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Frgwdnuhdihk's Zgtmhtiac ngr Eihgrity ahd

[gemh Gwhmd Mhtmrprisms

Oucy, 0:14

Frgwdnuhd Fapitac Advisgrs

`y La`i` Oaeac

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Frgwdnuhd Fapitac Advisgrs

A@G]T

Frgwdnuhd Fapitac Advisgrs (FFA) is tlm cmadihk kcg`ac advisgry ahd fghsuctihk nire gh marcy-stakm

nihahfm ihitiativms ihfcudihk mquity, dm`t ahd rmwards `asmd frgwdnuhdihk stratmky ahd

iepcmemhtatigh. Gur fcimhts arm ihvmstgrs, kgvmrhemhts, eucti-catmrac grkahizatighs, dmvmcgpemht

HKGs ahd mhtrmprmhmurs wlg smmb stratmkif advifm ahd taftifac iepcmemhtatigh gn frgwdnuhdihk

mfgsystmes. FFA las wgrbmd ih 09 fguhtrims gh prgomfts tg frmatm og`s, ihhgvatigh ahd

mhtrmprmhmuriac suffmss tlrgukl hmw `usihmss nihahfihk tggcs. Mxaepcm prgomfts ihfcudm?

Dmvmcgpemht gn marcy stakm nihahfm cahdsfapm ahd kap ahacysis

Frmatihk rgadeaps tlat suppgrt fgeegh smhsm rmngres tg mxistihk smfuritims rmkucatighs

Dmcivmrihk mdufatighac prgkraeeihk tg rmkucatgrs, kgvmrhemht gnnifiacs, ahd `usihmss

mxmfutivms tg `uicd fghsmhsus ahd uhdmrstahdihk gn tlm gppgrtuhity ahd pgwmr gn

frgwdnuhdihk Frmatihk rgadeaps tg usm hmw nihahfihk tggcs (m.k.? frgwdnuhdihk) tg fghhmft ahd mhlahfm

mxistihk mhtrmprmhmuriac mfgsystme mnngrts

Zcahhihk ngr fapafity `uicdihk ihitiativms ngr mhtrmprmhmurs tg suppgrt mnnmftivm usm gn tlmsm

hmw nihahfiac tggcs ngr og` frmatigh ahd `usihmss dmvmcgpemht

Tlm FFA Krgup Zrihfipacs, Oasgh @mst ahd Vlmrwggd Hmiss arm acsg fg-nguhdmrs gn tlm Zrgkrae ngr

Ihhgvatigh ih Mhtrmprmhmuriac ahd Vgfiac Nihahfm witlih tlm Fgcmeah Nuhk Ihstitutm ngr Mhkihmmrihk

Cmadmrslip at tlm ]hivmrsity gn Facingrhia, @mrbmcmy. Piflard Vwart, FFA Zarthmr, smrvms as tlm

Zrgkraes Pmsmarfl Dirmftgr. Cmm Ncmeeihk ahd tlm Zrgkrae lgstmd tlm nirst Kcg`ac Frgwdnuhdihk

Afadmeif Vyepgsiue ih Gftg`mr 0:16 witl gvmr 1:: afadmeifs nrge 1= fguhtrims. @mst ahd Hmiss smrvm

as Mhtrmprmhmurs-ih-Pmsidmhfm at tlm ]F @mrbmcmy Fmhtmr ngr Mhtrmprmhmurslip ahd Tmflhgcgky.

Tlis rmsmarfl was autlgrmd `y La`i` Oaeac, Vlmrwggd Hmiss ahd Oasgh @mst.

Ngr egrm ihngreatigh visit www.frgwdnuhdfapitacadvisgrs.fge gr smhd ah meaic tg

ihngJtlmffakrgup.fge

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A`gut gur Vpghsgr

8/21/2019 Crowdfunding's Potential for Minority and Women Owned Enterprises

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Bmy pgihts nrge tlis rmpgrt ihfcudm?

! @mfausm gn tlm stikea attaflmd tg tlm dinnifucty ih kaihihk affmss tg traditighac nuhdihk sgurfms, eahy

wgemh ahd eihgritims ngrkg tlm traditighac fapitac earbmts nurtlmr rmdufihk affmss tg fapitac witlih

tlmsm krgups

! Data slgws tlat eahy wgemh ahd eihgrity-gwhmd `usihmssms tmhd tg `m strghk earbmt pmrngremrs,

survivmd tlm mfghgeif frisis `mttmr tlah tlmir fguhtmrparts, ahd wmrm egrm prgnita`cm antmrwards

" [gemh gwhmd `usihmssms lad sacms gn gvmr $1.4 Triccigh ih 0:14

" 41% gn `usihmssms arm wgemh gwhmd, `ut ghcy

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liklmr tgcmrahfm ngr tlm risb, tlm a`icity gn frgwdnuhdihk tg fghhmft eiccighs gn pgtmhtiac ihvmstgrs witl

ah mhtrmprmhmur's idma mhsurms tlat a krmatmr frgss smftigh gn sgfimty wicc `m mepgwmrmd tg dmfidm in tlm

`usihmss pcah las emrit ahd in tlmrm is prgnit tg m eadm. Marcy frgwdnuhdihk rmsucts sikhac tlat egrm

wgemh ahd eihgrity cmd prgomfts arm rmfmivihk nuhds ahd tlgsm nuhds arm fgeihk nrge wgemh ahd

eihgritims, wlifl fgccmftivmcy rmprmsmht a via`cm sgurfm gn fapitac kcg`accy. Tappihk tlis hmtwgrb gn

ihdividuacs eay hgt ghcy cmad tg ihfrmasmd `usihmss starts `ut kmhdmr ihfcusivity, mfghgeifgppgrtuhity, ahd tax payihk og`s - acc pgsitivm mcmemhts gn a lmactly cgfac mfghgey.

Tlm Larsl Pmacity ngr Nmeacm @usihmss GwhmrsGvmrwlmceihk rmsmarfl slgws tlat wlicm tlm privatm fapitac earbmts rmprmsmht a lukm wmactl gn nuhds,

wgemh ahd eihgritims rmeaih slut gut. [gemh arm tlm eaogrity eihgrity. Mvmh tlgukl tlmrm arm

egrm wgemh tlah emh, cghk stahdihk `iasms ahd gtlmr mhtrmhflmd naftgrs bmmp wgemh nrge

affmssihk fapitac. Affgrdihk tg tlm Dmpartemht gn Fgeemrfm wgemh gwhmd nires start ahd krgw tlmir

`usihmssms witl su`stahtiaccy cmss gutsidm nihahfihk.6Lgwmvmr, wgemh-gwhmd `usihmssms fghtri`utm

sikhinifahtcy tg tlm ]V Mfghgey, lavm sacms ahd rmfmipts gn gvmr $1.4 triccigh, ahd arm krgwihk rapidcy.4

[gemh-gwhmd `usihmssms acsg tabm gh cmss dm`t tlah tlmir eacm fguhtmrparts

=ahd arm startmd witl

cmss mquity ihvmstemhts. Tg a cayeah cmss dm`t eiklt `m tlguklt gn a kggd tlihk, lgwmvmr nrge a

nihahfiac ahacysis pgiht gn vimw, lavihk cgwmr tlah hgreac dm`t emahs a `usihmss is hgt mnnmftivmcy

cmvmrakihk its rmsgurfms ahd eay `m is eissihk gut gh pgtmhtiac krgwtl gr gtlmr gppgrtuhitims `y

gpmratihk witl su`-gptieac nihahfihk. Hghmtlmcmss, fucturac, mfghgeif ahd cmkac lurdcms laepmr

traditighac nihahfihk gptighs ngr wgemh ahd eihgritims.

Cggbihk at mquity ihvmstemhts, wgemh arm hgt rmfmivihk tlmir nair slarm gn ihvmstemhts. Tlmrm arm vmry

nmw nmeacm vmhturm fapitacists. Ghcy 10 pmrfmht gn ahkmc ihvmstgrs (a bihd gn ihngreac vmhturm fapitacist

tlat nuhds marcy stakm vmhturms witl tlmir gwh eghmy) arm wgemh. Ahd tlmrm arm nmwmr wgemh

nguhdmrs gn startups ahd seacc mhtmrprisms. Lmhfm tlm pggc gn ihvmsta`cm wgemh-cmd mhtmrprisms isseaccmr.

Affgrdihk tg tlm Fmhtmr ngr ^mhturm Pmsmarfl, ghcy 10 pmrfmht gn ahkmcs nuhdmd nmeacm mhtrmprmhmurs

ih 0:11.>

Ahgtlmr study sukkmsts tlat ghcy

[ly Frgwdnuhdihk Is a Kaem-Flahkm ngr [gemh Mhtrmprmhmurs, @y Kmri Vtmhkmc, Ngr`ms, Oahuary 6:, 0:16,Avaica`cm at? lttp?//www.ngr`ms.fge/sitms/kmristmhkmc/0:16/:1/6:/wly-frgwdnuhdihk-is-a-kaem-flahkm-ngr-wgemh-mhtrmprmhmurs/ ;

Ihdimkgkg Ihsiklts? [gemh =x Egrm Vuffmssnuc gh Ihdimkgkg tlah ih mhturm, Ihdikgkg @cgk, Dmfme`mr 0:, 0:1:,Avaica`cm at? lttp?//kg.ihdimkgkg.fge/`cgk/0:1:/10/ihdimkgkg-vs-vmhturm-fapitac-wgemh-64-egrm-suffmssnuc.ltec

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Eihgrity @usihmss Gwhmrs Affmss tg @ahb CgahsFapitac affmss rmeaihs tlm egst iepgrtaht naftgr cieitihk tlm msta`cislemht, mxpahsigh ahd krgwtl

gn eihgrity-gwhmd `usihmssms. Kivmh tlis wmcc-msta`cislmd fghstraiht, tlm furrmht nihahfiac

mhvirghemht las pcafmd a krmatmr `urdmh gh eihgrity mhtrmprmhmurs wlg arm tryihk tg bmmp tlmir

`usihmssms tlrivihk ih tgdays mfghgey.

eiccigh seacc

`usihmssms arm gwhmd `y Anrifah Aemrifahs. Tlat is a`gut ;.;%, fgeparmd tg tlm 16.1% gn tlm ]V

pgpucatigh tlat idmhtinimd as `cafb ih 0:11.

Tlm catmst hatighaccy rmprmsmhtativm data gh tlm nihahfihk gn eihgrity nires ihdifatms carkm disparitims

ih affmss tg nihahfiac fapitac. Eihgrity-gwhmd `usihmssms arm nguhd tg pay liklmr ihtmrmst ratms (;..4 pmrfmht ngr hgh-eihgrity nires9). Tlmy arm acsg egrm

cibmcy tg `m dmhimd frmdit, ahd arm cmss cibmcy tg appcy ngr cgahs `mfausm tlmy nmar tlmir appcifatighs wicc

`m dmhimd. Nurtlmr, eihgrity-gwhmd nires arm nguhd tg lavm cmss tlah lacn tlm avmrakm aeguht gn

rmfmht mquity ihvmstemhts ahd cgahs tlah hgh-eihgrity nires, mvmh aeghk nires witl $=::,::: gregrm ih ahhuac krgss rmfmipts. Tlmy acsg ihvmst su`stahtiaccy cmss fapitac at startup ahd ih tlm nirst nmw

ymars gn mxistmhfm tlah hgh-eihgrity nires.1:

Tlmsm eihgrity gwhmd nires gntmh prgvidm fgepara`cm gr `mttmr ratms gr rmturh ahd krgwtl tg

sieicarcy situatmd nires tlah tlgsm tlat arm hgt eihgrity gwhmd, 11,10lgwmvmr tlmy arm fghsistmhtcy cmss

cibmcy tg rmfmivm cgahs, rmfmivm cgwmr cgah aeguhts, pay liklmr ihtmrmst ratms gh cgahs, arm egrm cibmcy

tg `m dmhimd a cgah, ahd arm egrm cibmcy tg hgt appcy ngr cgahs gut gn rmomftigh nmars.16

@ahbihk praftifms ih tlm ]V lavm a cghk listgry gn disfrieihatigh akaihst wgemh ahd eihgritims. Ih

tlm past wgemh wmrm ghcy kivmh cgahs in a eah kuarahtmmd tlme. Eihgritims nafmd gutriklt diseissac

wlmh appcyihk as hmitlmr lus`ahd hgr winm's kuarahtmm was gntmh mhgukl tg satisny tlm `ahb.Ngccgwihk smvmrac cmhdihk rmngres eihgritims wmrm sticc fghsistmhtcy `cgfbmd nrge g`taihihk nihahfihk

ngr lgems `y tlm praftifm gn rmdcihihk wlmrm eihgrity fgeeuhitims wmrm zghmd gnn as armas wlmrm tlm

`ahb wgucdh't cmhd tg rmkardcmss gn rafm. [licm tlm disfrieihatigh ih cmhdihk was dinnifuct tg dmac witl,

tlm disfrieihatigh ih cmhdihk tg wgemh ahd eihgritims ngr `usihmss cgahs pmrsistmd cghk antmr it was

fgeegh tg cmhd tg tlme ngr lgems, fars, gr gtlmr fgccatmrac `afbmd purflasms.

Tlm kgvmrhemht rmspghdmd ih bihd `y puttihk egrm eghmy ihtg tlm ].V. Veacc @usihmss

Adeihistratigh gr V@A prgkrae wlifl prgvidms a kgvmrhemht-`afbmd kuarahtmm gh a pgrtigh gn tlm

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cgahs eadm uhdmr tlmir systme ahd las cggsmr uhdmrwritihk fritmria accgwihk tlgsm witlgut cmhktly

frmdit `afbkrguhds tg sticc g`taih cgahs, gntmh at navgra`cm ratms gr rmpayemht sflmducms. Tlm V@A acsg

las prgkraes spmfinifaccy ngr lmcpihk [gemh ahd Hativm Aemrifahs tg affmss cgahs, gnnmr wgemh's

`usihmss fmhtmrs ahd seacc `usihmss dmvmcgpemht fmhtmrs, ahd gnnmr eifrg cgahs ih sgem gffasighs

wlmrm a rmkucar V@A `ahb cgah wgucdh't `m apprgpriatm.

Nrmqumhtcy, cmhdmrs rmcy gh kgvmrhemht su`sidims cibm tlm V@A prgkrae tg suppgrt tlmir cgahs tg

eihgrity `grrgwmrs, `ut gntmh tlmrm ish't mhgukl eghmy tg kg arguhd ahd sgem frmditwgrtly, sguhd

`usihmssms kg uhnuhdmd siepcy `mfausm tlmir gwhmrs arm eihgritims ahd tlm lypgtlmtifac mxaepcm

`ahb is gpmratihk gh a dm naftg qugta

systme tg dgcm gut its V@A cgahs. Tg

fgepguhd tlis issum tlmrm arm rmpgrts tlat

V@A cgahs tg sgem eihgrity krgups lavm

aftuaccy `mmh dmfrmasihk ngccgwihk tlm

mfghgeif frisis.14 Tlm V@A data spmabs ngr

itsmcn. Zmr tlm ieakm tg tlm riklt1=

,

eihgritims rmfmivm a nar cmss pmrfmht gn tlmgvmracc cgahs.

Tlm Vt. Cguis Zgst-Dispatfl rmpgrtmd ih

0:16 tlat V@A cgahs tg `cafb `usihmssms

lad drgppmd draeatifaccy. Ih 0::;, `cafb-

gwhmd `usihmssms ih Eissguri rmfmivmd 06>

V@A-`afbmd cgahs tgtacihk $0:.1 eiccigh,

affgrdihk tg Zgst-Dispatfl ahacysis gn V@A data. Nivm ymars catmr, tlat hue`mr drgppmd tg 1= cgahs

tgtacihk $0.< eiccigh. Durihk tlm nirst 1: eghtls gn tlm 0:16 nisfac ymar, `cafb `grrgwmrs rmfmivmd 1;

cgahs tgtacihk $=.; eiccigh. Ih fghtrast, tlm $6=9 eiccigh ih cgahs wlitm-gwhmd nires rmfmivmd ih

Eissguri ih 0:10 was wmcc a`gvm tlm 0::; tgtac gn $0:.

Tlm Dispatfl's rmsmarfl nrge tlm Baunneah Nguhdatigh kgms gh tg slgw tlat ih Iccihgis, tlm dmfcihm

was oust as starb2 >>9 cgahs tgtacihk $=>.> eiccigh wmrm eadm tg `cafb `grrgwmrs ih 0::;. Ih 0:10, tlat

hue`mr lad drgppmd tg >0 cgahs tgtacihk $09.4 eiccigh. Durihk tlm nirst 1: eghtls gn 0:16, `cafbs

rmfmivmd 60 V@A cgahs ih tlm statm. Tlm autlgr gn tlm study, Baunneah Nguhdatigh rmsmarflmr Acifia

Pg``, said ih ah ihtmrvimw witl tlm dispatfl tlat eihgrity `grrgwmrs arm turhihk tg eaihstrmae

cmhdmrs cmss `mfausm tlmy lavm a nmar gn dmhiac, wlifl is warrahtmd.

Tlis dgwhward trmhd las `mfgem a hmkativm smcn-nucniccihk prgplmfy? eihgritims arm ihfrmasihkcy

rmomftmd nrge tlmir appcifatighs ngr cgahs, wlifl tlmy acrmady appcy ngr, ahd rmfmivm at,

disprgpgrtighatmcy seaccmr ratms. @mfausm tlmy rikltcy pmrfmivm tlat tlmrm is ah ihfrmasm ih tlm ratm gn

rmomftigh, tlmy gpt hgt tg appcy smmihk it as nuticm, tlmrm`y rmdufihk tlm ratm at wlifl tlmy rmfmivm cgahs

14V@A Cgahs tg @cafb Mhtrmprmhmurs Drgp Draeatifaccy, @y [acbmr Egsbgp, Vt. Cguis Zgst-Dispatfl, Dmfme`mr :1,

0:16 , Avaica`cm at? lttp?//www.stctgday.fge/`usihmss/cgfac/s`a-cgahs-tg-`cafb-mhtrmprmhmurs-drgp-draeatifaccy/artifcmWand40=4d-61d=-=a`d-91n4-`>`6.ltec 1=

lttp?//nitseacc`usihmss.fge/s`a-eihgrity-cgahs/

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Eihgrity gwhmd nires rmfmivm seaccmr mquity ihvmstemhts tlah hgh-eihgrity gwhmd nires, arguhd 46%

cmss ngr sieicarcy situatmd nires, mvmh tlgukl vmhturm fapitac ihvmstemht rmturhs ih eihgrity gwhmd

nires las `mmh fgepmtitivm ih tlm past. 1;

Ah V@A gnnifm gn advgfafy study usihk a rmkrmssigh ahacysis rmvmacs ihvmstemhts gn tlm saem dgccar

aeguht, ihitiatmd ih tlm saem tiem pmrigd, `y eihgrity-grimhtmd ^F nuhds usihk idmhtifac stratmkims

rmkardihk sufl naftgrs as syhdifatigh, ihvmstemht `y ihdustry, KZ aftivise witl pgrtngcig fgepahims,

ahd tlm cibm, prgdufmd liklmr IPP vacums in tlm pgrtngcig fgepahy was

eihgrity gwhmd ahd cgwmr vacums in tlm fgepahy was hgt. Twg g`vigus fghfcusighs ghm fgucd drawwgucd `m tlat mitlmr tlm ihvmstemht fgeeittmms gn tlmsm ^F nires wmrm siepcy `mttmr at pifbihk

eihgrity gwhmd `usihmssms, gr tlat tlmsm `usihmssms rmfmivm cmss nuhdihk nrge gtlmr sgurfms emahs

tlmrm is egrm uhtappmd pgtmhtiac ngr kaihs ih tlmsm uhdmsmrvmd E@M's

Ahgtlmr Baunneah Nguhdatigh rmpgrt kgms ihtg rikgrgus dmtaic a`gut tlm prgnita`icity gn Eihgrity

Grimhtmd ^mhturm Fapitac Nuhds ngccgwihk tlm dgt-fge `u``cm `ust. It rmvmacs tlat wlicm a eaogrity gn

^F's wmrm lmavicy gvmr ihvmstmd ih tmfl at tlm tiem, tlgsm tlat spmfiacizmd ih E@Ms wmatlmrmd tlm

stgre `mttmr ahd `mfaem mvmh egrm prgnita`cm ih tlm naccgut gn tlm marcy 0:::'s. 14

Tlm rmpgrt fcgsmd witl tlis statmemht? Vgem prgnit-grimhtmd nuhdihk sgurfms eay sly away nrge

eihgrity ^F nuhds tgday `mfausm gn tlm eistabmh assueptigh tlat sufl vmhturms arm ihmvita`cy cgw-rmturh sgfiac ihvmstihk prgpgsitighs. As bhgwcmdkm gn tlm likl rmturhs kmhmratmd `y suffmssnuc

eihgrity vmhturm fapitac sprmads, tlis icc-ihngremd avmrsigh slgucd cmssmh, tlmrm`y ihfrmasihk tlm ncgw

gn nuhds tg eihgrity `usihmss mhtmrprisms.

[licm tlm eaihstrmae ^F's did ihitiaccy eabm prgkrmss tgward ihvmstihk egrm ih E@M's tlmrm las `mmh

a sikhinifaht drgp gnn ih aftivity ngccgwihk tlm 0::< nihahfiac frasl ahd tlm rmfmssigh tlat ngccgwmd.

Durihk tlis tiem eghmy was dgcmd gut egrm fghsmrvativmcy tlah ih tlm pmrigd studimd ih tlm Baunneah

rmpgrt, cmavihk eahy nmeacm ahd eihgrity mhtrmprmhmurs wghdmrihk wlmrm tlmy wmrm tg cggb hmxt ngr

nihahfihk.

Frgwdnuhdihk as ah Actmrhativm

1>Oafbsgh ahd @atms, Tlm ^ia`icity gn tlm Eihgrity-Grimhtmd ^mhturm Fapitac Ihdustry,

lttp?//www.s`a.kgv/sitms/dmnauct/nicms/nicms/rs4:;tgt.pdn1;

Naircim ahd Pg`` at pakm =

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Frgwdnuhdihk las quifbcy krgwh nrge a hmw nuhdihk tggc tg a eucti`iccigh-dgccar ihdustry.

Bifbstartmr las cmd tlm patl witl gvmr >=,::: prgomfts `mihk nuhdmd witl gvmr $1@ sihfm 0::9. Gn tlm

ninty liklmst nuhdmd prgomfts gh Bifbstartmr, tlm prmeimr frgwdnuhdihk sitm, 4= lavm turhmd ihtg

ghkgihk mhtrmprmhmuriac nires1

Ih a 0:10 study fghduftmd `y Zrgspmr, a pmmr-tg-pmmr cmhdihk wm`sitm,

rmsmarflmrs nguhd tlat `cafb `grrgwmrs arm 0= tg 6= pmrfmht cmss cibmcy tg rmfmivm nuhdihk tlah a wlitm

`grrgwmr witl sieicar frmdit. Tlm rmpgrt, mhtitcmd "[lat's ih a Zifturm7 Mvidmhfm gn Disfrieihatigh

Nrge Zrgspmr.fge," studimd 11:,::: cgah appcifatighs nrge tlm pgpucar cmhdihk wm`sitm frmatmd

`mtwmmh Ouhm 0::> ahd Eay 0::;.1; Ihtmrmstihkcy, tlm prgspmr study nguhd tlat uhcibm ih tlm traditighac

mfghgey, nmeacm `grrgwmrs wmrm egrm cibmcy tlah eacm `grrgwmrs tg rmfmivm nuhdihk nrge pmmr

cmhdmrs.

14. gz kcass ouk ngr frant `mmr),

tgurs gn tlmir `rmwmry ahd mvmh ah ihvitm tg kg witl tlm tmae tg tlm Krmat Aemrifah @mmr Nmstivac ih

Dmhvmr Fgcgradg. Tlm rmsuct7 Tlmy raismd $0=,400 nrge 1>> `afbmrs, passihk tlmir $0=B kgac ahdnuhdihk tlm frmatigh gn tlmir tastihk rgge. Tlis is ahgtlmr mxaepcm tg fgem gut gn Ihkcmwggd wlmrm

traditighac nihahfihk wgucd hgt lavm `mmh ah gptigh2 `ias akaihst wgemh-gwh `usihmss ih tlm `mmr

ihdustry wgucd lavm lmcd lmr `afb, `ut witl a fgeeuhity gn suppgrtmrs wlg slarm tlm saem ihtmrmst

slm was a`cm tg suffmmd. Tlis wicc `rihk egrm `usihmss tg tlm fgeeuhity, pgtmhtiaccy egrm og`s ahd

egrm tax rmvmhum ngr tlm kgvmrhemht.

@cafbstartup.fge - Frgwdnuhdihk ngr Anrifah Aemrifahs

Hatlah @mhhmtt Ncmeihk, a caw prgnmssgr at tlm ]hivmrsity gn tlm Distrift gn Fgcue`ia ahd DF's

Fghkrmssighac Vladgw Pmprmsmhtativm startmd @cafbVtartup.fge witl nivm gn lis nratmrhity `rgtlmrs

nrge wlmh lm attmhdmd naemd L@F], Egrmlgusm Fgccmkm.

@cafb Vtartup is oust a `cgk at tlm egemht, `ut it prgeisms tg dmcivmr a pgwmrnuc fapitac-raisihk

pcatngre ngr idmas ahd `usihmssms ruh `y, gr ngr, pmgpcm ih tlm Anrifah Aemrifah Fgeeuhity. Tlm idma

is kmttihk traftigh, it las acrmady `mmh nmaturmd ih tlm [aslihktgh Zgst0:

, ahd @cafb Vtartup was

rmfmhtcy affmptmd ihtg Yacm Mhtrmprmhmuriac Ihstitutm Vueemr Nmccgwslip Zrgkrae.01

Zcatngres cibm tlis wicc `m avaica`cm ih eahy hiflm earbmts ahd gnnmr tlm pgtmhtiac tg ngfus nuhdihk gh

krgups tlat hgreaccy dgh't rmfmivm attmhtigh nrge `ahbs gr ^F's. Ih a ngfusmd nuhdihk gppgrtuhity

mhvirghemht tlmy wicc `m gnnmrmd a smcn-smcmftmd pggc gn ihvmstgrs gr dghgrs wlg arm acrmady priemd tg

ihvmst ih tlm smcmftmd hiflm.

Mhtrm Euomrms

Mhtrm Euomrms is a trahs-cgfac eusif fgepgsitigh prgomft `mtwmmh Flifahas/Catihas ih tlm ].V. ahd

Oargflas/Emxifah nmeacm eusifiahs ih ^mrafruz, Emxifg00. Vtartmd `y Eartla Kghzacms, Flifaha

Aemrifah ZlD ahd Assistaht Zrgnmssgr ih tlm Flifahg/Catihg Vtudims Dmpartemht gn

Vfripps/Fcarmeght Fgccmkm, Mhtrm Euomrms is ah ihtmrhatighac eusifac fgcca`gratigh aiemd at

prgdufihk eusif tlat is `gtl rggtmd ih fucturac lmritakm ahd rmncmftivm gn dirmft mxpmrimhfms gn tlm

nmeacm sghkwritmrs ahd pmrngremrs. Kghzacms travmcmd tg Emxifg as a Nuc`riklt sflgcar ahd wlicm ih

^mrafruz, rmfgrdmd huemrgus cgfac nmeacm eusifiahs ih tlmir lgems pmrngreihk varigus traditighac

eusifac stycms ahd tlmy fgcca`gratmd gh sghks tgkmtlmr.

Antmr rmturhihk nrge lmr Nuc`riklt Vflgcarslip, slm tggb tlm rmfgrdihks tg smvmrac Flifaha artists ih

Cgs Ahkmcms ahd tlmy fgcca`gratmd nurtlmr addihk additighac ihstruemhtatigh ahd vgfacs tg tlm

rmfgrdihks eadm ih tlm Emxifah wgemh's lgems. Hgw tlmy hmmdmd tg eix ahd rmeastmr tlm eusif tg

frmatm studig quacity audig. Tlmy hmmdmd $1:,::: ih nuhdihk ngr tlm eixihk ahd rmeastmrihk ahd

wahtmd tg prmss 1,::: FD's tg smcc tg rmfgup sgem gn tlm fgsts ihfurrmd `y tlm prgomft tlus nar. [licm

tlis prgomft is hgt striftcy hgh-prgnit, it is acsg hgt a prgomft dmsikhmd striftcy ngr tlm purpgsms gn frmatihk

tlm egst prgnit pgssi`cm cibm egdmrh rmfgrd ca`mc prgduftighs. Hgt a tmeptihk prgpgsitigh tg a `ahbmr

pmrlaps, `ut Es. Kghzacms turhmd ihstmad tg Bifbstartmr ahd smt tlm kgac gn $1:,::: ih =: days. Tlmy

8/21/2019 Crowdfunding's Potential for Minority and Women Owned Enterprises

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gnnmrmd dghgr pmrbs cibm lahd eadm wggdmh pihs ahd marrihks, dikitac dgwhcgads gn tlm ac`ue, wggd

fut prihtmd tmm slirts, ahd eihi-dgfuemhtarims gh tlm eabihk gn tlm ac`ue. Tlm fgeeuhity saw tlm

vacum ih tlm prgomft, ahd 0:< `afbmrs catmr slm rmaflmd tlm kgac witl a tgtac gn $1:,40= ih dghatighs ngr

tlm prgomft.

[lmrm Dg [m Kg Nrge Lmrm7[licm disfrieihatigh ih affmss tg fapitac wicc hgt disappmar gvmr hiklt, tlmrm is sikhinifaht ahmfdgtac

mvidmhfm tlat `rgadmhihk tlm `asm gn fghtri`utgrs a`cm tg put fapitac ihtg prgomfts wicc cibmcy `m a`cm tg

accmviatm sgem gn tlm hmkativm mnnmfts gn a hue`mr gn mxaepcms gn ihstitutighac disfrieihatigh. Turegic

ih tlm mfghgey fah disprgpgrtighatmcy lare eihgrity ahd wgemh gwhmd `usihmssms ih tlmir smarfl

ngr fapitac. At tlm saem tiem it is gntmh tlmsm saem eihgrity ahd wgemh gwhmd `usihmssms tlat lavm

`gtl affmss tg uhtappmd hiflm earbmts ngr wiccihk fapitac accgfatgrs ahd rgge ngr su`stahtiac krgwtl

ngr ihvmstgrs. @gtl dm`t ahd mquity nuhdihk ihstitutighs lavm listgrifaccy disfrieihatmd akaihst

eihgrity ahd wgemh gwhmd `usihmssms, ahd mvmh as ieprgvmemhts arm eadm, tlm cmvmc gn

disfrieihatigh rmeaihs sikhinifaht. Frgwdnuhdihk eay gnnmr via`cm gptighs ih mquity, dm`t, rgyacty,

ahd dghatigh egdmcs tg `rmabdgwh cghkstahdihk `arrimrs tg fapitac ahd accgw kggd idmas tg rmfmivmtlm nuhdihk tlmy dmsmrvm `y dmegfratizihk `gtl affmss tg fapitac ahd prgvidihk acc ihvmstgrs tlm

nrmmdge tg flggsm wlat fgepahims, mhtrmprmhmurs, ahd fgeeuhitims tlmy waht tg ihvmst ih. [lmh tlm

nucc mnnmfts gn Titcm III gn tlm OG@V Aft kgms ihtg mnnmft, as cghk as tlmy prgvidm a rmasgha`cm apprgafl tg

prgtmftihk ihvmstgrs ahd prgvidihk affmss tg fapitac, it eay `m cibmcy tlat wgemh ahd eihgritims wicc `m

tlm carkmst `mhmnifiarims gn frgwdnuhdihk ih gur mfghgey as wmcc.

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Pmsgurfms?

1. [gemh-Gwhmd @usihmssms ih tlm 01stFmhtury, Gftg`mr 0:1:, ]V Dmpartemht gn Fgeemrfm

Mfghgeifs ahd Vtatistifs Adeihistratigh, Avaica`cm at (lttp?//www.dgc.kgv/w`/emdia/[gemh-

GwhmdW@usihmssmsWihWTlmW01stWFmhtury.pdn)

0. [ly Frgwdnuhdihk Is a Kaem-Flahkm ngr [gemh Mhtrmprmhmurs @y Kmri Vtmhkmc, Ngr`ms,

Oahuary 6:, 0:16, Avaica`cm at? lttp?//www.ngr`ms.fge/sitms/kmristmhkmc/0:16/:1/6:/wly-

frgwdnuhdihk-is-a-kaem-flahkm-ngr-wgemh-mhtrmprmhmurs/

6. Ihdimkgkg Ihsiklts? [gemh =x Egrm Vuffmssnuc gh Ihdimkgkg tlah ih ^mhturm, Ihdimkgkg @cgk,

Dmfme`mr 0:, 0:1:, Avaica`cm at? lttp?//kg.ihdimkgkg.fge/`cgk/0:1:/10/ihdimkgkg-vs-vmhturm-

fapitac-wgemh-64-egrm-suffmssnuc.ltec

4. Dr. Pg`mrt Naircim ahd Dr. Acifia Pg``, Disparitims ih Fapitac Affmss `mtwmmh Eihgrity ahd Hgh-

Eihgrity-Gwhmd @usihmssms? Tlm Trgu`cihk Pmacity gn Fapitac Cieitatighs Nafmd `y E@Ms, ].V.Dmpartemht gn Fgeemrfm, Eihgrity @usihmss Dmvmcgpemht Akmhfy, Oahuary 0:1:, Avaica`cm at

lttp?//pmgpcm.ufsf.mdu/~rnaircim/prmsmhtatighs/Disparitims%0:ih%0:Fapitac%0:Affmss%0:Pmpgrt%0:0:1

:.pdn

=. [icciae Oafbsgh ahd Tiegtly @atms, Tlm ^ia`icity gn tlm Eihgrity-Grimhtmd ^mhturm Fapitac

Ihdustry, V@A Gnnifm gn Advgfafy, Eay 0:16, Avaica`cm at?

lttp?//www.s`a.kgv/sitms/dmnauct/nicms/nicms/rs4:;tgt.pdn

>. V@A Cgahs tg @cafb Mhtrmprmhmurs Drgp Draeatifaccy, @y [acbmr Egsbgp, Vt. Cguis Zgst-Dispatfl,Dmfme`mr :1, 0:16 , Avaica`cm at? lttp?//www.stctgday.fge/`usihmss/cgfac/s`a-cgahs-tg-`cafb-

mhtrmprmhmurs-drgp-draeatifaccy/artifcmWand40=4d-61d=-=a`d-91n4-`>`6.ltec

;. Tiegtly @atms ahd [icciae @radngrd, Eihgritims ahd ^mhturm Fapitac? A Hmw [avm ih Aemrifah@usihmss, 0::6, Avaica`cm at? lttp?//sitms.baunneah.grk/pdn/eihgritimsWvfWrmpgrt.pdn

/:1/kOQATlq;@^Wstgry.ltec

9. Cmhdihk Disfrieihatigh? @cafb @grrgwmrs Nafm Liklmr Lurdcms, Vtudy Vlgws, @y Vtmnahgs

Flmh, Lunnihktgh Zgst, Nm`ruary,0>,0:10, Avaica`cm at?

lttp?//www.lunnihktghpgst.fge/0:10/:0/04/cmhdihk-disfrieihatigh-`cafb-`grrgwmrs-nafm-

liklmr-lurdcms-ih-cmhdihk-studyWhW16::=:9.ltec

1:. [arrmh Cahm ]r`ah Nare Ihdikgkg nuhdraisihk pakm, Ihdikgkg, affmssmd >/1:/0:14, Avaica`cm

at? lttps?//www.ihdimkgkg.fge/prgomfts/warrmh-cahm-ur`ah-nare

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1=

11. Tlrmm [mavmrs @rmwihk Fgepahy nuhd raisihk pakm. Bifbstartmr, Affmssmd >/16/0:14, Avaica`cm

at? lttps?//www.bifbstartmr.fge/prgomfts/tlrmmwmavmrs`rmwihk/its-egrm-tlah-`mmr-its-

fgeeuhity7rmn5disfgvmry

10. @cafbVtartup las `mmh affmptmd ihtg tlm Yacm Mhtrmprmhmuriac Ihstitutm Vueemr NmccgwslipZrgkrae, www.@cafbstartup.fge

16. Mhtrm Euomrms nuhd raisihk pakm, Bifbstartmr, Affmssmd >/1:/0:14, Avaica`cm at?

lttps?//www.bifbstartmr.fge/prgomfts/ekghzacmz/mhtrm-euomrms-trahscgfac-eusifac-

diacgkums7rmn5disfgvmry

14. Tiegtly @atms ahd [icciae @radngrd, Eihgritims ahd ^mhturm Fapitac? A Hmw [avm ih Aemrifah

@usihmss, 0::6, Avaica`cm at? lttp?//sitms.baunneah.grk/pdn/eihgritimsWvfWrmpgrt.pdn

1=. Vtmvmh Gvmrcy Frgwdnuhdihk Mxpahds Affmss tg Fapitac ngr [gemh, Eihgrity Mhtrmprmhmurs Tlm

[aslihktgh Zgst, Apric ;, 0:16, Avaica`cm at?lttp?//www.waslihktghpgst.fge/`usihmss/fapitac`usihmss/fgeemhtary-frgwdnuhdihk-fah-prgvidm-

hmw-nihahfihk-gptigh-ngr-eihgrity-nires/0:10/:>/:1/kOQATlq;@^Wstgry.ltec

1>. Cmhdihk Disfrieihatigh? @cafb @grrgwmrs Nafm Liklmr Lurdcms, Vtudy Vlgws, @y Vtmnahgs

Flmh, Lunnihktgh Zgst, Nm`ruary,0>,0:10, Avaica`cm at?

lttp?//www.lunnihktghpgst.fge/0:10/:0/04/cmhdihk-disfrieihatigh-`cafb-`grrgwmrs-nafm-

liklmr-lurdcms-ih-cmhdihk-studyWhW16::=:9.ltec

1;. Id.

1/1:/0:14, Avaica`cmat? lttps?//www.ihdimkgkg.fge/prgomfts/warrmh-cahm-ur`ah-nare

19. Tlrmm [mavmrs @rmwihk Fgepahy nuhd raisihk pakm. Bifbstartmr, Affmssmd >/16/0:14, Avaica`cm

at? lttps?//www.bifbstartmr.fge/prgomfts/tlrmmwmavmrs`rmwihk/its-egrm-tlah-`mmr-its-

fgeeuhity7rmn5disfgvmry

0:. Frgwdnuhdihk Mxpahds Affmss tg Fapitac ngr [gemh, Eihgrity Mhtrmprmhmurs, @y Vtmvmh Gvmrcy,

Tlm [aslihktgh Zgst, Apric ;, 0:16 Avaica`cm at?

lttp?//www.waslihktghpgst.fge/`usihmss/fapitac`usihmss/frgwdnuhdihk-mxpahds-affmss-tg-fapitac-ngr-

wgemh-eihgrity-mhtrmprmhmurs/0:16/:4/:;/n6;n0fda-9d=9-11m0-a0d`-mnf=09/1:/0:14, Avaica`cm at?

lttps?//www.bifbstartmr.fge/prgomfts/ekghzacmz/mhtrm-euomrms-trahscgfac-eusifac-

diacgkums7rmn5disfgvmry

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Zlghm

Eaih Gnnifm? (