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[–] hexydes ago  (edited ago)

Why even go down the road of using a VC firm then? The JOBS Act JUST allowed for non-accredited investors (i.e. people making less than $200k) to invest in small-time (i.e. Voat) startups, in increments as low as $100. Instead of asking for Bitcoin donations and talking to VC firms behind the scenes (which will INEVITABLY lead to posts like this), why not use a crowd-sourced equity platform where the community can invest their money in the product in exchange for a small say in the direction (and maybe someday a return on their early faith in the group/product/company)?

I have to imagine that not only will they make more money this way (a seed-stage VC firm is only going to be looking to invest 5-6 figures at most, unless it's a highly-proven team with at least one major startup win under their belts) AND they get the prestige (and free marketing) of being one of the first startups to use this method of funding AND they also get to do right by a community that is here for some very principled/philosophical reasons.

TL;DR Stop dealing with VC firms and do equity-based crowd-funding to raise money. It's the same thing as asking people to donate Bitcoin, except they actually get a stake in the direction of the thing they're supporting.

EDIT: Adding a link that talks about equity-based crowd-funding. http://earlyinvesting.com/equity-crowdfunding-jobs-act-regulation-a-plus/