Wednesday, July 31, 2013

The North Carolina JOBS Act Moves to the Senate in 2014

As of today, we are halfway to our goal of passing the North Carolina Jump Start Our Business Start-ups (NC JOBS) Act. There is excellent support around the state and around the nation for this new type of financing for small business and start-ups using investment crowdfunding, and the bill passed the North Carolina House by an almost unheard of bipartisan vote of 103 to 1. The North Carolina Senate leadership was busy with some very important tax and budget issues and ran out of time to consider it this session. NC JOBS is a pro-small business, pro-jobs, bipartisan bill that doesn't cost the taxpayers a single penny and which allows North Carolina residents the opportunity to invest in their own future and economy in a safe and fair way, so we are confident it can get through the Senate next session.

The good news is, the NC JOBS Act is alive and well. The bill will still be active in the Senate when the North Carolina Legislature convenes next year in what is known as the 'short session' beginning on May 14, 2014. That means we will still be able to implement this opportunity in North Carolina, but it will be delayed until then.

In the meantime, we would like to thank all of our many supporters and friends who have helped us with this effort over the last 5 months, including the team that created the bill, the excellent advice and assistance we got from many experts in the crowdfunding industry nationwide, and the thousands of enthusiastic small business owners, start-up community members, and potential North Carolina investors who followed our progress on the blog and provided us with encouragement. North Carolina has an excellent and rapidly growing start-up community and we are proud to be a part of it.

We would also like to thank the crowdfunding platforms that have expressed an interest in coming to North Carolina to get this program off the ground. We can still do that under the accredited investor crowdfunding models now coming on-line, so we would encourage our partners to consider proceeding with this step in North Carolina. Please contact us to discuss in more detail if you have interest.

We would also invite supporters who have interest in doing something similar in their own state to contact the NC JOBS Team and we would be glad to share our experience and advice. Studying this blog and using the links to the legislation would be a great place to start. Then let us know what questions you have. So far Georgia and Kansas have gotten it done, and we would encourage you to help investment crowdfunding become a reality across the nation.

Onward to 2014, and thank you for your support.

Best regards,

The NC JOBS Crowdfunding Team