Why JOBS Act Crowdfunding won’t work on Broadway.
There’s something you never thought I’d say, right?
Well, I didn’t.
But Gary Emmanuel, who happens to be one of the brilliant lawyers that made my crowd-funded Broadway production of Godspell possible, did.
Gary wrote an article recently for HuffPo that offers a contrarian view of why crowdfunding under the recently passed but still non-operational JOBS Act won’t work. You can read the article here.
Do I agree with Gary?
Well, it’s true . . . there are a certain number of characteristics of the JOBS Act that are going to make it more difficult than people think to raise money for commercial enterprises, including Broadway and Off-Broadway shows. And Gary addresses five of them in his article.
And the fundraising world is still waiting for the SEC to release its set of rules and regulations on JOBS so that people can actually start trying to do it. Because when we start road-testing this sucker a whole bunch of other issues are going to jump up and bite us in our assets.
That said, I have some ideas . . . 🙂 So stay tuned.
Do read the article. Knowing Gary as well as I do, I don’t think he wrote this because he thinks crowdfunding won’t work . . . I think he wrote this so we can start figuring out how to work around it.
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