g-1/5の畑には ばけつを大量においている 小室 圭 おべんきょうその039
g-1/5の畑には ばけつを大量においているばけつ たらい ポリタンク などなど大量にあるので 水は 合計で 864リッターくらい水をためている雨がふると 水くみをして 水をためているつまり ため池だなあ畑には ためいけ 必要なり小室 圭 おべんきょうその039論文・Challenges and Implications for Potential Reforms of Crowdfunding Law for Social EnterprisesIntroductionOver the last few years, crowdfunding has become a popular option for social entrepreneurs and investors. Although it is one of the major ways to raise capital, crowdfunding faces significant challenges, in particular fraud and limitations of capital and funding portals. These three challenges will be explored in this article, and recommendations will be made to address them.Crowdfunding is known as the aggregation of funds from and the provision of capital by “an undifferentiated, unrestricted mass of individuals” or “the crowd” via the internet.1 Generally, crowdfunding includes donative crowdfunding, rewards-based crowdfunding (pre-order crowdfunding or pre-sale crowdfunding), debt-based crowdfunding, and equity-based crowdfunding.2 Crowdfunding volume grew rapidly from $1 billion in 2011 to $34 billion in 2015, and the volume is expected to expand to $100 billion by 2025.3 As of 2015, crowdfunding, in terms of funding volume, consisted of 8% donation-based crowdfunding, 8% rewardsbased crowdfunding, 73% debt-based crowdfunding, 7% equity-based crowdfunding, and 4% other types of crowdfunding.4One of the major rules that has an impact on crowdfunding is Regulation Crowdfunding. In 2015, the Securities and Exchange Commission (SEC) adopted Regulation Crowdfunding to implement the requirements of Title III of the Jumpstart Our Business Startups (JOBS) Act of 2012, which exempts crowdfunding from registering with the SEC and allows companies to raise capital under certain conditions, beginning in 2016.5 The regulations restrict the capital amount that can be raised in any 12-month period to $1 million.6 Investors also have limitations; investors earning less than $107,000 annually may invest up to $2,200 or 5 percent of annual income or net worth, and investors earning more than $107,000 annually may invest up to 10 percent of annual income or net worth.7 Offerings must occur through a registered broker-dealer or through a funding portal and can be advertised in only a “brief notice.”8A. Social Enterprise and Crowdfunding: Why Social Enterprisesはた坊