Social media is one of the most remarkable developments of the Internet revolution. One need look no further than Egypt, the United Kingdom, the United States, Syria, or Libya to view the influence that online communities have had in the political sphere. Now, this power has come to the business world, specifically the marketplace for equity shares in business startups.

On April 5, 2012, President Obama signed the Jumpstart Our Business Startups Act, better known as the JOBS Act. The Act is designed to “reopen American capital markets to small companies,” defined as “emerging growth companies.” I believe this is one of the most significant legislative initiatives since the Securities and Exchange Acts of 1933 and 1934. This law ...

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