Michigan: Crowdfunding Advances to Grow Economy with Startups

Chicago, IL, May 06, 2015 --(PR.com)-- In order to advance state crowdfunding initiatives, Thomas Coke, Director of Compliance Services and head of Business Development at CrowdFund Connect, Inc., will speak on the topic throughout Michigan to educate about the evolution of, and framework for, regulatory measures. Coke will be speaking at the Southeast Michigan Venture Roundtable on May 14, 2015 in Metro Detroit: Oakland County, and June 2 at the 2015 Lakeshore Crowdfunding Conference at MAREC in Muskegon.

Michigan regulatory measures have advanced greatly to allow for crowdfunding investment. This effort is geared toward accelerating startup businesses. By joining other states, like Georgia and Kansas, Michigan has provided the capability for new businesses to raise capital through small amounts of money from a large number of people. This alternative means to fund a project is critical in order for the much needed growth of the state’s economy.

“In order for Michigan to become competitive economically once again, funding startups will be critical. A healthy economy that creates new jobs requires new businesses, which require capital,” said Thomas Coke. “Early stage companies often find it difficult to secure funding by qualifying for loans by banks or venture capitalist. This is where crowdfunding supplements. The new Michigan Invests Locally Exemption legislation gives Michigan businesses the opportunity to raise funds through crowdfunding from Michigan investors. The MILE legislation is the Michigan counterpart to Title III of the Jumpstart Our Business Startups Act (JOBs Act) which allows crowdfunding on the national level.”

Crowdfunding has successfully fueled new businesses around the country. In 2014, the industry was worth $10 billion, with future expectations to expand even greater by the close of 2015. After the setback to Detroit’s economic growth, the possibilities for new businesses to positively contribute to Michigan’s economic development are significantly improved with the crowdfunding investment vehicle. Coke will cover all of the opportunities and challenges that crowdfunding boasts.

Recently, Coke was appointed to a Michigan commission to assist with non-profits as well as low income and underserved businesses with crowdfunding. This effort is supported by a direct grant from the State Bar of Michigan.

About Thomas Coke:
Thomas Coke currently works at CrowdFund Connect as the Director of Compliance Services and head of business development. Prior to CFC he was at FinTech startup up VerifyValid, a payments company. In addition to his work at CFC he also advises startups in the Midwest. In his past life, Coke was a securities regulator, serving on a NASAA national project group on small company offerings. He speaks around the Midwest on crowdfunding, mobile payments and the issues around payments, and helped with the crowdfunding bills in Michigan, Indiana and Wisconsin, as well as serving on the CfPA advisor and low income/y board. He is a graduate of Kalamazoo College (BA Econ ’02) and Michigan State (JD ’08) and splits his time between Michigan and Chicago.

About CrowdFund Connect:
CrowdFund Connect is the leading white label crowdfunding developer, with multiple sites currently running for investment bankers, commercial real estate developers, and private angel groups. In addition to custom designing and building sites for their clients, CrowdFund Connect provides added back-end integrated administrative solutions that significantly reduce costs and manpower needed by their clients. CrowdFund Connect has offices in Michigan and New Jersey with corporate offices in Chicago, Illinois. For more information or media inquiries, please visit www.crowdfundconnect.com or contact Cynthia Salarizadeh at (312) 957-8553. Follow us on LinkedIn, Facebook and Twitter @CrowdFundConect.