众筹投资5大军规

    投资初创企业要取得成功，光有现金还不够。这是风险投资家和证券监管机构希望向有意参与股权众筹的人士传递的信息。股权众筹是一种新的投资形式，尚有待监管部门批准。普通投资者很快将有机会投资于早期初创企业，从而获得这些公司的股票。目前，只有一小部分满足一定收入和财富标准的投资者才能投资于初创企业，获得这些公司的股权。

    这个变化源自美国总统奥巴马于去年四月签署的《创业企业扶助法案》（Jumpstart Our Business Startups Act）。这个法案的目标之一就是帮助早期初创企业获取资本。Kickstarter等大受欢迎的众筹网站目前允许待孵企业通过一个捐赠体系筹集资金。毫无疑问，目前已经有多达数百万美元的募集起来，用于开发小工具、电影、艺术项目甚至是小型企业。但投资者的回报只有小礼物、未来可享受的折扣或特殊待遇—— 并不能获得公司股份。这项新法案可能提高这个类型的筹款过程对投资者的吸引力，因为作为投资的回报，他们将获得相关公司的部分所有权。

    这个基于股权的新体系前所未见。证券监管官员和风险资本家都毫不掩饰忧虑之情。他们最担心的是可能出现欺诈活动或非法众筹平台。“我每天都在跟骗子和小偷打交道。如果你认为他们不会利用众筹诈骗投资者，那你真是疯了，”阿肯色州证券专员、北美证券管理者协会（NASAA）会长希思•阿巴舒尔表示。美国国会已要求美国证券交易委员会（SEC）负责完善这个法案，但之前由奥巴马总统设定截止日期已经过去。这个日期是今年一月。美国证交会究竟要到什么时候才能提出相应规则，目前尚不清楚，不过大多数观察者认为可能在今年年内。

    与此同时，潜在的众筹平台已经迫不及待。加拿大新不伦瑞克省证券委员会执法主任杰克•范•德•朗表示，北美证券管理者协会检查发现，有9,400余网站域名包含“众筹”一词，数量几乎是2011年的10倍。大量众筹网站似乎已准备就绪，不过在企业家和一群菜鸟投资者之间，只有一个证交会。有意试水股本众筹的投资者应该牢记以下几点：

    1.尽量去了解企业家。曾参与过Facebook、Twitter和移动支付技术公司Square早期投资的谷歌投资（Google Ventures）普通合伙人凯文•罗斯表示，如果想投资一家公司，首先要做的是去了解它的管理者或管理层。“没有与这些企业家面谈前，我绝对不会投资一分钱。而光靠网上交流的话很难做到这一点，所以一定要小心谨慎。”一旦股本众筹方案获得批准，企业家们究竟需要披露多少公司信息？目前仍是未知数。不过这并不意味着投资者们无法做一番深入挖掘。安德森•霍罗维茨基金（Andreessen Horowitz）合伙人罗尼•康韦（知名投资家罗恩•康韦之子）表示，不要害怕联系他们。大家可以通过社交媒体，甚至还能要求做视频面试。了解一名企业家的商业背景、教育和行业经验能帮助投资者将风险降到最低。康韦说：“投资你认为能够做一番大事业的企业家。投资企业的实质是在投资人！”

    Investing successfully in startups takes more than a pocketful of cash. That's the message venture capitalists and securities regulators hope to transmit to those interested in equity-based crowdfunding, a new form of investing currently awaiting regulatory approval. Ordinary investors will soon have the opportunity to invest in early-stage startups in exchange for company stock. Today, only a small percentage of investors, those who meet certain income and wealth requirements, are effectively able to invest in startups in exchange for equity.

    The change is part of the JOBS Act -- a.k.a. the Jumpstart Our Business Startups Act -- a law signed by President Obama last April. One of its aims is to increase early stage startups' access to capital. Crowdfunding sites like the wildly popular Kickstarter currently permit prospective ventures to raise funds through what is essentially a donation system. No doubt, millions have been raised to fund the development of gadgets, movies, art projects, even small businesses. But in exchange for their donations, supporters receive small gifts, future discounts, or perks -- not a stake in the company. The new law could make this type of fundraising process more appealing to investors because they will receive partial ownership in exchange for their investment.

    The new equity-based system is unprecedented. Both securities officials and venture capitalists aren't shy about expressing concern. The potential for fraudulent campaigns or illegitimate crowdfunding platforms tops the list. "I spend my days dealing with the crooks and the thieves," says Heath Abshure, the Arkansas securities commissioner and president of the North American Securities Administrators Association (NASAA). "If you think they're not going to use crowdfunding to fleece investors, you're crazy." Congress has charged the Securities and Exchange Commission with the responsibility of coming up with the law's logistics, but a January deadline set by President Obama has already come and gone. When exactly the SEC will finally offer proposed rules remains unclear, though most observers believe it is likely to be this year.

    In the meantime, potential crowdfunding platforms are champing at the bit. A review by NASAA found more than 9,400 web domains, nearly 10 times as many as 2011, contain the term "crowdfund," says Jake van der Laan, director of enforcement for the New Brunswick Securities Commission. With no shortage of crowdfunding websites seemingly waiting in the wings, only the SEC stands between entrepreneurs and a fresh group of investors. For those interested in testing the equity crowdfunding waters, here are a few things to keep in mind:

    1. Get to know the entrepreneur.Understanding the individual or team of entrepreneurs behind a company you may invest in is essential, says Kevin Rose, a general partner at Google Ventures (GOOG) who invested early in Facebook (FB), Twitter, and Square. "I absolutely won't invest in something unless I have sat down with the entrepreneur," he says. "That's obviously extremely difficult to do online, so if anything I'd just be cautious." It is still unclear how much information entrepreneurs will be required to share alongside campaigns once equity crowdfunding becomes an option, but that doesn't mean investors can't do some digging. Don't be afraid to make contact over social media or even request a video interview, says Ronny Conway, a partner at Andreessen Horowitz (and son of famed investor Ron Conway). Knowing an entrepreneur's business background, education and industry experience can help investors minimize the gamble. "Invest because you're backing an entrepreneur that you think can do great things," says Conway. "It's all about investing in the people."