Governor signs legislation that supports Delaware entrepreneurs
Gov. Jack Markell signed legislation July 11 that will give entrepreneurs across Delaware increased opportunities to access capital to grow their businesses. Sponsored by Rep. Bryon Short, D-Highland Woods, and Sen. Brian Bushweller, D-Dover - Central Kent, HB 327 permits the use of online crowdfunding platforms and allows Delaware residents to be investors in Delaware start-ups and small businesses, expanding the potential pool of investment capital while also giving Delawareans the chance to be early stage investors in these ventures. The measure enjoyed broad bipartisan support and was passed unanimously in both houses of the General Assembly last month.
"At a time when small business and entrepreneurs have a bigger stake in our state's economic future we want to make sure that those with ideas to start new businesses and expand their employment have the opportunity to succeed right here in Delaware," Markell said. "By demonstrating support across state government for Delaware's growing entrepreneurial sector, we're taking another step to build on Delaware's record-setting job growth in the years to come."
The governor highlighted the crowdfunding initiative during his State of the State address earlier this year, and it follows action by Congress, through leadership from Congressman John Carney, which gives states the flexibility to permit citizens to more easily invest in start-ups. Around the world, crowdfunding allows companies to raise billions of dollars, and this year for the first time this amount of investment is expected to exceed funding provided through traditional sources like venture capital.
"We need to make sure our laws keep pace with technology so that our small businesses have access to new methods of raising much-needed capital,"said Short. "Delawareans have a strong sense of pride in locally owned and operated businesses. This law takes steps to help new companies by enabling Delaware residents to invest and participate in the success of homegrown Delaware start-ups."
Read more: http://www.capegazette.com/article/governor-signs-legislation-supports-delaware-entrepreneurs/111299
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