One of the eight essential assets of great communities as identified by the Michigan Municipal League is a commitment to entrepreneurship. So we are always looking for ways to encourage the creation of a strong climate for small business growth in our cities and villages.
Earlier today the Michigan State Senate, at the urging of League and its partners, passed a bill that creates a new vehicle for crowdfunding of business activities. The new law will essentially allow smaller investors to invest in businesses similar to how securities agents buy shares in publicly traded industries. This new funding option for business start-ups and for those seeking non-traditional capital infusions should prove to be a valuable tool for businesses in our state and the communities in which they’re located.
You can read more about the concepts and the new law here. Kudos to Nikki Brown of the League staff, Chris Miller of Adrian and a very talented group of students from the Gerald R. Ford School of Public Policy at the University of Michigan (among a host of others) for their collaboration and work on this effort.