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Crowdfunding Update: SEC Rules, Fiduciary Responsibilites, and More

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Crowdfunding is the latest trend in generating "quick cash" for a project or business venture. For entrepreneurs who do it right they can reap large sums of cash in a very short period of time. Take for example this list from Forbes of the “Top 10 Business Crowdfunding Campaigns of All Time” or Wikipedia’s “List of Highest Funded Crowdfunding Projects.” But, “easy money” is not so easy afterall. Crowdfunding comes with a laundry list of legal issues that would-be entrepreneurs must take into account and laws governing fundraising over the internet are changing all the time. Recently, the SEC announced new rules—Reg A—which now make it easier for companies to raise capital online through issuance of equity shares via crowdfunding on the internet, but what does it mean for you? What should you consider before issuing equity shares? How will this impact your financials?

Join the New York Technology Council on November 19 when we answer these questions and more:

  • What are the pros and cons of "Donation" model versus "Investment" model?
  • What are the latest SEC rules governing crowdfunding?
  • What should you do before a fundraiser? (i.e. financial statements, intellectual property, key agreements, and offering materials)
  • What's the difference between large and small investors?
  • How do you test the market before you file?
  • How do you price and advertise your offer?
  • Can you use "finders" and "referrers"?
  • What are your duties to investors?

This session is for entrepreneurs who are thinking about starting a crowdfunding campaign or individuals who are in the early stages of soliciting money. Doors open at 6PM for hors d’oeuvres and networking. Discussion starts at 6:30PM followed by 30 minutes of additional networking at 8PM.


Aaron Kellner, Investment Director, SeedInvest

Aaron Kellner serves as Investment Director at SeedInvest, a leading equity crowdfunding platform that streamlines venture capital and angel investing. Prior to joining SeedInvest, Aaron co-founded a mobile app company. He quickly recognized the problems associated with raising money for a twenty-first century startup within a twentieth-century regulatory framework. Aaron's positive entrepreneurial experience and desire to help small companies with their own fundraising hurdles led him to SeedInvest. Previously, he worked at Goldman Sachs as an analyst on the firm’s NYSE Designated Market Maker desk. There he provided situational advice to traders and developed pitch books for prospective issuers resulting in wins worth over $100 billion in aggregate market capitalization. Before joining Goldman Sachs, he worked as a private equity analyst at a small-cap fund where he was primarily responsible for analyzing investment opportunities and conducting due diligence. He graduated summa cum laude from NYU’s Stern School of Business with a BS in Finance and Marketing.

Thomas D. Selz, Founding Partner, Frankfurt Kurnit Klein & Selz

Thomas D. Selz is a founding partner of Frankfurt Kurnit Klein & Selz and a member of the Entertainment and Corporate Groups and head of the IP Finance Group. Mr. Selz's practice includes advising on documentary film, fictional and fiction-based-on-fact feature films, television pilots, television series and miniseries, live stage productions, publishing, and clearance work. He has advised on film and television finance for more than 40 years, including on mergers and acquisitions, secured transactions, private placements, Internet public offerings under Regulation A, and other complex corporate work involving intellectual property assets. He is a frequent writer and presenter on crowdfunding and other evolving areas of entertainment law and finance. You may reach Tom at (212) 826-5535 or

Additional speakers to be added.

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