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Crowdfunding — Let The Giver Beware

Jun 27, 2013
by Caroline Miller
"Crowdfunding Tries to Grow Up", Crowdfunding, Kurt Wagner, Michal Lev-Ram, mini-venture capitalism
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Not long ago, a playwright looking for capitol to produce his play invited Facebook friends to a site where they could safely contribute. Until that moment, I was unaware such sites existed. Apparently they do, places where someone can make a modest donation to a dream. The process is called Crowdfunding. (“Crowdfunding Tries to Grow Up,” by Michal Lev-Ram and Kurt Wagner, Fortune, May 20, 2013. pg. 40)

 I know something about raising money for the performing arts. For two years, I volunteered with a start-up ballet company to do just that. Though contributions were tax deductible, I don’t recall being overwhelmed by them. That’s why I found it hard to understand how, with no incentive, Crowdfunding would work. I almost became teary-eyed when I discovered that there were many who would give and their numbers grew in the vastness of the internet.

 Given the success of Crowdfunding, a new idea has been promulgated. As I write, the Security and Exchange Commission (SEC) is considering rule changes to allow these gifts to become investments, making the givers mini-venture capitalists. It’s a little bit like playing the penny stocks. With a few dollars, the possibility exists for a financial return, even a big one, depending on the project. But just like penny stocks, the opportunity for gains also poses a risk. I’m not teary-eyed enough to believe that spoilers aren’t already rubbing their hands together as they follow the flow of potential new money.

 My guess is that the Securities and Exchange Commission will give the green light to min-venture capitalism. Not to do so might seem un-American. But when cash follows a dream, there will also be nightmares. Let the giver beware.

shady salesman

 

 

 

 

(Courtesy of ohioleonlaw.blogsport.com)

 

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Contact Caroline at

carolinemiller11@yahoo.com

Portland, Oregon author Caroline Miller had distinguished careers as an educator, union president, elected official and artist/advocate.

Her play, Woman on the Scarlet Beast, was performed at the Post5 Theatre, Portland, OR, January/February 2015

Caroline published a serialized novelette, Marie Eau-Claire, on the website, The Colored Lens.  She also published the story Gustav Pavel,  a parable about ordinary lives, choice and alternate potential, on the website Fixional.co.

Caroline has published five novels

  • Getting Lost To Find Home
  • Ballet Noir
  • Trompe l’Oeil
  • Gothic Spring
  • Heart Land

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