Re:2days2fund
by patio11 on Friday July 08, 2011 @01:57AM
(#2741427)
You know the problem of offering people money in the future for money in the present contingent on a business's success? The problem is that you are offering a security. (The related problem is that you're going to wade into chargeback hell in this business model.)
If anybody ever wants to organize a Our Fans Fund Us style thingy, avoid offering money. Instead, offer status, captured in the form of a specific deliverable. That can be a 16x16 pixel badge with your pre-order, whatever, but it will mitigate your payment processor worries and avoid an unpleasant conversation with the SEC. (They really will notice startups doing innovative things in finance. Ask Prosper - who didn't, after being shut down for 18 months.)
If anybody ever wants to organize a Our Fans Fund Us style thingy, avoid offering money. Instead, offer status, captured in the form of a specific deliverable. That can be a 16x16 pixel badge with your pre-order, whatever, but it will mitigate your payment processor worries and avoid an unpleasant conversation with the SEC. (They really will notice startups doing innovative things in finance. Ask Prosper - who didn't, after being shut down for 18 months.)