Google announced yesterday that Chicago and Los Angeles could be two of the next cities to receive their 1 Gbit/s Internet service. The announcement comes just one day after AT&T stated they are introducing their own gigabit-speed service, GigaPower, to the L.A. metro area. While the announcement doesn’t mean the two cities will actually get Fiber, Google will start working with local governments to see if it’s wanted and will help facilitate.
Nearly four months Colorado’s intrastate crowdfunding laws went into effect, the state now has its own equity crowdfunding platform exclusively for its residents. The platform, called Invest Local, was launched earlier this week and allows nearly all residents to invest up to $5,000 in private businesses within the state. Businesses can raise up to $1 million with the potential to increase that to $2 million if they submit audited financial statements.
While a good portion of us here in the states spent last week in a collective food coma, Australian zoologist, Adam Britton, launched a crowdfunding campaign to continue research on one of Paul Hogan’s lesser-known adversaries – the pygmy crocodile.
Pygmy crocs, as their name implies, are the smaller cousins to Australia’s freshwater crocodiles, growing no longer than five feet in length. They were first discovered back in the mid-80’s and have only been found in two locations, Liverpool River in Arnhem Land and Bullo River near the Western Australian border. Over the past few years, Britton and his partner have recorded a 70 percent drop in the pygmy population due to their appetite for cane toads.
After 3 ½ years of sitting in rulemaking purgatory, the SEC is finally voting on the rules for Title III crowdfunding (or retail crowdfunding, investment crowdfunding, equity crowdfunding… it has several names at this point). That’s… great news for the bourgeoning industry that’s been waiting on these rules for so long, but we still have no idea exactly how this whole thing is going to pan out.
Things aren’t looking great for Harley Davidson. The Milwaukee-based fabricator of the iconic bikes just announced it will cut hundreds of jobs by the end of the year. According to company spokesman, Tony Macrito:
“An early retirement incentive program will be offered to eligible employees in advance of what we believe will be a global reduction of around 250 salaried positions across the company, largely completed by the end of the year. Adjustments in positions and structure will be made in essentially every part of the business to achieve the right focus and support the increased demand-generating investments.”
Three years after Obama signed the JOBS Act and the regulation so many people consider to be “the game changer” – the one that will “democratize capitalism” by letting the average Joe invest in private companies – has yet to see the light of day.
Title III of the JOBS Act – colloquially known as crowdfunding – came to the floor with 585 pages of proposed rules in October 2013 leaving most insiders demanding a score of revisions. So far, nothing’s happened and no one outside the Commission knows what the regulation will look like.
Today, FINRA proposed a rule change that could have the greatest impact on private markets in over 80 years. Known as the Funding Portal Rules, they would allow crowdfunding portals to take an active role in the sub $1 million non-accredited investor market currently untapped. These rules – when launched – would work in tandem with the as-of-yet enacted Title III JOBS Act rules to allow unaccredited investors to invest freely in private companies. The proposed changes can be read in their entirety here.
If you’re new to EquityNet, or just not familiar with our popularity ranking, it’s essentially a five star rating system that’s designed to act as a gauge of investor interest in the businesses listed on the site. Since we launched it a few months ago, we’ve responded to a number of calls, emails, and even a few letters from entrepreneurs who want to know how it works, and what they can do to make theirs better. Today, we’re going to go over three of the most common questions those entrepreneurs have asked and explain exactly how it works.
In a first for donation-based crowdfunding, the creator of a Kickstarter campaign has been ordered by a state court to pay civil penalties, restitution, and court costs for failing to deliver products to his contributors. Edward J. Polchlopek, aka Ed Nash, and his company, Altius Management, have been ordered to pay a total of $54,851.29 for failure to deliver decks of ‘retro-horror themed’ playing cards.