Overview

Authored by a leading global expert in the field of investment crowdfunding, this timely book presents a comprehensive guide to a new online marketplace for entrepreneurial capital.Professor of Law and Fulbright Scholar Andrew A. Schwartz marries theory with a decade of on-the-ground research to give lawyers, students, scholars, and policymakers a one-stop shop for everything they need to know about investment crowdfunding, its regulation, and how to improve it. Readers in the general public will find Investment Crowdfunding an accessible and engaging introduction into what is poised to become a household phrase.This book analyses American law-in particular, the JOBS Act and Regulation Crowdfunding-and compares it to the legal regimes in the UK, Canada, the EU, Australia, and New Zealand. Schwartz's prescription is liberal in the classical sense: Policymakers should rely on private ordering and financial incentives, rather than law and regulation, to govern and police the market.

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9780197688526

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Reviews

Despite its success in jumpstarting projects ranging from video games to potato salad, crowdfunding by businesses seeking investment has been stifled by government regulation. Andrew Schwartz boldly challenges the conventional wisdom and argues for investment crowdfunding regulation that places more trust in private ordering. This is a book that not only provides a lively and accessible introduction to crowdfunding and securities regulation for the aspiring entrepreneur, but also offers important and provocative insights for attorneys, policymakers, and scholars. * James J. Park, author of The Valuation Treadmill: How Securities Fraud Threatens the Integrity of Public Companies * Some years ago I addressed the question 'Who can't raise capital.' After analysis of SEC Schedule D filings, I found capital formation depends on close connections between the issuer and investor (or an investment banker who provided the needed connectivity)...Andrew Schwartz provides an important qualifier to my finding; indeed, Investment Crowdfunding shows how crowdfunding can be the missing link to connecting worthy ventures with pools of money in the hands of experienced investors. The book's analysis of crowdfunding, especially the success witnessed in the United Kingdom and New Zealand, makes the case that a careful balancing of private ordering and light-hand regulation have proven the template for fulfilling the promise of crowdfunding and likely the road to more efficient capital formation. * James D. Cox, Brainerd Currie Professor of Law, Duke University * A leading expert on crowdfunding and also a gifted writer, Andrew Schwartz offers powerful insights about an important trend in the market in a clear and entertaining way. Anyone interested in business or law should read this book. * David M. Schizer, Dean Emeritus and Harvey R. Miller Professor of Law and Economics, Columbia Law School * As investors and entrepreneurs grapple with the complexities of capital-raising in the digital age, Professor Schwartz's sophisticated, comprehensive analysis of the JOBS Act and Regulation Crowdfunding is a must-read for counsel and lawmakers alike. Providing both a global roadmap on existing law and a compelling case for the regulatory path ahead, Professor Schwartz's pathbreaking book will soon find its place on every serious startup lawyer's bookshelf. * Robert J. Jackson, Jr., former SEC Commissioner and Pierrepont Family Professor of Law, NYU School of Law *

"Advanced praise for Investment Crowdfunding ""Despite its success in jumpstarting projects ranging from video games to potato salad, crowdfunding by businesses seeking investment has been stifled by government regulation. Andrew Schwartz boldly challenges the conventional wisdom and argues for investment crowdfunding regulation that places more trust in private ordering. This is a book that not only provides a lively and accessible introduction to crowdfunding and securities regulation for the aspiring entrepreneur, but also offers important and provocative insights for attorneys, policymakers, and scholars. * James J. Park, author of The Valuation Treadmill: How Securities Fraud Threatens the Integrity of Public Companies * Some years ago I addressed the question 'Who can't raise capital.' After analysis of SEC Schedule D filings, I found capital formation depends on close connections between the issuer and investor (or an investment banker who provided the needed connectivity). That is, the issuer or its advisor's connection to investors largely decides who can raise capital. Andrew Schwartz provides an important qualifier to my finding; indeed, Investment Crowdfunding shows how crowdfunding can be the missing link to connecting worthy ventures with pools of money in the hands of experienced investors. The book's analysis of crowdfunding, especially the success witnessed in the United Kingdom and New Zealand, makes the case that a careful balancing of private ordering and light-hand regulation have proven the template for fulfilling the promise of crowdfunding and likely the road to more efficient capital formation. * James D. Cox, Brainerd Currie Professor of Law, Duke University * A leading expert on crowdfunding and also a gifted writer, Andrew Schwartz offers powerful insights about an important trend in the market in a clear and entertaining way. Anyone interested in business or law should read this book. * David M. Schizer, Dean Emeritus and Harvey R. Miller Professor of Law and Economics, Columbia Law School * As investors and entrepreneurs grapple with the complexities of capital-raising in the digital age, Professor Schwartz's sophisticated, comprehensive analysis of the JOBS Act and Regulation Crowdfunding is a must-read for counsel and lawmakers alike. Providing both a global roadmap on existing law and a compelling case for the regulatory path ahead, Professor Schwartz's pathbreaking book will soon find its place on every serious startup lawyer's bookshelf. * Robert J. Jackson, Jr., former SEC Commissioner and Pierrepont Family Professor of Law, NYU School of Law *"

Advanced praise for Investment Crowdfunding Despite its success in jumpstarting projects ranging from video games to potato salad, crowdfunding by businesses seeking investment has been stifled by government regulation. Andrew Schwartz boldly challenges the conventional wisdom and argues for investment crowdfunding regulation that places more trust in private ordering. This is a book that not only provides a lively and accessible introduction to crowdfunding and securities regulation for the aspiring entrepreneur, but also offers important and provocative insights for attorneys, policymakers, and scholars. * James J. Park, author of The Valuation Treadmill: How Securities Fraud Threatens the Integrity of Public Companies * Some years ago I addressed the question 'Who can't raise capital.' After analysis of SEC Schedule D filings, I found capital formation depends on close connections between the issuer and investor (or an investment banker who provided the needed connectivity). That is, the issuer or its advisor's connection to investors largely decides who can raise capital. Andrew Schwartz provides an important qualifier to my finding; indeed, Investment Crowdfunding shows how crowdfunding can be the missing link to connecting worthy ventures with pools of money in the hands of experienced investors. The book's analysis of crowdfunding, especially the success witnessed in the United Kingdom and New Zealand, makes the case that a careful balancing of private ordering and light-hand regulation have proven the template for fulfilling the promise of crowdfunding and likely the road to more efficient capital formation. * James D. Cox, Brainerd Currie Professor of Law, Duke University * A leading expert on crowdfunding and also a gifted writer, Andrew Schwartz offers powerful insights about an important trend in the market in a clear and entertaining way. Anyone interested in business or law should read this book. * David M. Schizer, Dean Emeritus and Harvey R. Miller Professor of Law and Economics, Columbia Law School * As investors and entrepreneurs grapple with the complexities of capital-raising in the digital age, Professor Schwartz's sophisticated, comprehensive analysis of the JOBS Act and Regulation Crowdfunding is a must-read for counsel and lawmakers alike. Providing both a global roadmap on existing law and a compelling case for the regulatory path ahead, Professor Schwartz's pathbreaking book will soon find its place on every serious startup lawyer's bookshelf. * Robert J. Jackson, Jr., former SEC Commissioner and Pierrepont Family Professor of Law, NYU School of Law *

Advanced praise for Investment Crowdfunding Despite its success in jumpstarting projects ranging from video games to potato salad, crowdfunding by businesses seeking investment has been stifled by government regulation. Andrew Schwartz boldly challenges the conventional wisdom and argues for investment crowdfunding regulation that places more trust in private ordering. This is a book that not only provides a lively and accessible introduction to crowdfunding and securities regulation for the aspiring entrepreneur, but also offers important and provocative insights for attorneys, policymakers, and scholars. * James J. Park, author of The Valuation Treadmill: How Securities Fraud Threatens the Integrity of Public Companies * Some years ago I addressed the question 'Who can't raise capital.' After analysis of SEC Schedule D filings, I found capital formation depends on close connections between the issuer and investor (or an investment banker who provided the needed connectivity). That is, the issuer or its advisor's connection to investors largely decides who can raise capital. Andrew Schwartz provides an important qualifier to my finding; indeed, Investment Crowdfunding shows how crowdfunding can be the missing link to connecting worthy ventures with pools of money in the hands of experienced investors. The book's analysis of crowdfunding, especially the success witnessed in the United Kingdom and New Zealand, makes the case that a careful balancing of private ordering and light-hand regulation have proven the template for fulfilling the promise of crowdfunding and likely the road to more efficient capital formation. * James D. Cox, Brainerd Currie Professor of Law, Duke University * A leading expert on crowdfunding and also a gifted writer, Andrew Schwartz offers powerful insights about an important trend in the market in a clear and entertaining way. Anyone interested in business or law should read this book. * David M. Schizer, Dean Emeritus and Harvey R. Miller Professor of Law and Economics, Columbia Law School * As investors and entrepreneurs grapple with the complexities of capital-raising in the digital age, Professor Schwartz's sophisticated, comprehensive analysis of the JOBS Act and Regulation Crowdfunding is a must-read for counsel and lawmakers alike. Providing both a global roadmap on existing law and a compelling case for the regulatory path ahead, Professor Schwartz's pathbreaking book will soon find its place on every serious startup lawyer's bookshelf. * Robert J. Jackson, Jr., former SEC Commissioner and Chaired Professor (NYU School of Law) *

Author Information

Andrew A. Schwartz is Professor of Law at the University of Colorado and a regular visitor at the University of Auckland Law School in New Zealand, where he also served as a Fulbright Scholar. A graduate of Brown University and Columbia Law School, Schwartz teaches and publishes on corporate, securities and contract law.

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