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“Crowdfunding allows us to engage supporters in a way never possible before,” Ritchie said. “We hope the people who will directly benefit from these inventions help make them possible by donating directly to the inventor. This new way to get funding circumvents traditional ways to raise capital, which can be slow and difficult. For certain kinds of technologies, crowdfunding will prove to be a game changer. The University of Utah is the right place and RocketHub is the right partner for us to be a world leader.”
Crowdfunding is part of the recently passed Jumpstart Our Business Startups (JOBS) Act, which includes a provision that will allow the general public – unaccredited investors – to receive security interests in exchange for their contributions. In other words, it will allow people to invest in campaigns, instead of just donating. That portion of the law is expected to go into effect in 2013 and could boost crowdfunding activities by giving supporters an even greater incentive to participate.
“We expect big things on the horizon,” Ritchie said. “We encourage everyone to participate and help make the world a better place.”
Learn more about University Tech Vault and browse current campaigns at www.rockethub.com/projects/partner/techvault, or call the University of Utah’s Technology Commercialization Office at 801-581-7792.