on how to invest their own money. Maybe you even think someone who isn't wealthy could logically conclude their nephew is a better investment than lottery tickets.
If so, I suggest you contact your senators, and tell them to strip this kind of lunacy out of the proposed legislation.
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Reader Comments (76)
Jeff, I'm glad to see you using your blog to talk about this. From what my friends who've worked in congressional offices tell me, it's a complete waste of time to call Senators/Representatives. Unless you're a big donor, they don't even bother to tally your call.
I hate to be negative and not offer a solution - so I guess what I'm saying is if anyone reading this has "above average" pull with some congressmen, please use it to influence this ridiculous legislation.
as if raising capital wasn't hard enough
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