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US Crowdinvesting Industry

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Presentation given by Jonathan Sandlund, TheCrowdCafe.com @Silicon Valley Crowdfunding Conference April 3, 2014.

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US Crowdinvesting Industry

  1. 1. 1 U.S. Crowdinvesting Industry Jonathan Sandlund Jonathan Sandlund | @jsandlund | @jsandlund
  2. 2. 2 thecrowdcafe.com 
 leading provider of research, data and analysis on the global crowdinvesting industry Jonathan Sandlund
 j@thecrowdcafe.com
 @jsandlund About Me
  3. 3. 3 Rewards v. Investment Why it matters.
  4. 4. 4 ~$5,000 ~$160,000 Median Fundraise ~$775,000
  5. 5. 5 Loyalzoo Raised ~$300,000 from 157 investors.
  6. 6. 6 Very large investors Very small investors
  7. 7. 7 Title II (Accredited Crowdfunding) vs. Title III (Retail Crowdfunding) Title IV (Reg A+) vs. Intrastate Crowdfunding vs.
  8. 8. 8 Title II (Accredited) Crowdinvesting Jonathan Sandlund | @jsandlund
  9. 9. 9 General Solicitation What does it look like?
  10. 10. 10
  11. 11. 11
  12. 12. 12
  13. 13. 13 How much general solicitation (506c offerings) is happening?
  14. 14. 14 Shhhh….. Quiet 506c Deals
  15. 15. 15 Marketplace Structures & Considerations Jonathan Sandlund | @jsandlund
  16. 16. 16 Market Segmentation.
  17. 17. 17 Platforms VerticalizedSMBsStartups By Addressable Markets
  18. 18. 18 ‣ Sector-Focus ‣ Generalists v. Specialists
 ‣ Stage-Focus ‣ Seed v. Early v. Emerging Growth v. Later-Stage ‣ Project-Based (Real Estate / Film / Music / Etc.)
 ‣ Affinity ‣ By Race / Geography / Sex / Interests & Ideals Additional Considerations
  19. 19. 19 Curated vs. Non-Curated Platforms
  20. 20. 5% 25% 100% Very High Curation High No CurationModerate 50% <5% 100% acceptance rate The Curation Spectrum
  21. 21. Carry 20% Carry SaaS $19 - $69 / month * selected samples Blended 10% Success Fee + 10% Carry Curation drives business models.
  22. 22. 22 Are investors a commodity? Where is the Enterprise Value being built?
  23. 23. 23
  24. 24. 24 Market Optimizers vs. Market Makers
  25. 25. 25 The Value of a Distributed Cap Table Pre & Post-Funding
  26. 26. 26 Biggest unfair advantage of all. Access to capital.
  27. 27. 27 What’s Next? From 2000 to 2010 the cost of building a startup declined by a factor of 10X Fundraising is next. Centrality will drive fundraising costs into the ground, making capital formation accessible to all.
  28. 28. 28 What’s Next? Twitter et al. liberated control over information Crowdinvesting will liberate control over capital.
  29. 29. 29 The Disruption — Not If, But When Jonathan Sandlund | @jsandlund
  30. 30. 30 Crowd funding Technical Disruption Entrance of the internet into private capital formation process. Cultural Disruption A desire to connect more meaningfully with the things we buy, the things we do, and the things we invest in. Two mega-trends colliding Investment Crowdfunding
  31. 31. 31 Music Travel Retailing Before After Internet-driven Disruption Technical
  32. 32. A fundamentally more efficient capital formation process 32 Technical A Big UK Bank Source: http://www-core.nesta.org.uk/library/images/NestaBanks.jpg
  33. 33. A fundamentally more efficient capital formation process 33 Technical
  34. 34. Summed up... ✓ The first major change in security law in 70+ years; ✓ Invites the internet into the capital formation process. TechnicalTechnical Disruption What it means... ✓ Processes moved online ✓ Efficiencies realized ✓ Incumbents with traditional cost structures obseleted ✓ New markets served
  35. 35. But it’s not just structural change driving the disruption. 35 Cultural It’s also cultural.
  36. 36. A cultural shift 36 ‣ Web 1.0 The Information Web
 
 ‣ Web 2.0 The Connected Web
 
 ‣ Web 3.0 The Meaningful Web Cultural
  37. 37. 37 Chicago Booth: 13% of Americans trust the stock market Distrust is pervasive Chicago Booth Financial Trust Index Cultural
  38. 38. Today little alternative to public markets 38 Tomorrow 
 individuals empowered to invest in the the companies, people and causes they believe in Cultural
  39. 39. Where are we? 39 Time Penetration Market Adoption: S-Curve Equity Debt
  40. 40. 40 Jonathan Sandlund @jsandlund Thank You! Jonathan Sandlund j@thecrowdcafe.com

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