Crowdfunding Plan Making the Rounds in Madison
Wisconsin might jump into the growing industry of crowdfunding. It allows people to contribute money on line for a particular project.
In this case, the state would make it easier for small businesses here to crowdfund.
Assemblyman David Craig foresees interest on a variety of levels.
“A farmer wants to build a new barn or buy a quarter million dollar tractor, we’re unshackling him from being able to go to more of his contacts, more of the people in his Rolodex that he might have sitting on his desk, that we might hamper right now,” Craig says.
Craig says in order to protect investors, the proposal would cap individual contributions at five thousand dollars and require the people seeking money to detail their business plan.
Investors would reap or lose money, based on the success of the project.