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David M. Freedman, Financial & Legal Journalist

Resources for a New Era of Angel Investing
Updated 8/5/19

The Jumpstart Our Business Startups Act of 2012 ushered in a new era of angel investing. Title III of the JOBS Act allows all investors, regardless of their net worth or income, to invest in innovative startups and growing small companies, through equity crowdfunding portals. The SEC approved final rules under Title III on October 30, 2015, and funding portals featuring Title III offerings launched on May 16, 2016.


In November 2016, Indiegogo, one of the two largest rewards-based crowdfuding sites in the world, launched a new Title III equity offering platform via the MicroVentures site. Indiegogo's entry will "jumpstart" interest among inexperienced angel investors.


David M. Freedman coauthored a book about equity crowdfunding for investors, published in June 2015 by Wiley & Sons. Freedman's coauthor is Matthew R. Nutting, a lawyer in the Fresno, CA, firm of Coleman & Horowitt.


The book covers not only Title III equity crowdfunding but also Regulation D offering platforms (including Title II offerings) and intrastate equity crowdfunding portals—now authorized in at least 26 states and the District of Columbia.


See chapter summaries.
See a review of the book at Crowdwise (posted August 2019)
See a review of the book at
Investing.com (posted June 2015)
Purchase the book on Amazon.com (5 star rating)


In addition, Freedman and Nutting have written articles about crowdfunding (which you can access free of charge) including the history of crowdfunding, comparing different kinds of crowdfunding offerings and platforms, peer-to-peer lending, Regulation A+, and more.

The book's companion website features the information listed below, updated every few months. The site is password-protected; you get the password when you buy the book.

  • Final SEC rules under Title III of the JOBS Act of 2012

  • Summary of Title IV of the JOBS Act (Regulation A+)

  • Crowdfunding industry news media

  • Crowdfunding-related professional associations

  • Educational websites for angel investors

  • Crowdfunding platform search and deal aggregation sites

  • States with intrastate securities exemptions, including equity crowdfunding

  • Updates and Corrections (incl. errata)


Equity Crowdfunding for Investors

A guide to risks, returns, regulations,
funding portals, due diligence, and deal terms

Equity Crowdfunding for Investors

By David M. Freedman & Matthew R. Nutting
Wiley & Sons, June 2015

How to invest in startups and early-stage
companies via equity offering
platforms and crowdfunding portals

with final SEC rules for equity
crowdfunding (issued Oct. 30, 2015)
and other updates

download PDF file