* But I like it…
State Representative Tom Demmer (R-Dixon) has filed legislation that would give entrepreneurs and startup founders a kick-start into the market. House Bill 3091 allows the use of intrastate crowdfunding, a new investing concept that is capable of generating greater access to capital, allowing for entrepreneurs with ideas to make them into reality.
“Crowdfunding will be the way of the future and is the next step in evolution for startups and small businesses,” said Rep. Demmer. “There are a lot of entrepreneurs out there who have great ideas to start a business, but have no capital. This bill will give those people the opportunity to bring new and innovative business ideas to Illinois.”
The legislation creates an exemption from certain filing and registration requirements under the Act for intrastate securities offerings that meet certain conditions.
“We have to be competitive with surrounding states,” said Rep. Demmer. “Wisconsin, Indiana, and Michigan have already enacted this legislation, while Missouri and Kentucky currently have bills drafted. We have the opportunity to join these states to spur innovation, economic activity, and small-business job creation.”
The legislation is here.
…Adding… Some folks are a bit unclear on this concept. Currently, startups can only legally raise donations through online services like KickStarter. This bill allows contributors to become investors.