Adventures in Ex Ante Crowdfunded Securities Law

by Paul Spinrad. I'm thrilled at the success of Kickstarter and Spot.Us, which partly fulfill a longtime dream scheme of mine. These sites are primary sources of great stuff, and you should check them out if you aren't already familiar with them. The idea behind both is to help people raise funds for ideas that they want to pursue; Kickstarter is designed for any personal projects, and Spot.Us supports journalism.

Donors can get a little something in return through these sites if the projects they fund come to fruition, like a signed copy of a book that's produced (Kickstarter), or reimbursement in credit if a news organization buys the story (Spot.Us). But what if a crowdfunding site could offer donors a piece of the action, not just some thank-you goodies? That's what I would want, and I don't think I'm alone. I want investors for my schemes, not patrons, and if people support me to do something that flies, it would only please me to give them a cut.
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