March 29, 2024 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Win $20,000 and a Cool-Looking Car

StartEngine, a Santa Monica-based pioneer in the brave new world of OPOs, or  Online Public Offerings — also known as equity crowdfunding — is making things even more exciting for those interested in hot new startups.

Raising up to $1M from accredited and non-accredited investors in exchange for equity became legal this year after years of review by the SEC.  This new fundraising technique opens new doors for both entrepreneurs seeking capital and investors seeking to get in on the ground floor of new deals.

Howard Marks, Co-founder and Executive Chairman of StartEngine, announced in recent days that his company is offering $20,000 and a free Elio Motors vehicle to the person who gets 5,000 investor referral signups.

Marks was inspired by the story of Jet.com, an online retailer, that made a similar offer to the person who signed up the most members to Jet.com’s online buying service.  The person who came out on top of this competition was awarded 100,000 shares in Jet.com.

A very astute guy named Eric Martin figured out how to mathematically maximize his chances and he invested $18,000 in personal money promoting his scheme to sign up new users of Jet.com. He won the contest.

allenjebsen
Allen Jebsen of StartEngine explains the ins and outs of equity crowdfunding at a recent workshop held at Real Office Centers in Santa Monica.

Jet.com recently sold out to WalMart, and Martin’s shares are now worth a reported $20 million.

“Starting today, the first person to refer the most investors who join StartEngine by December 31st, 2016 will earn $20,000 and a free Elio Motors vehicle,” said Marks.

This is subject to the vehicles being available for sale, he noted.

Elio Motors recently conducted a successful crowdfunding campaign on StartEngine.  The Elio vehicle looks part car, part motorcycle – and lots of futuristic fun.

Elio Motors raised nearly $17 million on StartEngine and is now, with cash in hand, gearing up to go into production.

Via crowdfunding, now legal because of the of the JOBS Act, signed by President Obama in 2012 with bipartisan support, early-stage entrepreneurs can raise up to $50 million a year for their startups from accredited and non-accredited investors.

Non-accredited (non-rich) investors can participate within certain restrictions intended to protect them from over-extending themselves or becoming the victims of scams.  Accredited investors are more free to take bigger risks.

Larger deals can take advantage of Regulation A+, which allows companies to raise as much as $50 million.  This technique is akin to going public (an OPO, or Online Public Offering), without all the legal and accounting rigamarole.

Using this technique, Elio Motors raised its nearly $17M.

Crowdfunding is of increasingly intense interest here in Silicon Beach, a rising hotbed of startup activity.

Marks is the co-founder of Activision, a video gaming powerhouse.  He also ran Acclaim Games. He is now chairman of StartEngine.

Marks is joined in running StartEngine by partner Ron Miller, often described as an “entrepreneur’s entrepreneur.”  Miller has been highly successful in the world of private equity and is a charismatic speaker at venues like Digital Hollywood.

StartEngine, which is located in the Real Office Centers (ROC) on Arizona Ave. in Santa Monica, began as a startup accelerator – an organization that helps startups get on their feet – and recently shifted gears and decided to become a pioneer in up-and-coming crowd-funding space.

Know any prospective investors?  Ready to put in a little work?  Some real cash and a new car could be yours by year’s end.

For more information – or to join the contest to sign up the most investors –go to StartEngine.com.

 

Related Posts

Metro LA Looks to Create Homeless Support Hubs at Train Termini

February 6, 2023

February 6, 2023

Metro estimates that 800 people use Metro train and rapid transit bus stations as shelter each night By Dolores Quintana...

Police Pursue Reckless Driver in Chase That Started in San Diego and Ended at LAX

October 21, 2022

October 21, 2022

Thursday afternoon pursuit ends in a standoff at airport A driver led police on a chase Thursday that started in...

Police Seek Driver Wanted for Fatal 10 Freeway on-Ramp Hit-and-Run

September 30, 2022

September 30, 2022

Driver of black, 4-door sedan sought in connection to Sunday night collision Los Angeles Police Department, West Traffic Detectives, are...

Masking Now Optional for LA Metro Trains and Buses

September 30, 2022

September 30, 2022

Masking no longer required at LAX as well  By Dolores Quintana As of September 23, Los Angeles County has lifted...

LAFD Put Out Expo Line Fire

September 26, 2022

September 26, 2022

No injuries reported in Thursday afternoon incident.  The LAFD made quick work putting out a grass fire that broke out...

Driver Sought for Fatal Venice Boulevard Hit-and-Run

August 16, 2022

August 16, 2022

August 15 incident kills 35-year-old man By Staff Writer The Los Angeles Police Department, West Traffic Detectives, are investigating a...

Santa Monica Ends Cashless Big Blue Bus Policy

July 12, 2022

July 12, 2022

The City of Santa Monica had ended its cashless policy for Big Blue Bus rides. .Video sponsored by Canyon Club.

LA City Council Approves Bicycle ‘Chop Shop’ Ban

June 23, 2022

June 23, 2022

Bonin one of three dissenting votes on law prohibiting individuals from assembling or disassembling bicycles in public.  By Sam Catanzaro...

Culver CityBus Receives $645,750 to Analyze City’s Transit System and Develop Sustainability Roadmap

June 16, 2022

June 16, 2022

Submitted by the City of Culver City The Federal Transportation Administration (FTA) announced in early June that the Culver City...

Video: Westside E-Scooter Injury Rate High Than National Rate for Motorcycles

May 10, 2022

May 10, 2022

The Westside’s injury rate for e-scooters is higher than the national rate for motorcycles, a new study has found. Learn...

UCLA Study Offers Strategy for Freeway Congestion Pricing That Reduces Burden on Low-Income Residents

May 5, 2022

May 5, 2022

Claudia Bustamante/UCLA Newsroom  Among transportation experts, congestion pricing is the gold standard policy for managing traffic on freeways and highways....

Inglewood City Council Green Lights $1.4 Billion People Mover

April 22, 2022

April 22, 2022

People mover would connect the Crenshaw/LAX Line with SoFi Stadium, Intuit Dome By Dolores Quintana The Inglewood City Council has...

Work Begins on $900 Million LAX Metro Station

April 8, 2022

April 8, 2022

Project expected to be completed by 2024 By Dolores Quintana Work is finally beginning on the $900 million Metro project...

Average Gasoline Prices in Los Angeles Have Risen 13.5 Cents per Gallon in the Last Week

March 22, 2022

March 22, 2022

Average gasoline prices in Los Angeles have risen 13.5 cents per gallon in the last week, averaging $5.95/g Monday, according...

Slower Speed Limits Approved for Westside Streets

March 16, 2022

March 16, 2022

Garcetti signs ordinance to lower speed limits on city streets By Sam Catanzaro Slower speed limits are officially coming to...