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[–] bulksalty 0 points 3 points 3 points (+3|-0) ago
That restriction is part of US law, to sell unregistered securities you can only sell to accredited investors. Registering their securities for an equity is the process of filing for an IPO, which would likely be required for each game funded via that method, and is expensive (both fees and lawyers time to ensure you didn't screw up or mislead investors).
[–] ChillyHellion [S] 0 points 1 point 1 point (+1|-0) ago
I really appreciate you weighing in on this, because I'm not familiar with finance law by any means. Can you give some context to this paragraph:
They seem to believe that they can make their model accessible to the general public. this is the 2012 law that was linked in the paragraph.
[–] bulksalty 0 points 1 point 1 point (+1|-0) ago (edited ago)
The only companies I'm familiar with that offer crowd source financing to non-accredited investors, Lending Club and Prosper, use a technicality (the investors all invest in the aggregating company directly and everyone just pretends to invest in the actual loan/project), the problem with that is that both investor and investee legally have only agreements with the parent company (leaving investors in a difficult position should the aggregating company fail--any other creditors could seize the investments since the investors are just unsecured creditors in the aggregating company).
The Jobs Act reduces the requirements, but it doesn't nearly remove them, and any project companies would still be almost certainly to be better off going public (the amount of money available on wall st is massive and the requirements are the same). Basically, unless there is substantial marketing value in crowd sourcing the financing, once a firm has cleared the requirements to crowdsource to non-accredited investors they've also cleared the requirements to file an IPO and typically that is far more lucrative.
[–] sparkybear ago
I thought the term accredited investors was changed after 2008 to meet a more stringent criteria than the $1 million in net assets.