Indiana:
A Pacesetter for Small Business Crowdfunding
From Kickstarter to GoFundMe, online fundraising sites are popping up everywhere and gaining in popularity. Historically a resource for nonprofits, or filmmakers to fund projects, the concept referred to as “crowdfunding” has now taken a turn to help entrepreneurs spur investment and launch businesses.
Recently, the Indiana General Assembly passed legislation opening the door for privately owned businesses across the state to raise investment through online crowdfunding resources. Coming on the heels of the federal JOBS act, Indiana crowdfunding legislation stipulates that business can only raise funds within the state and went into effect July 1 of this year.
We recently sat down with Hannah Joseph, an attorney with Katz & Korin, PC and board member for the Indy Chamber’s Business Ownership Initiative program, who played an instrumental role in helping get this legislation passed. A small business owner herself, Joseph’s family owns King David’s Dogs and knows firsthand how financially challenging owning a business can be and how crowdfunding can change the landscape of business investment.