Watch Out San Francisco, Here Comes Arizona

This article was originally published on February 21, 2018 in The Weekly Standard.

In 2015, Arizona became one of the first states to adopt an intrastate equity crowdfunding policy, which permits state residents to buy stock in a startup. Arizona State Representative Jeff Weninger, a small business owner who knew firsthand the need for new ways to raise capital, authored a crowdfunding bill that he and his cosponsors intended to help make Arizona the first-choice home of the nation’s small businesses. The crowdfunding bill allowed non-accredited investors to purchase up to $10,000 in equity in small companies based in Arizona. It also limited the investment pool to Arizonans—as required by federal law—and limited the maximum crowdfunding amount to $2.5 million per business. Weninger found a great partner in Arizona Senator David Farnsworth, who pushed the bill through the State Senate. The state’s crowdfunding portal came online the next year.

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