Abstract
Generally, technological innovations begin in very small niche markets when a tiny group of risk-taking consumers decide to try out a product or service they have never seen before. It is never clear that the innovation will ever reach a larger market because the forces of the status quo, as a result of the survival of the fittest, are always trying to kill the innovation.This is true for crowd funding, where a technological innovation in telecommunications has crossed over into a technological innovation in capital markets, and that crossover now has the force of law in the guise of the JOBS Act.This explanation of the internet’s effect on the private capital market is relevant to the new JOBS Act involving crowd funding. Something in the old private capital market has been made obsolete: the dog and pony show of company CEOs going to angel and venture capital events seeking capital. The internet and crowd funding (the two technologies) have bred a new technological innovation called crowd funding webinars.
Published Version
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