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Posted over 9 years ago

Our Crowdfunding Network Is Growing Part 52

Today I had a very productive meeting with a local securities attorney about how to structure Inner 10 Capital and a new company we're planning on setting up for intrastate portal exemptions in Texas.  We have deferred setting up these legal structures because we wanted to see how the team shook out and how the rulings for intrastate portals would lay out.  This is becoming clearer and I have a meeting with The State Securities Commission in January that should help to shake things out more.  We'll likely set up two separate companies and call the second one TexShares or something similar to that.

Our first raise is still slow going around the holiday.  A couple of site bugs have been fixed and we're set up to get weekly support from GroundBreaker on fixing more items.  Our escrow functionality is still broken because of Wells backing out on our broker-dealer so we will probably just buy this first property in cash and crowdfund out of it later.  The attorneys are working on letters for the disclosures needed here.  

We still get steady investor flows to the site and I expect for us to amp up our marketing efforts quite a bit in early 2015 once our legal structures are done.  We have a bit more setup work to do, but I expect for this to wind down quite a bit in Q1 of 2015 and we'll settle into bringing in new deals and new investors pretty regularly after that.  Our compensation agreements still need to be structured.  We're working through that with yet another securities attorney right now.  The legal for this stuff is maddeningly slow, but it is what it is.  

Our new companies will be set up to allow us to bring in new staff if they're willing to work for equity, which I don't expect will be a problem with our Austin talent pool to draw from.  We really need help with technology to keep my partner busy on other things and marketing content generation.  I'll start to source more of that before we take on too many more deals so we can have the horse before the cart.  


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