State crowdfunding website will go live June 1st - WKOW 27: Madison, WI Breaking News, Weather and Sports

State crowdfunding website will go live June 1st

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MADISON (WKOW) -- Beginning June 1st, certain Wisconsin small businesses and start-up companies will be able to take advantage of a new state law allowing them to seek investors through online crowdfunding.

Crowdfunding allows a business or individual to raise capital by accepting small investments from a large number of people, traditionally on internet sites.

Websites like Kickstarter have made crowdfunding popular and more commonplace.

The new law, signed by Governor Walker last November, created an exemption in state securities' statutes to allow an individual Wisconsin resident to invest up to $10,000 in a qualifying company and allow those companies to raise up to $1 million. 

Interested companies can begin signing up for the crowdfunding exemption with the Wisconsin Department of Financial Institutions (DFI) next week.  A company can start offering shares to investors 10 days after DFI approves their exemption.  DFI will have a portal to the various investment opportunities on its website.

You can find more information about the new crowdfunding exemption here.

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