Media Advisory: "Rally for Capital"
November 16, 2011

Media Advisory

Entrepreneurs to Rally in Washington, DC

Thursday, November 17th

8:00 a.m.-10:00 a.m.

Capitol Grounds: Across from Union Station 

A "Rally for Capital" Urging the Senate to Pass House-Backed Legislation to Provide Community Capital to Fund Small Businesses and Create Jobs

What:         The Story Behind the "Rally for Capital"

What started a year ago as an idea to use the tenants of crowdfunding to solve the capital crunch facing entrepreneurs and startups is culminating in a rally by entrepreneurs in Washington, DC on November 17th. Sherwood Neiss, Chief Advocate of the Startup Exemption, will discuss the funding void. He, like many entrepreneurs, faced this lack of capital while trying to fund his startup. He will discuss how the current hurdles to capital formation forced him and his co-founders at the Startup Exemption, Jason Best and Zak Cassady-Dorion, to develop a framework to get capital flowing by using the advances in the Internet and Technology. 

U.S. Rep. Patrick McHenry (R-N.C.) who introduced H.R. 2930, the "Entrepreneurs Access to Capital Act," will speak about the need for this legislation and reflect upon the almost unanimous vote (407 to 17) in favor of the bill. Karen Kerrigan, President & CEO of the Small Business & Entrepreneurship Council and two entrepreneurs will also speak.

President Obama endorsed the crowdfunding framework in his American Jobs Act, and issued a Statement of Policy from the White House supporting H.R. 2930. The entrepreneurs hope the Senate moves with the same speed as the House in approving similar legislation.  Over the next five years, they believe crowdfund investing can help create over 500,000 new companies employing 1.5 million net new jobs.

Who:  

  • U.S. Rep. Patrick McHenry (R-N.C.), Lead Sponsor, H.R. 2930
  • U.S. Rep. Carolyn Maloney (D-N.Y.)
  • Sherwood Neiss and Jason Best, Startup Exemption
  • Karen Kerrigan, President, Small Business & Entrepreneurship Council
  • Marc Wallace, Entrepreneur
  • Josh Frey, Entrepreneur

When:         Thursday, November, 17 2011 -  8:00am to 10am

Where:        Across from Union Station, Washington, DC

                   Map: http://bit.ly/uQ3SM0

Contacts:

Sherwood Neiss, (202) 247-7182; sherwood@startupexemption.com

Karen Kerrigan (703) 242-5840; kkerrigan@sbecouncil.org, or Mabel Vaught, mvaught@sbecouncil.org

Additional Background:

Crowdfund Investing (CFI) is a concept that originates from crowdfunding.  The main difference is that in traditional crowdfunding, a group of individuals "donate" small amounts of money to an idea (usually an art related project).  In CFI, a group of individuals use small amounts of money to buy equity in a business.  The goal of CFI is to provide entrepreneurs and small businesses with access to capital that they will use to hire and grow.  Individuals are motivated by the desire to be a part of something bigger than themselves, to support an idea they believe in and for the potential financial return.

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