Our CEO, Leo, took to the stage at the Global Entrepreneurship Summit last week in Kuala Lumpur to speak about how crowdfunding is assisting small-scale enterprises, not just as a source of capital, but to also build awareness, changing the dynamics of venture funding and empowering more entrepreneurs. He was joined by fellow panelists Sherwood Neiss of Crowdfund Capital Advisors, who co-authored the framework that would legalize Equity Based Crowdfunding as well as Gibs Song of Alto Raytech, a founder, investor and advisor for 12 startups.
The panel discussed how crowdfunding is quickly becoming a new norm, with entrepreneurs relying less on traditional avenues of funding, but starting to look to crowdfunding as having a complementary relationship with venture capital. As entrepreneurs are quick to look into crowdfunding, governments need to be quick to understand and embrace it as well. The developing world is poised to really leapfrog in this area, given the size of the SME sector and the fact that the traditional capital market is not as established as that of the developed world.
As evidence of the prevalence of crowdfunding, the theme came up several times and was addressed by Sec. John Kerry, Rich Barton, CEO of Zillow, and several others across the two days.
The Global Entrepreneurship Summit is an event that was initiated by Obama in 2009 to facilitate entrepreneurship, and especially to build relations with entrepreneurs in Muslim majority countries. Held this year in Kuala Lumpur, the summit was attended by over 4,700 participants from over 120 countries. Next year’s event is slated to be held in Morocco.
If you missed it, here’s an interesting visual of the Twitter conversations during the event: http://bluenod.com/map/ges2013