Startup Law
Equity structures, term sheets, founder agreements, and early-stage legal issues.
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Why Equity Crowdfunding Hasn't Democratized Startups
The JOBS Act promised to democratize startups. Instead, capital consolidated in Unicorns. The problem is illiquidity.
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Why Big Companies Secretly Love Regulation
Regulatory compliance costs function like economies of scale in reverse. Red tape is a competitive moat for incumbents.
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The $5.7 Million Barrier to Going Public
The cumulative cost of securities regulations prices out smaller companies while barely denting the budgets of large ones.
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The Gender Gap in Crowdfunding
Female-led crowdfunding campaigns raise less — and the gap widens as the target amount increases.
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Bridgefunding: Fixing the Series A Gap
The JOBS Act aimed crowdfunding at the wrong market segment. Inverting the limits would bridge the real gap.
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Equity Crowdfunding After the JOBS Act: Lessons Learned
More than a decade after the JOBS Act, equity crowdfunding has found a niche but not yet fulfilled its original promise of democratizing startup investment.
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The General Solicitation Ban Is Obsolete
A 1982 rule designed for newspaper ads now governs whether a Facebook post is a securities violation. The ban should be abolished.