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Grow VC Group ++
                                      www.growvcgroup.com ++
                                             @growvcgroup ++




Transatlantic SME Finance
White House Conference Center, Washington DC
December 3, 2012 / Jouko Ahvenainen



                                            Copyrights © Grow VC Group 2012
Develop SME Finance ++




                         Copyrights © Grow VC Group 2012
Summary of the JOBS Act ++



§    The	
  Purpose:	
  The	
  JOBS	
  Act	
  is	
  intended	
  to	
  encourage	
  a	
  wide	
  range	
  of	
  companies	
  to	
  raise	
  
      capital	
  
§    The	
  JOBS	
  Act	
  includes	
  provisions	
  that:	
  
        1.  Increase	
  the	
  number	
  of	
  shareholders	
  a	
  company	
  with	
  assets	
  in	
  excess	
  of	
  $10	
  million	
  
            may	
  have	
  before	
  being	
  required	
  to	
  register	
  with	
  the	
  SEC	
  from	
  500	
  shareholders	
  of	
  
            record	
  to	
  500	
  “unaccredited"	
  shareholders	
  or	
  2,000	
  total	
  shareholders.	
  
        2.  Create	
  a	
  new	
  exempLon	
  whereby	
  a	
  company	
  may	
  raise	
  up	
  to	
  $1	
  million	
  during	
  any	
  
            12	
  month	
  period	
  by	
  selling	
  securiLes	
  through	
  “crowdfunding,”	
  (i.e.	
  raising	
  a	
  small	
  
            amount	
  of	
  money	
  from	
  a	
  large	
  number	
  of	
  unaccredited	
  investors	
  via	
  a	
  website	
  (or	
  a	
  
            “funding	
  portal”)).	
  
        3.  Create	
  a	
  new	
  category	
  of	
  issuer	
  called	
  an	
  “emerging	
  growth	
  company”	
  with	
  
            reduced	
  disclosure	
  requirements	
  and	
  greater	
  regulatory	
  flexibility	
  for	
  a	
  5	
  year	
  
            period	
  aRer	
  an	
  IPO/registraLon.	
  	
  	
  
        4.  LiR	
  the	
  current	
  ban	
  on	
  “general	
  solicitaLon”	
  and	
  “general	
  adverLsing”	
  in	
  specific	
  
            kinds	
  of	
  private	
  placements.	
  
        5.  Raise	
  the	
  limit	
  for	
  securiLes	
  offerings	
  exempted	
  under	
  RegulaLon	
  A	
  from	
  $5	
  million	
  
            to	
  $50	
  million.	
  



                                                                                                                     Copyrights © Grow VC Group 2012
Effec/ve	
  Dates	
  of	
  the	
  JOBS	
  Act	
  
Title	
  I	
  (CreaLon	
  of	
  EGCs;	
  “IPO	
  on	
  ramp”)	
      Largely	
  effecLve	
  on	
  enforcement	
  
                                                                     	
  
Title	
  II	
  (Amendments	
  to	
  General	
                        The	
  SEC	
  had	
  been	
  schedule	
  to	
  propose	
  
SolicitaLon/AdverLsing)	
                                            new	
  rules	
  by	
  4	
  July	
  but	
  did	
  not	
  do	
  so	
  unLl	
  
                                                                     29	
  August.	
  Final	
  rules	
  not	
  likely	
  before	
  end	
  
                                                                     of	
  1st	
  quarter	
  2013.	
  
Title	
  III	
  (Crowdfunding)	
                                     The	
  SEC	
  is	
  required	
  to	
  adopt	
  new	
  rules	
  by	
  
                                                                     31	
  December	
  but	
  most	
  expect	
  these	
  
                                                                     changes	
  to	
  be	
  implement	
  in	
  mid/late	
  2013	
  
Title	
  IV	
  (Increasing	
  Reg	
  A	
  offerings	
  to	
  up	
  to	
   Not	
  yet	
  effecLve,	
  date	
  unclear.	
  
$50	
  million)	
  
Title	
  V	
  (Increased	
  thresholds	
  for	
                      Largely	
  effecLve	
  on	
  enforcement.	
  
registraLon	
  with	
  SEC)	
  
Title	
  VI	
  (Increased	
  thresholds	
  for	
                     Largely	
  effecLve	
  on	
  enforcement.	
  
registraLon	
  with	
  SEC	
  for	
  banks)	
                        	
  



                                                                                                                  Copyrights © Grow VC Group 2012
New Solutions Are Needed ++

Funding type Problem                                      Solution candidate
Non High            Bank or credit card lending           Peer-to-peer lending models
Growth              doesn’t work properly                 and instruments
Companies
Seed                How to build the first product        Angels, crowdfunding, new p2p
                                                          lending models
Series A            VC’s pick only a few companies        Other funding models like
                                                          lending and crowdfunding for
                                                          non-VC cases
Series B to C       No many investors in this area        New market place models:
                                                          crowd-based funds, syndicate
                                                          market places and instruments
Exit of investors   The market is not liquid, i.e. very   Market places for different
before Exit         long-term investments, decrease       phases
                    investment willingness
IPO                 Big step                              Easier transition thru different
                                                          market places


                                                                             Copyrights © Grow VC Group 2012
Regulation ++

    For example, Grow VC Group, activities:

    ü    Crowdfunding Regulatory Intermediary Association (CFIRA)
    ü    Crowdfunding Professional Association (CFPA)
    ü    National Crowdfunding Association (NLCFA)
    ü    Cooperation governmental investors, e.g. Singapore Investment
          Company,
    ü    European Crowdfunding Network (ECN)
    ü    US Delegation in Transatlantic Economic Forum
    ü    Cooperation with Securities and Exchange Commission (SEC)
          and Financial Industry Regulatory Authority (FINRA)

    Conclusion

    ü    Important to find common solutions and guidelines in order to
          get the market work better and make it easier for investors
          and companies



6
                                                                    Copyrights © Grow VC Group 2012
Conclusions ++


•    Crowdfunding brings more money to SME, but also creates more
     effective and democratic funding markets from seed phase to IPO
      •    US JOBS Act is not only early phase (<$1M) seed funding regulation, but
           allows market private investments generally and make IPO easier
      •    Already now first market places for later phases and other asset class too
•    Open transparent market places offer more opportunities to
     entrepreneurs, but also make them immediately more market
     oriented
•    Crowdfunding is not only an isolated model, there are already now
     models how it works with angels and VC’s, and how e.g. VC’s can also
     utilize it to leverage their own investments and also raise capital to
     funds
•    Any market place need critical mass, similar regulation and policies
     help the market to work better
•    The market will be a combination of different phases, industries (e.g.
     IT or life science) and geographical areas market places that can also
     work together
7
                                                                     Copyrights © Grow VC Group 2012
About Grow VC Group ++




                         Copyrights © Grow VC Group 2012
Over 17,500 investors           Over 4,500 startups
            Users from 200 countries

       Almost $35 Million investment money
                10% monthly growth
    Dozens of investments, millions of money
          Over 400 3rd party crowdfunding
          network on the platform

     The most global market place for equity




                                               Copyrights © Grow VC Group 2012
Grow VC Group ++




Finance and Services   Infrastucture   Portfolio
                                       Samples:




                                            Copyrights © Grow VC Group 2012
Services and Solutions for all Crowdfunding Ecosystem Needs ++




               Turn key solution to start crowdfunding for any
               assets, equity or lending, www.crowdvalley.com

               Consulting and investment bank services for
               crowdfunding ecosystem, www.growadvisors.com

               Crowdfunding co-investment fund, works with many
               crowdfunding services, www.mutualseedfund.com

               The leading global market place to invest money
               or work into early phase startups, www.growvc.com

               UX & development services to create web and mobile
               applications that convey experiences www.changelab23.com


                                                         Copyrights © Grow VC Group 2012
Jouko Ahvenainen
     jouko@growvc.com
  +44 7889 833 165 (UK)
   +1 646 363 6664 (US)

     Grow VC Group ++
www.growvcgroup.com ++
       @growvcgroup ++

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GrowVC Transatlantic Economic Council 2012 12-03

  • 1. Grow VC Group ++ www.growvcgroup.com ++ @growvcgroup ++ Transatlantic SME Finance White House Conference Center, Washington DC December 3, 2012 / Jouko Ahvenainen Copyrights © Grow VC Group 2012
  • 2. Develop SME Finance ++ Copyrights © Grow VC Group 2012
  • 3. Summary of the JOBS Act ++ §  The  Purpose:  The  JOBS  Act  is  intended  to  encourage  a  wide  range  of  companies  to  raise   capital   §  The  JOBS  Act  includes  provisions  that:   1.  Increase  the  number  of  shareholders  a  company  with  assets  in  excess  of  $10  million   may  have  before  being  required  to  register  with  the  SEC  from  500  shareholders  of   record  to  500  “unaccredited"  shareholders  or  2,000  total  shareholders.   2.  Create  a  new  exempLon  whereby  a  company  may  raise  up  to  $1  million  during  any   12  month  period  by  selling  securiLes  through  “crowdfunding,”  (i.e.  raising  a  small   amount  of  money  from  a  large  number  of  unaccredited  investors  via  a  website  (or  a   “funding  portal”)).   3.  Create  a  new  category  of  issuer  called  an  “emerging  growth  company”  with   reduced  disclosure  requirements  and  greater  regulatory  flexibility  for  a  5  year   period  aRer  an  IPO/registraLon.       4.  LiR  the  current  ban  on  “general  solicitaLon”  and  “general  adverLsing”  in  specific   kinds  of  private  placements.   5.  Raise  the  limit  for  securiLes  offerings  exempted  under  RegulaLon  A  from  $5  million   to  $50  million.   Copyrights © Grow VC Group 2012
  • 4. Effec/ve  Dates  of  the  JOBS  Act   Title  I  (CreaLon  of  EGCs;  “IPO  on  ramp”)   Largely  effecLve  on  enforcement     Title  II  (Amendments  to  General   The  SEC  had  been  schedule  to  propose   SolicitaLon/AdverLsing)   new  rules  by  4  July  but  did  not  do  so  unLl   29  August.  Final  rules  not  likely  before  end   of  1st  quarter  2013.   Title  III  (Crowdfunding)   The  SEC  is  required  to  adopt  new  rules  by   31  December  but  most  expect  these   changes  to  be  implement  in  mid/late  2013   Title  IV  (Increasing  Reg  A  offerings  to  up  to   Not  yet  effecLve,  date  unclear.   $50  million)   Title  V  (Increased  thresholds  for   Largely  effecLve  on  enforcement.   registraLon  with  SEC)   Title  VI  (Increased  thresholds  for   Largely  effecLve  on  enforcement.   registraLon  with  SEC  for  banks)     Copyrights © Grow VC Group 2012
  • 5. New Solutions Are Needed ++ Funding type Problem Solution candidate Non High Bank or credit card lending Peer-to-peer lending models Growth doesn’t work properly and instruments Companies Seed How to build the first product Angels, crowdfunding, new p2p lending models Series A VC’s pick only a few companies Other funding models like lending and crowdfunding for non-VC cases Series B to C No many investors in this area New market place models: crowd-based funds, syndicate market places and instruments Exit of investors The market is not liquid, i.e. very Market places for different before Exit long-term investments, decrease phases investment willingness IPO Big step Easier transition thru different market places Copyrights © Grow VC Group 2012
  • 6. Regulation ++ For example, Grow VC Group, activities: ü  Crowdfunding Regulatory Intermediary Association (CFIRA) ü  Crowdfunding Professional Association (CFPA) ü  National Crowdfunding Association (NLCFA) ü  Cooperation governmental investors, e.g. Singapore Investment Company, ü  European Crowdfunding Network (ECN) ü  US Delegation in Transatlantic Economic Forum ü  Cooperation with Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) Conclusion ü  Important to find common solutions and guidelines in order to get the market work better and make it easier for investors and companies 6 Copyrights © Grow VC Group 2012
  • 7. Conclusions ++ •  Crowdfunding brings more money to SME, but also creates more effective and democratic funding markets from seed phase to IPO •  US JOBS Act is not only early phase (<$1M) seed funding regulation, but allows market private investments generally and make IPO easier •  Already now first market places for later phases and other asset class too •  Open transparent market places offer more opportunities to entrepreneurs, but also make them immediately more market oriented •  Crowdfunding is not only an isolated model, there are already now models how it works with angels and VC’s, and how e.g. VC’s can also utilize it to leverage their own investments and also raise capital to funds •  Any market place need critical mass, similar regulation and policies help the market to work better •  The market will be a combination of different phases, industries (e.g. IT or life science) and geographical areas market places that can also work together 7 Copyrights © Grow VC Group 2012
  • 8. About Grow VC Group ++ Copyrights © Grow VC Group 2012
  • 9. Over 17,500 investors Over 4,500 startups Users from 200 countries Almost $35 Million investment money 10% monthly growth Dozens of investments, millions of money Over 400 3rd party crowdfunding network on the platform The most global market place for equity Copyrights © Grow VC Group 2012
  • 10. Grow VC Group ++ Finance and Services Infrastucture Portfolio Samples: Copyrights © Grow VC Group 2012
  • 11. Services and Solutions for all Crowdfunding Ecosystem Needs ++ Turn key solution to start crowdfunding for any assets, equity or lending, www.crowdvalley.com Consulting and investment bank services for crowdfunding ecosystem, www.growadvisors.com Crowdfunding co-investment fund, works with many crowdfunding services, www.mutualseedfund.com The leading global market place to invest money or work into early phase startups, www.growvc.com UX & development services to create web and mobile applications that convey experiences www.changelab23.com Copyrights © Grow VC Group 2012
  • 12. Jouko Ahvenainen jouko@growvc.com +44 7889 833 165 (UK) +1 646 363 6664 (US) Grow VC Group ++ www.growvcgroup.com ++ @growvcgroup ++