The Ultimate Investor's

Playbook
TO CROWDFUNDING

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TIPS FROM 33 OF THE WORLD'S MOST INFLUENTIAL CROWDFUNDING EXPERTS

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Hello!
The potential returns available from investing in the next Apple or Google are
huge, but so are the risks. If youre looking for ways to profit from the equity
crowdfunding revolution, but wondering how to go about it, look no further.

Jon Medved
Serial Entrepreneur
Investor and CEO,

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OurCrowd

Weve interviewed more than thirty of the worlds top crowdfunding experts
including Barbara Corcoran, Tim Draper, Steve Dresner, Douglas Ellenoff,
Ronald Kleverlaan, Charles Luzar, Tanya Prive, Richard Swart, and Senator
Mark Warner to bring you this investor playbook. We highlight the asset
allocation and diversification strategies that the pros use to mitigate the risks
inherent in this exciting asset class and explore the whys and hows of due
diligence. We also highlight what the pros look for when selecting
crowdfunding intermediaries and show you how to tap into the wisdom of the
crowds to build your investment portfolio.
Weve taken the guesswork out of the equation so you can focus on increasing
your chances of success.
So please enjoy these insider tips and tell us what you think.

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Contents
Introduction
Your Play-by-Play Guide To Equity Crowdfunding
1 Do Well By Doing Good
2 Recognize That Startup Investing Is Risky
3 Keep Your Cool
4 Know What You Can Afford To Lose
5 Spread Your Investment Funds Across Asset Classes
6 Dont Put All Your Eggs In One Basket
7 Choose Crowdfunding Platforms Wisely
8 Do Your Due Diligence
9 Invest In People You Trust
10 Invest In What You Know
11 Make Sure The Numbers Add Up
12 Know Your Rights
13 Tap Into The Crowds Collective Wisdom
Meet Our Panel of Crowdfunding Experts
Closing Thoughts

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Introduction
Video games are one of the hottest commodities in crowdfunding, with Chris
Roberts Star Citizen earning the top spot as the largest crowd-funded project ever.
To date, 399,776 backers have pledged US $39.4 million blowing past the initial
$500,000 Kickstarter goal in a matter of weeks. Star Citizen is aiming to be the first
AAA game developed with money from fans instead of a major publisher. Clearly,
theyre well on their way.
This campaign is just one reason investors are hailing 2014 a watershed year for the
crowdfunding industry.
Beginning this year, insiders expect crowdfunding generally, and equity crowdfunding for accredited investors in
particular, to skyrocket. According to an OurCrowd analysis of the ten largest equity crowdfunding platforms
(excluding those that invest in real estate), an estimated $700M of investments will be made in 2014 via equity
crowdfunding platforms for accredited investors on platforms like AngelList and OurCrowd.
Global access to capital fundraising campaigns and greatly increased transparency open the doors for investors to
potentially get in on the NEXT BIG THING, possibly anywhere. We are also seeing a steadily increasing number of
entrepreneurs turn to equity crowdfunding as their preferred method of capital fundraising.

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Be prepared!
We interviewed 33 of the worlds foremost experts in equity crowdfunding industry insiders, politicians,
journalists, platform vendors, angel investors, entrepreneurs and industry analysts to understand how they
are approaching this revolution in innovation finance.
And weve assembled this playbook to help increase your odds of success. Each play in this ebook acts as a
challenge and an opportunity for you, the investor, to adopt this powerful new wave of startup investing,
and make it your own
Now, lets get started.

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Do Well By Doing Good

3 Key Playpoints
Startup investments can potentially yield extremely high ROI. While most startups
wont achieve Facebook or Dropbox returns (62,000% and 39,000% ROI, respectively),
a long-term investment of 5-8 years in the right startup could produce higher returns
than any other asset. Tanya Prive
Participating in the growth of a local business, supporting an entrepreneur with a
passion, those are cool things to do, in and of themselves. Be part of something new
and innovativebecause you think people doing their own thing and pursuing their
own dreams are authentic, because you are patriotic and support innovation [in your
country]. Or for other non-financial reasons. William Carlton
In recent years, weve seen a decrease in traditional funding avenues for startups.
Crowdfunding has the ability to fill these funding gaps and be a game changer, not only
for startups and small businesses, but for investors as well. Crowdfunding portals are
already building communities online that facilitate earlier matches among investors and
startups, giving an expanded group of investors greater opportunity to provide a pivotal
role in a startups viability. Senator Mark Warner

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Recognize That Startup Investing Is Risky

4 Key Playpoints
Research shows the odds are stacked against new businesses.
Amanda Boyle
It's important for anyone considering investing in startups to remember that startups
are inherently risky - a few take off, but most don't work out, and there's currently no
standardized metrics to help inexperienced investors evaluate risk.
Renaud LaPlanche
Even good business plans can fail. There is a lot of risk involved. Investors should
understand that not all of the startups they invest in will be the next Google or
Facebook. Senator Mark Warner
The general rule of thumb is that out of 10 start-ups, three or four fail completely.
Another three or four return the original investment, and one or two produce
substantial returns. It cannot be expected that miracles will happen in cases where
startups are funded via crowdfunding. Korstiaan Zandvliet

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Keep Your Cool

1 Key Playpoint
It's a hugely exciting thing we're doing here. Having said that, I don't think any
pragmatic crowdfunding enthusiast would advocate startup investing in the absence of
some other basic tenets of investing.
If your employer matches 401(k) contributions, are you taking full advantage? Do you
have a sufficient amount of cash saved in case of an emergency? If the answer to these
questions is no, you probably shouldn't be investing in startups just yet.
This is simply one part of the bigger investing picture, not the be-all and end-all of
wealth creation. For those who have established and executed a solid investment
strategy, injecting a well-balanced, diverse portfolio of startups via crowdfunding can
and hopefully will give unaccredited investors the chance to experience some of these
10x and 20x returns they've been shut out of until now.
Charles Luzar

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Know What You Can Afford To Lose

4 Key Playpoints
Know what you can afford to lose, and dont invest more than that amount.
Kendall Almerico
People who have never invested in startups need to proceed very cautiously, or they
are going to lose tremendous amounts of money.
Sramana Mitra
In general, investors in start ups should look at the money as gone, and if anything
comes back, think of it as your birthday. Investors in crowd funded companies should
also do everything they can to help their companies succeed, but when companies fail,
shake hands and walk away. No need to fight for scraps that don't exist.
Tim Draper
The odds that you are investing in the next Facebook are astronomically lower than
your odds in Vegas - most of the firms with traction will be acquired rapidly yielding a
good return, but don't invest in a startup unless you can afford to lose that money.
Richard Swart

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Spread Your Investment Funds Across Asset Classes

3 Key Playpoints
The best way to minimized investment risk when investing in startups via crowdfunding
is to understand that crowdfund investments are a new asset. As an asset they should
be a part of a fully diversified portfolio. Because crowdfund investments are all high
risk, they should represent a small percent of anyone's overall portfolio.
Sherwood Neiss
Only invest about 5 to 10 percent of your total investment portfolio in startups. If you
have total investments of $200,000, that would give you just $10,000 to $20,000 for
startup investing. And build that portfolio over the course of time. Don't rush it. You'll
get better at this with experience. Devin Thorpe
"Start with smaller affordable amounts of money and invest in sectors and businesses
that you understand or are more familiar with. Focus on the Idea, its Market
Opportunity and the People behind that business and their ability to deliver against
their plans. Once you are more comfortable with the process and how crowdfunding
works you can increase the amount that you invest. Luke Lang

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Dont Put All Your Eggs In One Basket

4 Key Playpoints
Don't bet your entire wad on one sure thing. Spread it around.
Devin Thorpe
Invest across a large number of businesses to ensure that your portfolio - as a whole has the best prospects for producing significant returns. Fifty different businesses is not
an over-the-top objective, and is perfectly achievable over time given the very low
minimum investments that Seedrs and some other platforms operate.
Jeff Lynn
While individual startup investments are very risky, well-rounded portfolios of angel
investments have generated 20%+ returns over the last decade. An investors goal
should not be to pick the next Instagram but to build a well-rounded portfolio of
companies based in different regions and in different sectors. Ryan Feit

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Diversify across industries, regions, company, financing structures and size/stage,

allocating less funds to the earliest stage, unproven business models and more to some
of the later stage businesses in the space. Dara Albright

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Choose Crowdfunding Intermediaries Wisely

4 Key Playpoints
Investors need to do their homework as all portals will not be created equally. Investors
should ask themselves: What are the platforms company filtering mechanisms? Are deals
highly-vetted or is it simply an open platform where you are on your own? What is the
background of the management team? Do they have prior experience investing or deep
sector expertise? Does the platform have access to solid deal flow? Do they get access to
deals led by professional venture capital firms and angel groups? Ryan Feit
Until the market matures I would look for a portal with superb selection and sourcing
mechanisms such as CircleUp (sector specificity in consumer goods), OurCrowd (amazing
site that allows you to invest primarily in Israeli tech startups with a VC firm-like [model]),
or Healthios Exchange (best example of verticalized platform with ties to Venture, Private
Equity and Investment Banking). Richard Swart
Keep an eye on different platforms to always know what are best practices and what is
best for you. Drop platforms that you do not feel comfortable with or that are not
transparent. Oliver Gadja
The equity portals needs to show the investor what information they collect, how it is
collected and reviewed. The equity portal also needs to show the investor what happens
after they invest, how the company will report to them, and how will they be able to get
access to their information related to the investment and company. The investor can then
begin to review the investment listing with more confidence.
Oscar Jofre, Jr.

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Do Your Due Diligence

4 Key Playpoints
It doesnt matter what kind of investment were talking about, investors have to do
their own due diligence before making a financial commitment to a company.
Theres no substitute for this. Senator Mark Warner
I think there will be a very direct correlation between success and education among
individual investors. The more time an individual investor spends studying and
understanding the world of startups and crowdfunding, the better he or she will do.
There will be people that don't perform this due diligence before participating, and
they're going to feel sideswiped by the generally illiquid and risky nature of startup
investing. Don't be that person. You wouldn't hop into a plane and take off without
reading the manual first. Don't invest in startups without spending some time
familiarizing yourself. Charles Luzar
Ask for corporate tax returns as all companies must provide at least this much.
An experienced accountant can tell you if anything looks out of line. Companies asking
for less than $500,000 dont have to provide audited financial statements, but you can
often get them by requesting them anyway. Some disclosure-friendly officers may even
provide their personal tax returns. Ask. Barbara Corcoran
If you have never invested in a startup, it is better that you join a syndicate led by an
experienced investor with some track record who knows how to do due diligence, set
terms, and manage the relationship with entrepreneurs. Sramana Mitra

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Invest In People You Trust

4 Key Playpoints
Start by investing the way angel investors have been doing it for years. Invest in people
you know or who know people you know and trust. Focus on people within your geographic
community or social sphere so that you'll know where to find the entrepreneurs easily and
won't be left wondering what has happened. Douglas Ellenoff

Invest in founders who have domain expertise in the business they are raising capital
for and founders who have shown an ability to create value in prior ventures.
Steve Dresner
Whenever possible, invest in startups managed by people with a proven track record.
In an ideal scenario, you or someone in your network should have personal insight into
the founding team's past performance and ability to execute on their ideas.
Chris Camillo
Meet the founders! Investing in startups is investing in people. A startup will change
its business model (and sometimes their core-product) several times. Only good
entrepreneurs and investors that are flexible can handle this. Furthermore: enjoy the
ride with all its ups and downs. Ronald Kleverlaan

http://www.ourcrowd.com

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THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Invest In What You Know

5 Key Playpoints
Invest in a business you know something about and believe in and trust your gut! I've
made money on every investment I made listening to my gut, and I've lost anytime I
ignored it. Barbara Corcoran
Use your experience and life skills when investing. If you are in the healthcare field, you
might look at companies that are developing medical devices. If you are in the hospitality
industry, you may have just the skills to judge whether a new food product will appeal to
consumers. Sara Hanks
Know the market from the micro to macro level market, regulatory, and product risks.
Each sector goes through phases from early to a mature, saturated phase. Avoid sectors in
an over supply situation. Antonio Arias
If you invest in what you know, it's easier to determine whether the team has integrity,
whether the business model makes sense, and how your investment will result not just in
financial return for you but social return for your community. Jenny Kassan
Some of the most successful crowdfunding projects started because experienced investors
didnt understand that there was latent demand for a new product category. Gamers,
rather than VCs, funded Oculus Rift because they knew that they wanted to experience
virtual reality, even though investors were not interested because of a lack of proven
demand. Technology enthusiasts backed Pebble Watch because they wanted wearable
computers, an area that conventional wisdom, without much recent evidence, suggested
was a dead-end. Ethan Mollick

http://www.ourcrowd.com

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THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Make Sure The Numbers Add Up

5 Key Playpoints
Dig into the startups financial statements, scrutinize their financial projections, and evaluate
the metrics they use to measure traction. If the numbers dont tell a compelling and realistic
story, then you should find another company to invest in. Tim Sullivan
Understand the basic economics that determine success or failure, such as: What is the
size of the total addressable market the company aims to penetrate? What percentage
of that market do they expect to capture? What is the cost of customer acquisition vs.
the lifetime value of a customer? Founders should have consistent and reasonable
answers to these basic questions. Steve Dresner
Make sure that the plan for the use of proceeds is detailed, salaries aren't too high,
there aren't related party relationships/ conflicts of interest and that the amount being
raised will last a sufficient amount of time so that the company isn't perpetually
fundraising. Douglas Elenhoff
Beware of verticals with arbitrary benchmarks for success. Ask yourself if you truly
understand them, and how they translate into revenue. Rory Eakin
It is always hard to evaluate startups, but one good indicator is their performance
history. When you start to follow a startup, you can see what they can achieve in the
early phase with small amounts of money or without money, and, if they get a small
investment, how well they can utilize it. You should never only take a kind of snapshot
from a startup, but really track their performance and history.
Jouko Ahvenainen

http://www.ourcrowd.com

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THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Know Your Rights

1 Key Playpoint

Know the rights that come with your securities:

Do you get to vote?
On everything, or only on important matters?
What will your rights be if the company does another round of capital-raising?
Can the next investors force you to sell your securities?
If you need to sell your securities, how will you do that?
Who is keeping the record of your ownership of your securities?
Sara Hanks

http://www.ourcrowd.com

13

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Tap Into The Crowds Collective Wisdom (Part I)

6 Key Playpoints
Real crowdfunding can demonstrate whether there is a market and whether customers
are prepared to pay for the product or service."
Amanda Boyle
Pay attention to what other investors are doing. Some of these companies will be
raising money via crowdfunding while also raising money via other exemptions. Say
Company A is raising money to release a new mobile game. This company may have a
crowdfunding round and be raising money on AngelList at the same time, and maybe
Mr. Prolific Investor just brought his syndicate into the AngelList round. A smart investor
will see that and realize that this investor a seasoned, successful angel investor
believes in this company. The crowd can and will work together to pick the winners.
Watch for trends and movement, even outside of that particular round.
Charles Luzar
The question investors often ask themselves is whether an idea or a startup is worth
investing in. If you see that many other are investing in the same startup, there's value
in knowing that crowds wisdom says that a startup is worth investing in.
Lior Zoref

http://www.ourcrowd.com

13

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Tap Into The Crowds Collective Wisdom (Part II)

Playpoints
Co-invest with experts in the industry.
Antonio Arias
Learn how to take on board the additional data that crowdfunding platforms provide.
As well as simply tracking how many investors have already committed, you can also
check the background of those investors, to see whether they would have expertise in
the startups area, and perhaps you can get in touch with the investors directly to share
your thoughts and opinions. Markus Lampinen
See how close those deals are to reaching their goals and if the majority of their
supporters are first degree connections (look for crowdfunding platforms that show you
the degree of connectivity between the issuers and the investors). Those that are close to
hitting their goal from people that are close to the issuer may be a good strategy for
picking an investment because there is an engaged community of backers who trust the
entrepreneur. Sherwood Neiss

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Thank You To The Crowdfunding Experts Who Contributed To This eBook

Jouko Ahvenainen

Chairman and Co-Founder

CrowdValley
https://twitter.com/@jahven
@jahven

Dara Albright

Chief Communications Officer, Crowdcentric

Founder, NowStreet
https://twitter.com/@NowStreet
@NowStreet

Kendall Almerico

CEO
FundHub.biz, ClickStartMe.com
https://twitter.com/@KendallAlmerico
@KendallAlmerico

Antonio Arias

CEO and Co-Founder

Healthy Crowdfunder Corp
https://twitter.com/@alamidas
@alamidas

Amanda Boyle

CEO and Founder

Bloom VC
https://twitter.com/@nowaffle
@nowaffle

Chris Camillo

Author
Laughing At WallStreet | How I Beat the Pros at Investing
https://twitter.com/@ChrisCamillo
@ChrisCamillo

William Carlton

Lawyer
McNaul Ebel Nawrot & Helgren PLLC
https://twitter.com/@wac6
@wac6

Barbara Corcoran

TV Personality, ABC Shark Tank

CEO, Barbara Corcoran Inc.
https://twitter.com/@barbaracorcoran
@barbaracorcoran

Tim Draper

Founder and Managing Director

Draper Fisher Jurvetson
https://twitter.com/@TimDraper
@TimDraper

Steven Dresner

Founder and CEO

Deal Flow Analytics
https://twitter.com/@dealflow
@dealflow

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Thank You To The Crowdfunding Experts Who Contributed To This eBook

Rory Eakin

Founder
CircleUp
https://twitter.com/@CircleUp
@CircleUp

Douglas Ellenoff

Partner and Owner

Ellenoff Grossman & Schole LLP
https://twitter.com/@douglasellenoff
@douglasellenoff

Ryan Feit

CEO and Co-Founder

SeedInvest
https://twitter.com/@ryanfeit
@ryanfeit

Oliver Gajda

Co-Founder and Chairman

European Crowdfunding Network
https://twitter.com/@olivergajda
@olivergajda

Sara Hanks

CEO and Founder

Crowd Check
https://twitter.com/@SaraCrowdCheck
@SaraCrowdCheck

Oscar A. Jofre, Jr.

Founder, President and CEO

BoardSuite
https://twitter.com/@OscarJofre
@OscarJofre

Jennifer Kassan

CEO
Cutting Edge Capital
https://twitter.com/@jennykassan
@jennykassan

Ronald Kleverlaan

Vice Chairman, European Crowdfunding Network

Expert Advisor on Crowdfunding, European Commission
https://twitter.com/@kleverlaan
@kleverlaan

Markus Lampinen

Co-Founder and CEO

Crowd Valley
https://twitter.com/@njsavestheday
@njsavestheday

Luke Lang

Co-Founder
Crowdcube
https://twitter.com/@lukelang
@lukelang

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Thank You To The Crowdfunding Experts Who Contributed To This eBook

Renaud LaPlanche

Co-Founder and CEO

Lending Club
@LendingClub
https://twitter.com/@LendingClub

Charles Luzar

Director
Crowdfund Insider
@charlesluzar
https://twitter.com/@charlesluzar

Jeff Lynn

CEO and Co-Founder

Seedrs
@jeffseedrs
https://twitter.com/@jeffseedrs

Sramana Mitra

Founder
1M1M
https://twitter.com/@sramana
@sramana

Ethan Mollick

Assistant Professor
The Wharton School
https://twitter.com/@emollick
@emollick

Sherwood Neiss

Partner
Crowdfund Capital Advisors
@woodien
https://twitter.com/@woodien

Tanya Prive

Founder and COO

RockThePost
@tanyaprive1
https://twitter.com/@tanyaprive1

Tim Sullivan

CEO
Microventures
@microventures
https://twitter.com/@microventures

Richard Swart

Partner and Research Director

Crowdfund Capital Advisors
https://twitter.com/@richardswart
@richardswart

Devin Thorpe

Author, Self Employed

Devin D. Thorpe
https://twitter.com/@Devindthorpe
@Devindthorpe

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Thank You To The Crowdfunding Experts Who Contributed To This eBook

Mark Warner

Senator for the Commonwealth of Virginia

U.S. Congress
https://twitter.com/@MarkWarner
@MarkWarner

Korstiaan Zandvliet

Co-Founder and Managing Director

Symbid
https://twitter.com/@zandvliet
@zandvliet

Lior Zoref

Crowd Wisdom Researcher, Author and Public Speaker

Mind Sharing
https://twitter.com/@liorz
@liorz

http://www.ourcrowd.com

THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

Closing Thoughts
Equity crowdfunding is an exciting, largely untapped opportunity for investors worldwide to
explore.
At OurCrowd, we are deeply committed to identifying and delivering exceptional opportunities for
accredited investors to invest in leading startups alongside experienced investors. By listening to and
following these crowdfunding experts, our knowledge of the rapidly changing landscape continues
to grow and inform our unique crowdfunding model.
We hope that by following the tips in this playbook, you will be prepared to capitalize on the
opportunities while mitigating the risks of startup investing.
What are you waiting for?

http://www.ourcrowd.com
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w w. o u rc ro w d . c o m
www.facebook.com/Ourcrowdfund
https://www.facebook.com/Ourcrowdfund
www.twitter.com/ourcrowd
https://twitter.com/ourcrowd
www.linkedin.com/company/ourcrowd-llc/
http://www.linkedin.com/company/ourcrowd-llc

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THE ULTIMATE INVESTORS PLAYBOOK TO CROWDFUNDING

This playbook was produced by:

www.evolvesin.com

http://www.ourcrowd.com

Evolve! is a marketing and influencer

engagement agency that blends influential
people and the media with social campaigns
to create high awareness and leads for our
customers.

OurCrowd is an equity-based crowdfunding

platform, built exclusively for a select group
of accredited investors to provide venture
capital funding for Israeli (and later global)
venture capital start-ups.

We utilize Raynforest, the first online

influencer marketplace, great content,
and proven growth methodologies to deliver
strategic programs that give clients winning
and measurable results.

Membership in the community is vetted and

offered only to people who meet the stringent
accreditation criteria. Accredited investors who
are accepted into the community can make
minimum investments of $10,000 per deal.