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Member News: National Entrepreneurship and C.C. News

JOBS bill would aid startups, like at Innovation Depot, U.S. Rep. Spencer Bachus says

Monday, March 26, 2012   (0 Comments)
Posted by: Kristina Moy
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By Martin Swant, The Birmingham News, via AL.com

BIRMINGHAM, Alabama -- Startup companies such as those at Innovation Depot soon might find it easier to get early stage investment under legislation making its way through Congress.

The Jumpstart Our Business Startups Act, better known as the JOBS Act, is a package of six bills in Congress aiming to cut the red tape and regulatory burden start-ups often face while trying to raise money and attract investors. One of the bills would allow what is known as "crowdfunding," a fundraising method in which a large number of investors can pool small amounts of money to grow a new company.

The JOBS Act originated in the House Financial Services Committee, chaired by U.S. Rep. Spencer Bachus, R-Vestavia Hills. Bachus, one of the act's sponsors, spoke in favor of bills on the House floor on March 7, a day before it passed. In an interview Friday afternoon, Bachus said many start-up companies like those at Birmingham's Innovation Depot and other incubators around the country are a breeding ground for great ideas. But the young companies creating new products and new services where economic growth originates lack the funding possibilities available to larger firms.


Read more about what the JOBS ACt can do for start-ups


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