In a July, 2011 posting on crowdsourcing.org, Professor of Law Joan MacLeod Heminway and MBA Candidate Shelden Ryan Hoffman discuss the costly SEC compliance measures related to capital formation especially as it relates to startups and entrepreneurs. Â In their thesis they make reference (p.3 & 4) to the letter and questions that we, the Startup Exemption, submitted to the SEC in conjunction with Chairman Darrell Issa. Â They also refer to SEC Chairman Mary Schapiro’s response to the question at the hearing we participated in on May 10th in front of the Government Oversight and Reform Committee.
Both their 71 page academic brief as well as our experience as entrepreneurs living the capital crunch prove there is a need for change. Â Their framework on page 60 mimics much of what is in the framework for the Startup Exemption. Â A sigh of relief where academic thought mimics real-life experience.