1See Bradford, C. Steven, Crowdfundln~ and the Federal Securities Laws (March 9, 2012). Columbia Business Law Review, Vol. 2012, No. 1, 2012: 27.
2Available at SSRN: http: //ssrn. eom/abstract = 1916184; see also Belleflamme, Paul and Lambert, Thomas and Schwienbacher, Armin, Crowdfunding: Tapping theRight Crowd (July 9, 2013).
3Journal of Business Venturing, Forthcoming; CORE Discussion Paper No. 2011/32 : 6 - 7.
4Available at SSRN: http: //ssm. com/abstract=1578175 or http: //dx. doi. org/10.2139/ssm. 1578175.
5See Shahrokh Sheik : Although Donation - Based Crowdfunding Has Experienced Some Success, Questions Remain about the Practicality of Equity- Based Crowdfunding, Los Angeles Lawyer, May, 2013: 1.
