October 7, Thierry Merquiol, president of WiSEED, describes the provisions of the draft bill that should come into force in a near future in France.
The bill describes the requirements to be taken into account before a company could participate to a crowdfunding on a French platform :
- Business model of the platform should be based on a single lump sum, the platform can’t be paid based on the success fees
- Limitation of the funding to 300.000 EUR (forget about any Pebble’ kind of success)
- The company to be funded should be incorporated as a public limited liability company (LLC) – Read that not a single project proposed by an individual can be proposed
- Full registration on the website is required before disclosing
- the name of the company searching for investors
- detailed information about the project
- A full registration means the following; the small saver/investor should
- Sign 7 pages of the contract and send it back by regular post
- Disclose his payslip
- Disclose his expenses
It is clear that this bill wants to protect small savers/investors but we may consider that funding a project for few hundred Euros doesn’t put a person at risk;
I invite the regulators to move forward and request to all players of lotteries/casino or users of eBay/Amazon/3Suisses to sign by hand a contract and disclose their payslip before buying any item !!!
The bill seems overstated, apparently Messieurs Hollande, Herault and Montebourg want to keep their citizens watching stupid TV shows instead of being enthusiastic about their innovations.
Citizens want to work, pay taxes and capture as much value as they can from their initiatives!
- Public consultation on possible reforms to support the crowdfunding initiatives (French only): http://bit.ly/1bbbsgs
- Le financement participatif pour les start-ups : Thierry Merquiol dans Good Morning Business – 07/10 (French): http://bit.ly/17VV185
- Wiseed: www.wiseed.com
- Thierry Merquiol, Twitter account: https://twitter.com/merquiol
- BFM Business, the website (French): http://www.bfmtv.com/economie/
- Pebble: E-Paper Watch for iPhone and Android: http://www.kickstarter.com/projects/597507018/pebble-e-paper-watch-for-iphone-and-android