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States beat the SEC to the new frontier of crowdfunding

Shaun Lee gets crowdfunding. Without Kickstarter, he might not be in an industrial loft near downtown Atlanta turning oil cans into $300 electric guitars. “Since the body is metal, not only are you picking up stuff from the strings, you’re picking up stuff from the can as well,” Shaun explains as he cuts into an oil can. “So just from it rubbing up against your body, you get a really unique tone.” A few years ago, Shaun and his brother Adam noticed that unique tone coming from a street musician in their native South Africa. They brought an oil-can guitar back to Atlanta, and soon, lots of folks were asking where they could get one. Adam says it seemed logical to start a business. They named it Bohemian Guitars. “Over time, the demand grew and grew and grew, and we knew we were on to something special here,” he says. Although penny-pinchers, the brothers quickly burned through the original $55,000 they crowdfunded through Kickstarter. They need $150,000 to expand and keep up with demand, but banks have said “no” to loan applications big and small. Now, the brothers are poised to test a new kind of crowdfunding: selling shares to their fellow everyday Georgians. Equity crowdfunding isn’t […]

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