????投資初創(chuàng)企業(yè)要取得成功，光有現(xiàn)金還不夠。這是風(fēng)險(xiǎn)投資家和證券監(jiān)管機(jī)構(gòu)希望向有意參與股權(quán)眾籌的人士傳遞的信息。股權(quán)眾籌是一種新的投資形式，尚有待監(jiān)管部門批準(zhǔn)。普通投資者很快將有機(jī)會(huì)投資于早期初創(chuàng)企業(yè)，從而獲得這些公司的股票。目前，只有一小部分滿足一定收入和財(cái)富標(biāo)準(zhǔn)的投資者才能投資于初創(chuàng)企業(yè)，獲得這些公司的股權(quán)。

????這個(gè)變化源自美國(guó)總統(tǒng)奧巴馬于去年四月簽署的《創(chuàng)業(yè)企業(yè)扶助法案》（Jumpstart Our Business Startups Act）。這個(gè)法案的目標(biāo)之一就是幫助早期初創(chuàng)企業(yè)獲取資本。Kickstarter等大受歡迎的眾籌網(wǎng)站目前允許待孵企業(yè)通過一個(gè)捐贈(zèng)體系籌集資金。毫無疑問，目前已經(jīng)有多達(dá)數(shù)百萬美元的募集起來，用于開發(fā)小工具、電影、藝術(shù)項(xiàng)目甚至是小型企業(yè)。但投資者的回報(bào)只有小禮物、未來可享受的折扣或特殊待遇—— 并不能獲得公司股份。這項(xiàng)新法案可能提高這個(gè)類型的籌款過程對(duì)投資者的吸引力，因?yàn)樽鳛橥顿Y的回報(bào)，他們將獲得相關(guān)公司的部分所有權(quán)。

????這個(gè)基于股權(quán)的新體系前所未見。證券監(jiān)管官員和風(fēng)險(xiǎn)資本家都毫不掩飾憂慮之情。他們最擔(dān)心的是可能出現(xiàn)欺詐活動(dòng)或非法眾籌平臺(tái)。“我每天都在跟騙子和小偷打交道。如果你認(rèn)為他們不會(huì)利用眾籌詐騙投資者，那你真是瘋了，”阿肯色州證券專員、北美證券管理者協(xié)會(huì)（NASAA）會(huì)長(zhǎng)希思?阿巴舒爾表示。美國(guó)國(guó)會(huì)已要求美國(guó)證券交易委員會(huì)（SEC）負(fù)責(zé)完善這個(gè)法案，但之前由奧巴馬總統(tǒng)設(shè)定截止日期已經(jīng)過去。這個(gè)日期是今年一月。美國(guó)證交會(huì)究竟要到什么時(shí)候才能提出相應(yīng)規(guī)則，目前尚不清楚，不過大多數(shù)觀察者認(rèn)為可能在今年年內(nèi)。

????與此同時(shí)，潛在的眾籌平臺(tái)已經(jīng)迫不及待。加拿大新不倫瑞克省證券委員會(huì)執(zhí)法主任杰克?范?德?朗表示，北美證券管理者協(xié)會(huì)檢查發(fā)現(xiàn)，有9,400余網(wǎng)站域名包含“眾籌”一詞，數(shù)量幾乎是2011年的10倍。大量眾籌網(wǎng)站似乎已準(zhǔn)備就緒，不過在企業(yè)家和一群菜鳥投資者之間，只有一個(gè)證交會(huì)。有意試水股本眾籌的投資者應(yīng)該牢記以下幾點(diǎn)：

????1.盡量去了解企業(yè)家。曾參與過Facebook、Twitter和移動(dòng)支付技術(shù)公司Square早期投資的谷歌投資（Google Ventures）普通合伙人凱文?羅斯表示，如果想投資一家公司，首先要做的是去了解它的管理者或管理層。“沒有與這些企業(yè)家面談前，我絕對(duì)不會(huì)投資一分錢。而光靠網(wǎng)上交流的話很難做到這一點(diǎn)，所以一定要小心謹(jǐn)慎。”一旦股本眾籌方案獲得批準(zhǔn)，企業(yè)家們究竟需要披露多少公司信息？目前仍是未知數(shù)。不過這并不意味著投資者們無法做一番深入挖掘。安德森?霍羅維茨基金（Andreessen Horowitz）合伙人羅尼?康韋（知名投資家羅恩?康韋之子）表示，不要害怕聯(lián)系他們。大家可以通過社交媒體，甚至還能要求做視頻面試。了解一名企業(yè)家的商業(yè)背景、教育和行業(yè)經(jīng)驗(yàn)?zāi)軒椭顿Y者將風(fēng)險(xiǎn)降到最低。康韋說：“投資你認(rèn)為能夠做一番大事業(yè)的企業(yè)家。投資企業(yè)的實(shí)質(zhì)是在投資人！”

????Investing successfully in startups takes more than a pocketful of cash. That's the message venture capitalists and securities regulators hope to transmit to those interested in equity-based crowdfunding, a new form of investing currently awaiting regulatory approval. Ordinary investors will soon have the opportunity to invest in early-stage startups in exchange for company stock. Today, only a small percentage of investors, those who meet certain income and wealth requirements, are effectively able to invest in startups in exchange for equity.

????The change is part of the JOBS Act -- a.k.a. the Jumpstart Our Business Startups Act -- a law signed by President Obama last April. One of its aims is to increase early stage startups' access to capital. Crowdfunding sites like the wildly popular Kickstarter currently permit prospective ventures to raise funds through what is essentially a donation system. No doubt, millions have been raised to fund the development of gadgets, movies, art projects, even small businesses. But in exchange for their donations, supporters receive small gifts, future discounts, or perks -- not a stake in the company. The new law could make this type of fundraising process more appealing to investors because they will receive partial ownership in exchange for their investment.

????The new equity-based system is unprecedented. Both securities officials and venture capitalists aren't shy about expressing concern. The potential for fraudulent campaigns or illegitimate crowdfunding platforms tops the list. "I spend my days dealing with the crooks and the thieves," says Heath Abshure, the Arkansas securities commissioner and president of the North American Securities Administrators Association (NASAA). "If you think they're not going to use crowdfunding to fleece investors, you're crazy." Congress has charged the Securities and Exchange Commission with the responsibility of coming up with the law's logistics, but a January deadline set by President Obama has already come and gone. When exactly the SEC will finally offer proposed rules remains unclear, though most observers believe it is likely to be this year.

????In the meantime, potential crowdfunding platforms are champing at the bit. A review by NASAA found more than 9,400 web domains, nearly 10 times as many as 2011, contain the term "crowdfund," says Jake van der Laan, director of enforcement for the New Brunswick Securities Commission. With no shortage of crowdfunding websites seemingly waiting in the wings, only the SEC stands between entrepreneurs and a fresh group of investors. For those interested in testing the equity crowdfunding waters, here are a few things to keep in mind:

????1. Get to know the entrepreneur.Understanding the individual or team of entrepreneurs behind a company you may invest in is essential, says Kevin Rose, a general partner at Google Ventures (GOOG) who invested early in Facebook (FB), Twitter, and Square. "I absolutely won't invest in something unless I have sat down with the entrepreneur," he says. "That's obviously extremely difficult to do online, so if anything I'd just be cautious." It is still unclear how much information entrepreneurs will be required to share alongside campaigns once equity crowdfunding becomes an option, but that doesn't mean investors can't do some digging. Don't be afraid to make contact over social media or even request a video interview, says Ronny Conway, a partner at Andreessen Horowitz (and son of famed investor Ron Conway). Knowing an entrepreneur's business background, education and industry experience can help investors minimize the gamble. "Invest because you're backing an entrepreneur that you think can do great things," says Conway. "It's all about investing in the people."