Meseret Warner, Founder and Managing Director of Ignite Investment, Ethiopia's first equity crowdfunding platform, and GECA Steering Committee member. Warner, a diaspora who returned from Canada to pioneer fintech in Africa, discusses transforming $100 billion in annual African remittances into structured equity investments on the Global Equity Crowdfunding Alliance GECA Podcast. The episode covers diaspora capital mobilization, women entrepreneur support, Ethiopian regulatory navigation, and global crowdfunding coordination.

Diaspora Capital & Ethiopian Crowdfunding: Meseret Warner's Vision | GECA Podcast

Meseret Warner, Founder and Managing Director of Ignite Investment, Ethiopia's first equity crowdfunding platform, and GECA Steering Committee member. Warner, a diaspora who returned from Canada to pioneer fintech in Africa, discusses transforming $100 billion in annual African remittances into structured equity investments on the Global Equity Crowdfunding Alliance GECA Podcast. The episode covers diaspora capital mobilization, women entrepreneur support, Ethiopian regulatory navigation, and global crowdfunding coordination.

Diaspora Capital & Ethiopian Crowdfunding: Meseret Warner's Vision | GECA Podcast

Most diaspora send money home as gifts. What if those billions became investments instead?

Over $100 billion flows into Africa annually as remittances – consumed, gifted, never invested. Meanwhile, 95% of Ethiopian businesses can’t access traditional finance due to lack of collateral. What if redirecting even a fraction of diaspora capital could change entire economies?

Join Andy Field in conversation with Meseret Warner, founder of Ignite Investment (Ethiopia’s first equity crowdfunding platform) and GECA Steering Committee member, as she reveals how to bridge the gap between diaspora capital and African entrepreneurship. From IT developer in Canada to pioneering fintech in Ethiopia, Meseret shares the trust-building journey required to convert remittance senders into equity investors.

From proving the concept through digital marketing alone (raising millions before building a platform) to navigating Ethiopia’s regulatory sandbox, Meseret breaks down why trust matters more than technology, how to make companies “crowdfund ready,” and why women entrepreneurs actually repay debt at higher rates than men.

Key insights:

  • Why diaspora communities are emotionally invested – not just financially
  • How to convert one-way remittance flows into two-way equity investments
  • The critical role of regulatory sandboxes in emerging markets
  • Why 65% of Ignite’s funded companies are women-led enterprises
  • How partnerships with GIZ and African Development Bank enable scaling
  • The coordination gap: why retail investors face barriers high net worth individuals don’t
  • What incremental progress in the UK, US, and Ethiopia signals for global crowdfunding

Remittances fund consumption. Investment builds economies.

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Andy Field (Host): Hello everyone, and welcome back to the GECA Podcast — the voice of global equity crowdfunding. I’m Andy Field, Steering Committee Lead of the Global Equity Crowdfunding Alliance, where we speak with the leading voices shaping the future of capital raising across borders.

As crowdfunding continues to evolve, we’re exploring what it takes to run successful campaigns on a global basis — and what founders, platforms, and investors need to know to thrive in this ever-expanding ecosystem.

Today’s episode is a particularly special one because I’m joined by someone whose work genuinely challenges how we think about capital, borders, and opportunity.

I’m delighted to be speaking with Meseret Warner, Founder and Managing Director of Ignite Investment — Ethiopia’s first equity crowdfunding platform — and also a recent addition to the GECA Steering Committee.

Meseret brings a truly global perspective to this conversation. Over the course of her career, she’s worked across international institutions, including the United Nations and national statistical agencies, before going on to become one of Africa’s most influential fintech pioneers.

What really sets her work apart is her focus on diaspora capital — and her belief that the billions of dollars sent home every year as remittances can, and should, be transformed into productive long-term investment.

Through Ignite Investment, Meseret has helped design a borderless equity crowdfunding model — carefully navigating U.S. regulatory requirements and Ethiopian laws — facilitating millions in investment and supporting a remarkable number of women-led enterprises, all while building that all-important trust infrastructure and regulatory alignment in a complex, evolving market.

The evolving Ethiopian capital market and the growth of regulatory sandboxes have opened doors for financial innovations like Ignite.

At GECA, we talk a lot about breaking down borders in equity crowdfunding — and Meseret’s work shows what that looks like in practice. Not as a theoretical ideal, but as something that can materially change lives, businesses, and economies.

In this conversation, we’re going to explore Meseret’s journey, the power of diaspora-led investment, the realities of building crowdfunding in emerging markets, and what her experience can teach us about the future of truly global equity crowdfunding.

So, welcome Meseret. It’s great to have you here.

Meseret Warner (Guest): Great to be here. Thank you, Andy.

Andy Field (Host): And for those who may not know you yet — and I can’t believe there are many, because I’ve seen you in lots of webinars recently, right across the globe — how do you usually describe what you do, in plain, simple terms?

Meseret Warner (Guest): Yeah — I guess, in very simple terms, I always work on expanding access to finance for those who have traditionally been excluded. Whether it’s borrowing money to run businesses or for personal needs — having good access to finance really does open opportunities.

So my work has always been that. It could be crowdfunding, it could be something else — but at the end of the day, that’s the core of what I do.

Andy Field (Host): Yeah. And I mentioned very briefly in my introduction that your career path is vast — there’s a lot in there.

From working with the UN and national statistical agencies to founding Ethiopia’s first equity crowdfunding platform — what was the moment where you said, “This is what I need to build. This is what’s needed”?

Meseret Warner (Guest): You know what it’s like — like anything else, it wasn’t really like I woke up one day and said, “Oh great, this is what I’m going to do.” I wish it was that easy.

Andy Field (Host): It would be easier.

Meseret Warner (Guest): Exactly — then you’d know what you were getting into right up front.

No — it’s really a path. It’s a process.

I’m diaspora myself. I came back from Canada — that’s where I lived most of my life. I was doing other things, but then I got involved in a project in Ethiopia, and they asked me to help them raise funds.

And I immediately started thinking: where is capital? Where can we access finance? Especially in Ethiopia, where companies can only borrow money if they have an immovable asset — collateralised debt financing — and 95% of businesses are small businesses and startups, where they don’t have collateral and they can’t borrow.

So working on those projects, I could see everyone was struggling to access finance.

And then on the other side, you see billions coming in. That was easy for me to see because I’m diaspora. I used to send money to my mum and my family when I was there — when someone says they need money for something, you send it.

So I started putting those pieces together.

At the beginning, I was thinking we need diversified sources of finance — angel investors, venture capital, private equity.

But I quickly learned it’s not that easy. There are many factors. Those markets aren’t mature in Ethiopia, and you don’t see those flows very easily.

So I thought: okay — here is capital that is flowing very easily: remittances. It’s mostly consumption. There’s even a high cost to send money as remittances. But it’s a clear flow.

So I started looking at the problem and saying: here is a huge need, and here is a huge pool of capital — how do you bridge those two?

Before the platform, we tried to prove the concept. Even in a well-known project where the promoters were trusted, it was easier to mobilise capital — even without a platform. I was doing digital marketing and other things — things I knew from my career. I was an IT person; I was a developer in Canada for years.

And I was surprised to see we were able to raise millions from diaspora all over the world — completely off-platform.

That proved something important: if you give people access to structured, trustworthy, and transparent opportunities, there is openness to invest.

That was the evolution — and that’s how I got here.

Andy Field (Host): That answers what was going to be my next question — how your personal journey has shaped your thinking.

So, what changes when diaspora communities move from sending money to actually owning part of businesses they believe in?

[00:09:00]
Meseret Warner (Guest): It’s definitely a process.

When diaspora are sending money — like I said, I used to send money to my family — it’s easy. One, you send it to someone you know. You hope you know what they’re going to use it for.

Andy Field (Host): What they’ve told you they’re going to use it for.

Meseret Warner (Guest): Exactly. Sometimes you find out later it was used for something else — but from the sender’s perspective, you’re sending it to family. You’re not expecting anything back. It’s gone. It’s a donation, a gift — consumption. It’s a one-way street.

There’s no due diligence. Nothing.

But when you introduce the idea: “Instead of sending money repeatedly, what if you invest so the person or business becomes self-sustaining?” — that changes everything.

It’s the old saying: don’t give someone fish every day — teach them how to fish. That changes economies. It may not be your exact family — but it can help your country and your community.

And because I came back and I’m on the ground, I can see the Ethiopian diaspora are actually among the biggest investors. People like me gave up jobs, came back, put in money, built businesses.

So it’s not foreign to them — they do invest. But equity crowdfunding adds structure and accessibility.

The first thing I learned is: trust, trust, trust.

If I give it to my mum, I know it gets to her. But if I invest through a platform: how do I know you invested it properly? How do I know the company won’t take the money and disappear? How do I see the impact I’m looking for?

So having that conversation takes time. It’s worth it — and each time we have it, more people convert than I expect. But you need patience.

And also — equity crowdfunding isn’t just the fancy technology. In Ethiopia, it’s about building the entire ecosystem.

The companies raising funds often aren’t “platform-ready.” They aren’t prepared to share diligence materials the way someone in Washington DC would expect.

So we had to work on both sides: educate and build trust with investors — and support fundraisers to become investment-ready.

That’s partly why we partnered with GIZ (a German development agency implementing partner). They focus on private sector development. We said: these companies want to raise funds, but they need support to become investable — to become “crowdfunding-ready.”

In the U.S., you can hire marketing agencies — but it’s expensive. People talk about spending up to $50,000 USD to be ready to raise. But if an African company is raising half a million, they can’t put $50,000 — close to 10% — into preparation.

Andy Field (Host): That’s interesting — because the “crowdfunding-ready” challenge is global: marketing, getting a crowd behind you, preparing to list — and trust is absolutely universal.

So what surprised you most once Ignite Investment went live?

[00:16:00]
Meseret Warner (Guest): I was pleasantly surprised. A lot of people were already looking for something like this.

The diaspora are emotionally invested. They’re passionate about seeing progress. It’s not like investing in Apple stock — that’s purely numbers. With diaspora, there’s also identity and impact.

So as soon as they saw a pathway to invest, it was surprising. In the first week we launched in 2022, we had about 30 sign-ups — and half were investors — from five different countries, mostly the U.S. and the UK, asking: “How can I invest?”

They didn’t know me, they didn’t know Ignite — but they read, they reached out, they signed up. It proved we were filling a gap.

Andy Field (Host): And a lot of the enterprises you’ve supported are women-led. Was that intentional?

[00:18:00]
Meseret Warner (Guest): Yes — very intentional.

I’ve been working on women’s economic empowerment for years. I was President of the African Women Entrepreneurs Program — we had 42 chapters across Africa.

When you look at access to finance, it’s already difficult for SMEs — but for women, it’s even worse. Only a tiny fraction of funding goes to women-led ventures.

Even me — I’m well-spoken, I’ve worked globally — and I still don’t have access in the same way many of my male peers do. That’s just how the world works, and it’s even harder in Ethiopia.

I’m also a numbers person — computer science and mathematics — and when I look at the data, it’s shocking.

So we deliberately reach out to women-led ventures, because they’re less likely to reach out the same way others do, due to social norms, networks, and other disadvantages.

And you’d be surprised — many have amazing ventures. And they often repay debt at better rates than men-led ventures.

Andy Field (Host): I wouldn’t be surprised at all.

Let’s talk about regulation. Ignite operates within Ethiopia’s regulatory realities. What has that experience taught you about working constructively with regulators?

[00:21:00]
Meseret Warner (Guest): It’s essential. Especially where there isn’t a clear crowdfunding framework.

Most African countries don’t have dedicated crowdfunding regulations. Some platforms operate through existing financial regulations — but crowdfunding is different. It needs its own framework.

So you must bring regulators with you.

In Ethiopia, the Capital Market Proclamation came out in 2021 — and I was engaged from day one. When the regulatory sandbox opened for innovative financial systems, we applied like anyone else, and we’re still working with them.

We also worked hard to stay compliant by design. We registered the company in the U.S. and comply with U.S. regulatory requirements, and we also operate within the open rules available in Ethiopia — for example, foreign indirect investment pathways.

If you’re not compliant, you can be shut down overnight — and cross-border investment is already complex. Without regulatory support, it becomes impractical and unscalable.

We genuinely believe in the opportunity. Over $100 billion comes into Africa as remittances each year — and diaspora already invest, just not always through structured channels.

That’s why partnerships matter — like GIZ, and we’re also partnering with the African Development Bank. If we prove the concept and scale it, we can expand into other African countries.

And there’s progress: the Ethiopian approach is increasingly to say, “Tell us what you’re doing — and let’s see how it can become a regulated solution,” rather than simply saying no.

That openness matters — and you get there by engaging them consistently.

Andy Field (Host): That makes sense. And I imagine that’s part of why GECA resonated with you, and why you joined the Steering Committee — access to people and insights across the globe that can help the work in Ethiopia.

[00:26:00]
Meseret Warner (Guest): Absolutely. When I heard about GECA, I thought: “It’s about time.”

We need standards.

High-net-worth individuals and accredited investors can invest anywhere — Dubai, China, South America, the U.S. — no one stops them. But for crowdfunding, regulations are so restrictive and fragmented.

So if you’re a retail investor and you want to invest $100 into your home country legally and transparently, it becomes extremely difficult.

That’s why coordination matters. Even a little harmonisation would make a huge difference — like how global systems such as SWIFT enable coordination.

We’re not asking for identical regulation everywhere — but some baseline alignment could unlock opportunity and democratise access to investment.

That’s what crowdfunding was meant to do: give startups and SMEs access to capital when they can’t access venture capital — and allow communities to back them.

Andy Field (Host): Exactly. So what gives you the most optimism right now about the future of global crowdfunding?

[00:30:00]
Meseret Warner (Guest): We’re making progress — real progress.

Look at the UK: crowdfunding has raised billions. Those success stories open doors and push policymakers to catch up.

And it’s been incremental — but meaningful. In the U.S., under the JOBS Act, it started with under $1 million and low individual limits. Now it’s up to $5 million. Those improvements happen because impact is visible.

SMEs and startups create the majority of jobs — over 60% in most economies. If you give them access to finance, they lift the economy and everyone benefits.

So yes: incremental progress gives me hope.

Andy Field (Host): I couldn’t agree more. Meseret, this has been fascinating. Before we finish — where can people follow you and learn more about Ignite Investment?

[00:32:00]
Meseret Warner (Guest): Absolutely. Our platform is igniteinvestment.com. People can visit and see companies raising, and we have a video showing how it works.

I’m also very active on LinkedIn — that’s the best place to find me and follow our work. We have an office in Ethiopia, and a registered company in the U.S.

And of course, through GECA as well.

Andy Field (Host): Brilliant. Thank you.

Meseret, thanks so much for sharing your story and insights today. Your work is a huge reminder that equity crowdfunding isn’t just about technology or regulation — it’s about unlocking opportunity, building ownership, and creating pathways for capital to flow more efficiently to the people and ideas that need it most.

Conversations like this are exactly why GECA exists: to bring together diverse global perspectives, challenge fragmented thinking, and help shape a more connected and inclusive equity crowdfunding ecosystem.

Thank you, Meseret — and we’ll speak again soon.

And to our listeners: thanks for tuning in. Stay with us for future episodes as we continue to explore the people, the policies, and the platforms unlocking crowdfunding without borders.

Don’t forget to follow GECA for more conversations with the people shaping the future of global equity crowdfunding.

And visit thegeca.org to learn more about our mission, our growing global supporter base, and how you can get involved.

Thanks, Meseret — and thanks everyone for listening. We’ll see you next time.

[End of Transcript]

by GECA

Joey Hayes, entrepreneur and founder of THRU platform, podcast guest on Global Equity Crowdfunding Alliance GECA Podcast. Hayes, who has invested in over 65 startups and previously worked at Booking.com, discusses post-raise investor engagement strategies, cap table activation, and how crowdfunding founders can transform passive investors into active growth partners. Professional headshot with GECA Podcast branding for episode on unlocking hidden value in investor communities.

Unlocking Cap Table Value: Post-Raise Investor Activation with Joey Hayes | GECA Podcast

Joey Hayes, entrepreneur and founder of THRU platform, podcast guest on Global Equity Crowdfunding Alliance GECA Podcast. Hayes, who has invested in over 65 startups and previously worked at Booking.com, discusses post-raise investor engagement strategies, cap table activation, and how crowdfunding founders can transform passive investors into active growth partners. Professional headshot with GECA Podcast branding for episode on unlocking hidden value in investor communities.

Unlocking Cap Table Value: Post-Raise Investor Activation with Joey Hayes | GECA Podcast

Most founders celebrate when they hit their funding goal. Then communication drops off a cliff. What if the biggest asset you gained wasn’t the capital – but the community of 500+ investors sitting in a spreadsheet you’ve never opened?

Join Andy Field in conversation with Joey Hayes, founder of THRU and investor in 65+ startups, as he reveals why post-raise investor activation is crowdfunding’s most overlooked opportunity. Joey shares how he discovered that roughly 10% of any cap table can significantly impact business growth – if founders know how to ask.

From his failed first business Mac Shack to building a platform that transforms passive backers into active growth partners, Joey breaks down why founders struggle post-raise, how to identify high-opportunity investors, and the one thing every founder should do tomorrow if they haven’t communicated with investors in 30 days.

Key insights:

  • Why engaged investors are 3x more likely to reinvest
  • How 20-25% of investors will actively help – if asked properly
  • The difference between broadcasting to 500 people and activating the right 50
  • What platforms should do differently to support post-raise engagement
  • How AI will transform founder-investor relationships in the next 2-3 years

Capital raises companies. Activated communities build them.

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[00:00:00] Welcome to the GECA Podcast, powered by the Global Equity Crowdfunding Alliance. Dive into the realm of borderless equity crowdfunding, where we bring the world’s top experts and industry leaders directly to you – discussing innovations that are redrawing the boundaries of finance. Ready to expand your horizons?

Here’s your host, Andy Field.

Andy Field (Host): Hello everybody, and welcome to the GECA Podcast. Today we’re diving into a part of the equity crowdfunding and startup journey that’s often overlooked—and it’s actually quite important—and that’s what happens after the raise.

So my guest today is Joey Hayes. Joey’s an entrepreneur, investor, and the founder of THRU—that’s T-H-R-U—a company focused on helping founders unlock the real value hidden in their cap tables.

Joey’s career began in global commercial roles at companies like IHG, Hyatt, Hilton, and Booking.com before he made the leap into entrepreneurship and investing. In 2021, he launched the first of his bootstrap businesses, Mac Shack. This was a journey that sparked one of the most important insights of his career.

He’s spoken about that many times—and that is: for many founders, isolation and underutilized investor support can be just as dangerous as a lack of capital.

Looking across his portfolio of more than 65 startup investments, Joey noticed a recurring pattern: founders raising money successfully, but then struggling to engage and leverage their investors once the campaign ended.

And what followed was the creation of THRU. THRU is a platform—and a philosophy—built around turning passive backers into active contributors to growth.

Now at GECA, we often focus on how to raise capital more efficiently across borders. And Joey is going to remind us that raising capital is just the beginning—and what founders and platforms do next may matter even more.

Today we’re going to explore how investor engagement really works, why so much value remains untapped, and how activating those communities could reshape the future of equity crowdfunding.

Joey, it’s great to have you with us. Welcome.

[00:02:00]
Joey Hayes (Guest): Beautifully said, Andy. Thank you so much.

Andy Field (Host): No problem. And Joey’s actually based in Amsterdam today. I’ve got a big woolly jumper on here—it’s pretty cold. Hopefully it’s not too bad for you where you are.

Joey Hayes (Guest): I find if I wear summer gear, I feel warmer. So that’s my strategy.

Andy Field (Host): No, that’s a good one. That’s a good one.

Joey Hayes (Guest): Right there with you.

Andy Field (Host): Fantastic, Joey. Let’s get right in. You’ve worked across global hospitality and tech giants. What first pulled you into startups and investing?

[00:03:00]
Joey Hayes (Guest): Yeah, so my interest in crowdfunding actually started when I was in grad school. I was at NYU, studying sustainable real estate development, and I was able to do a project on the first crowdfunded skyscraper in Bogotá.

It was a project that I really dove into, and I loved it. I became really interested in crowdfunding then.

Then later, when I moved to Amsterdam during COVID, I got really into crowdfunding again—it became my little obsession, my COVID obsession. While people were buying on Amazon, I was investing small-ticket amounts in companies, for better or for worse.

But I really got into the crowdfunding space and investing in startups. Then I started my own business—my first business—Mac Shack, my restaurant.

After that, I started joining a lot of founder communities, both online and in person. That’s really when I started to love what these communities were about—how helpful they were—and how interesting it was to understand the whole entrepreneurial journey.

And that’s what kind of got me obsessed with trying to help founders make it easier for them.

Andy Field (Host): Yeah. Okay—so going from corporate to becoming the founder, and investor at the same time—how did that shape how you see the ecosystem today?

[00:04:00]
Joey Hayes (Guest): Yeah, it was—like you said in the intro—starting a business was quite a lonely journey, but it didn’t really have to be.

It was fun and fulfilling, but what I found was that there was all this support around me. For example, I would get out of work, then go to my restaurant and start working on all the problems that a restaurant has.

I was in charge of the business side. My partner was involved in the operations and the cooking. And I would sit there and bake in my problems, for lack of a better word, and just try to determine who in my support network was there to help me.

And I realized there was a lot of—not conflict—but friction between knowing I needed help, and actually getting that help from the people around me.

That got me into: one, getting better at entrepreneurship and realizing that asking for help is actually a huge part of being a successful entrepreneur.

And two, it’s a skill a lot of people don’t have in general—but a lot of entrepreneurs don’t have it because we just want to do it all ourselves.

So that made me a bit obsessed with trying to help myself get better help from the people around me—and then help others do that too.

And when I was determining what kind of company I wanted to start, I struggled with it for a while. Then one day I was like: crowdfunding.

I looked at my portfolio and thought: none of these founders—none of these startups—have ever really asked me for help.

Andy Field (Host): Even someone who’s got an active interest in the business.

[00:06:00]
Joey Hayes (Guest): Yeah—someone with an active interest.

Actually, I have an interesting story for you, Andy. I was at a hospitality tech conference in Paris, and one of the founders I invested in was there—one of the best startups I invested in. I was really excited to meet him. His name was Luca.

I went up to him after his talk and said, “Hey Luca, I was an investor in your Wefunder campaign a little over a year ago.”

And he was like, “Oh man, that’s so great.” Then he said, “What the hell are you doing here in Paris at this hospitality tech conference?”

And I said, “I work for Booking.com.”

His eyes lit up and he was like, “You work for Booking? I’ve been looking for a Booking.com contact for months now.”

And I’m like, “Luca—I’ve been on your cap table for over a year. My bio says that, my LinkedIn says that.” And he’s a super dialed-in founder—very dialed in.

So I thought: if he’s missing it, everyone’s probably missing it.

And the more founders I spoke to, the more I noticed this wasn’t something they really planned for. After the raise, cap tables collect all this money—but post-raise, it becomes a void.

So that’s when I decided this is something I could really help with in the crowdfunding ecosystem, but also just with startups and founders in general.

Andy Field (Host): So it’s about your experience with Mac Shack. I know you’ve spoken about that not really working out so well. Can you give a bit more insight into what that period taught you about being a founder? You’ve already mentioned isolation, and the fear of asking for help. Did you recognize absolutely that you needed help?

[00:07:00]
Joey Hayes (Guest): Oh, absolutely. I recognized that. I think everyone needs help. It was a matter of determining how to ask for help, when to ask for help, and who the best person was to help.

That’s what I really struggled with—cutting through all the noise.

A lot of times, by the time I asked for help, I was in the red zone. I’d already tried everything else, and then you’re asking in a sea of panic—and that’s never nice for either person.

So I learned to be more proactive: understand what you need help with, why, and when. Then go to that person and say, “Hey, I really need help with this.”

And try not to do it in panic mode—where you put pressure on them.

One thing I learned is: when you’re asking someone for help, you have to make it as easy on that person as possible.

Also—this was a mindset shift—someone told me (and I forget who), but: when you don’t ask for help, you don’t give someone the opportunity to help you.

So when you don’t ask, you’re actually taking something away from them. That changed everything for me.

Andy Field (Host): Yeah, that’s a great way of looking at it. And I think entrepreneurs by their very nature are probably not the best people in the world to automatically ask for help. They like to think they understand their own business and nobody knows it better—and of course they don’t.

But there’s no harm and no shame. It can only be an advantage—getting the right people to help with the right problem.

How different do you think your journey with Mac Shack might have been if you’d had stronger engagement from people helping you?

[00:09:00]
Joey Hayes (Guest): It would’ve been a lot different. Honestly though, I don’t think it would’ve succeeded either way.

Andy Field (Host): Oh, okay.

Joey Hayes (Guest): Because it wasn’t the right business for me. It was a really great first business, but in the end it wasn’t. Even if it did succeed, I think I would’ve been pretty miserable, to be honest with you.

But I think my takeaways from that are exactly what was supposed to happen—and it was supposed to lead me onto this.

There are a lot of people out there in similar situations, where they have businesses that are struggling—or they’re struggling—and they don’t know how to capitalize on the networks they have, whether it’s investors, friends, or family.

Where I think this is most beneficial is crowdfunding, because you have hundreds or thousands of people who are literally invested in your business—and they’ve already given you the money, Andy. That’s the hard part, right?

Andy Field (Host): That’s right—they bought into you.

[00:10:00]
Joey Hayes (Guest): Exactly. Asking them to share a referral code or intro somebody—that’s probably the easy part.

And a big part of it is riding the momentum of the raise. You come off the raise and everyone’s excited—especially if you hit your target—and then communication drops off a cliff.

Momentum is so important in business, in everything. If you can continue that momentum after the raise and capitalize on the knowledge and skills of your investors, you’ll be more successful, keep them engaged, and overall build a better business.

Andy Field (Host): That makes perfect sense. So moving on to what you’re doing with THRU now—why do you think founders struggle so much with activating their investors after the raise? Is it that crowdfunding is seen as finished once the capital has been raised?

[00:11:00]
Joey Hayes (Guest): A couple things.

One is: they’re exhausted. The raise is exhausting—often more work than they expected. By the time it’s over, they’re relieved and want to get back to building their business, which is fair.

Another part is: they don’t plan for the post-raise. There’s so much planning for the raise itself, and post-raise gets kicked down the road.

Also, they often don’t have the people for it. The founder or CEO ends up doing it, and after the raise they want to do something else. If they don’t have a community manager (which I think is so important), it’s hard.

It’s mostly lack of planning, exhaustion, and lack of strategy. There aren’t many people focused on post-raise. Most firms and consultancies focus on the raise itself.

So it’s a lack of support—and those things combined make the transition difficult.

Andy Field (Host): And what sets crowdfunding companies apart—in a positive way—is they’ve got this marketing asset: a community of people who’ve already bought into the business. They’ve actively invested, so they believe in the story.

Approaching them and activating them can only be beneficial—they’re ready-made ambassadors.

[00:13:00]
Joey Hayes (Guest): Exactly. If you go up to any company and say, “I’ll give you 1,000 people who want to help your business grow—who are truly invested in you succeeding,” they’d say, “Oh my God—give me the names, give me the emails.”

And you already have them.

Another interesting part is: founders don’t realize that often the people investing in them are in the industry themselves. It resonates with them because they understand it.

Like, I tend to invest in hospitality companies and hospitality tech because that’s my field. A lot of founders will find, when they look through their cap table, that many investors are in the same industry—and are in a great position to help.

Andy Field (Host): So their main driver may not be a set return within a certain timeframe—it could be genuine interest and expertise, which makes them well-placed to help.

You mentioned patterns across 65+ investments. What kept repeating?

[00:15:00]
Joey Hayes (Guest): Some founders were good at the engagement piece—maybe about half. They kept investors informed by adding them to marketing emails or posting monthly updates on Wefunder, StartEngine, etc.

But hardly any were meeting the activation piece—and many didn’t have the mindset that investors are a growth channel. They see them as a source of capital, then it’s a hard stop.

I was talking to a founder the other day with 3,000 investors. He said, “Joey, I don’t know why we didn’t think of this. Why don’t we do more with these evangelists who can amplify our marketing? Refer customers? Intro partnerships?”

It’s never seen through a commercial lens—only through a capital-raise lens.

Also: engaged investors are about three times more likely to reinvest.

A lot of founders put too much emphasis on what to say. They overthink it. Sometimes they say they have nothing to say.

But people just want to know what’s going on. The worst thing is silence.

There’s a lot of underthinking and overthinking—not much middle-ground thinking.

Andy Field (Host): And you’ve answered my next question: the biggest misconception about the cap table is that it’s “just investors,” when actually it’s a whole group of ambassadors with aligned incentives.

[00:18:00]
Joey Hayes (Guest): Exactly. Even on the capital front—you should look at your investor base as a way to get more investors, even institutional investors.

When we go through cap tables, we see retail and accredited investors who work for investment firms and literally say, “Reach out if you’re looking for more capital.”

Wefunder does a good job collecting bios and asking investors during checkout what they can do to help—but it’s mostly ignored.

Because it’s intimidating: you download a spreadsheet with 500 investors and think, “I’m not sifting through this.” So it goes in a drawer.

What we do is sift through it for you. We determine who’s best suited to help and who’s willing.

We use platform data and our own co-created survey with the founder. The survey also helps identify who’s extra motivated—because they actually fill it out.

We’re seeing around 20–25% of investors take that step, and about 10% become high-opportunity investors who could do something significant for the business.

Andy Field (Host): That’s interesting. So how does THRU do things differently from typical investor relations tools?

[00:20:00]
Joey Hayes (Guest): We don’t have our own platform. The last thing anyone needs is another platform.

We ask for access to the backend of whatever tool they use so we can download reports. We co-create the survey using whatever tool the startup prefers—Google Forms, Jotform, etc.

We take the data, use AI plus manual lookup, and cross-reference it with the founder’s goals.

Then we produce a simple report—usually a Google Doc—with recommendations and insights, and we go through it together to decide next steps.

We also segment investors by industry, by engagement level, and by preference: “Do you want to be supportive, active, or silent?” We don’t want to bother people who don’t want to engage.

A useful insight we often uncover: who in the investor base is already a customer. Many founders have no idea. If 30% of your investors aren’t customers, you can run a targeted campaign to convert them—often with good success.

We also help with outreach strategy. A lot of times you don’t lead with “Can you help me?” You start with advice: “Based on your background, how would we break into this industry?” People love giving that advice—and then you build a relationship.

Ultimately, it’s about nurturing high-value opportunities in your cap table.

Our next phase is productizing this: understanding the founder’s tech stack, detecting opportunities and challenges in real time, ranking which investors can help, and reducing friction from “I need help” to “I’ve asked for help,” even drafting communications to support the process.

Andy Field (Host): That’s pragmatic. But even when founders want to do this, they can be limited by resources, money, and energy. Where do you get stuck when engaging investors?

[00:24:00]
Joey Hayes (Guest): Sometimes people say a lot and then don’t respond—and that’s okay. We usually give it three attempts, and then we move on.

Long-term, it’s valuable to understand who really is founder-focused—who wants to help versus who just says they will.

Also, don’t email-blast your whole cap table. Take the top 20 and do dedicated, personalized outreach. Call them out respectfully: “On the survey you said you were willing to help with this—I’m reaching out.”

And have a specific ask. Don’t say, “I need intros to the luxury hospitality market.” You’ll get crickets. Find the right people and ask specific questions.

If you get them on the phone, have an agenda—don’t waste their time or yours.

One founder told me, “Joey, this is great, but it’s overwhelming.” So we prioritized: for example, start with someone who invested 25,000 rather than 500. That’s not always right, but we learn as we go.

We also enrich the data with manual LinkedIn research to make it more robust and increase chances of success.

Andy Field (Host): If I was an investor and the founder approached me that way, I’d see it as proactive—trying to make my investment work.

So how should platforms support post-raise activation? Is it more platforms collecting the right data—or is there more they can do?

[00:28:00]
Joey Hayes (Guest): More platforms should do it, yes—offer templates for monthly investor updates, reminders to send updates.

KingsCrowd just launched a free investor relations tool—things like that help.

But the key is education: move investor engagement from a chore or compliance issue into something profitable. Founders need that mindset shift: “You will lose money if you don’t do this.”

Crowdsourcing support is one of the biggest reasons founders choose crowdfunding—so not capitalizing on it is a waste.

As an industry, we haven’t done well enough at that. We need stewardship—everyone pushing the same narrative.

We’ve spent the last 10 years building access—more investors, more founders. Now we need the next phase of professionalization: post-raise retention and investor experience, so investors come back. We’ve lost a decent amount of people along the way.

Andy Field (Host): And we always come back to education in these conversations: the work doesn’t end when the raise ends.

Looking ahead—how do you see founder–investor relationships evolving over the next five years?

[00:30:00]
Joey Hayes (Guest): I’m hoping AI and automation play a bigger role—that’s what we’re banking on at THRU.

Detect opportunities and challenges, match them to the cap table, and identify who can help.

Also, AI can help with the “chore” work: meeting notes, monthly summaries, drafting updates—so it’s less daunting.

I’m very clear: you need engagement before activation. And you can’t ignore the rest of the cap table. It’s the 80/20 rule: focus on the top 20%, but still communicate broadly.

I think platforms will do more—we’re already seeing it. There may be legislation in the US increasing the amount companies can raise.

But overall, the experience of both investor and founder needs to improve. I hope it only gets better from here: crowdfunding grows, people have better experiences, they come back, and they tell friends and family.

Andy Field (Host): Perfect. So to sum up: if founders listening today could change one thing tomorrow about how they operate post-raise, what would it be?

[00:33:00]
Joey Hayes (Guest): I’d ask: when’s the last time you reached out to your investors? And what do you know about your investors—your cap table?

If someone asked you, “How do I get an X, Y, Z introduction?” would you know who to go to on your cap table? Do you know who’s on there?

So: one, look at your investor insights. Two, look at when you last communicated.

If you haven’t communicated in more than 30 days—do it. There’s really no bad communication. Even saying, “We’re building a communication strategy, and here’s what you can expect,” is fine.

Just say something.

Andy Field (Host): Great. To finish—where can people learn more about THRU and your work? And do you work globally?

[00:34:00]
Joey Hayes (Guest): Yeah—we’ll work with anybody.

We’ve focused mainly in the US because we just started, and I’ve been focusing on my investments, but we’re scaling. Anyone around the world—we’re happy to help.

LinkedIn is the best way to reach me—maybe you could put the link in the show notes. And also our company page.

Our website is: https://www.comethru.co/
There’s a “Request early access” button that goes straight to me. We’ll determine if it’s the right fit.

And like I said—we’re consulting, and it’s just me right now, so there is some bandwidth limitation. But we’re trying to help as many people as possible.

Reach out, and we’ll determine the best way to help.

[00:35:00]
Andy Field (Host): Fantastic, Joey. Thanks so much. It’s a really powerful—and practical—conversation.

What really stands out is the reminder that capital alone doesn’t build great companies. It’s the people who do that.

And when founders learn how to truly activate their investor communities, they unlock not just funding, but momentum, insight, and advocacy.

And for GECA, this is a crucial part of the puzzle. Building better cross-border markets isn’t only about regulation and platforms—it’s also about what happens inside each cap table once the raise is complete.

Thanks again, Joey. That was a fantastic conversation. We’ll be sure to connect people with you who like what you’re doing.

Joey Hayes (Guest): Thank you, Andy—and thank you for everything you do for the industry and with GECA. I’m excited to work with you moving forward, and I really appreciate you giving me the opportunity today.

Andy Field (Host): No problem at all. And to our listeners—thanks for tuning in. Stay with us for future episodes as we continue to explore the people, the policies, and the platforms that are unlocking crowdfunding without borders.

Don’t forget to follow GECA for more conversations with the people shaping the future of global equity crowdfunding. And visit thegeca.org to learn more about our mission, our growing global supporter base, and how you can get involved.

Thanks everyone, and we’ll see you next time.

[End of Transcript]

by GECA

GECA 2025 year-end update header image showing winter berries with purple geometric overlay in brand colors

GECA 2025 Year-End Update: From Belief to Global Movement

Building the Future of Borderless Equity Crowdfunding

A message from Andy Field, GECA Steering Committee Executive Lead

What began as a shared belief that “collaboration is key” has grown into a genuinely global movement. 2025 was our foundation year and what a foundation we’ve built together.

By the Numbers: 2025

Think Tank Roundtables: 5 (Architects of Change series)
Steering Committee: 7 → 15 members (+114%)
Global Reach: 4 continents (2 more in discussions)
Supporter Base: 40 → 80+ organizations (+100%)
Podcast Episodes: 12 released (GECA WorldView)
Major Events: 2 USA conferences + 2 global panels
Key Milestone: Manifesto published

From a core group to a truly global think tank- in just 12 months.

Global Equity Crowdfunding Alliance (GECA) Achievements in 2025
Global Equity Crowdfunding Alliance (GECA) Achievements in 2025

What We Accomplished in 2025

  1. Grew the Alliance

Our Steering Committee expanded from 7 to 15 members, now spanning four continents — with conversations already underway to bring representatives from two more regions into the fold.

Our supporter base more than doubled: from 40 to 80+ organizations and individuals who share our belief that equity crowdfunding works best when we address regulatory, technological, and cultural borders together — not in isolation.

  1. Launched Architects of Change Think Tank Series ⭐

Our flagship initiative for 2025: a series of five high-level roundtable discussions bringing together the brightest minds in global equity crowdfunding.

The Series:

  1. “Breaking Down Borders: How Platforms Can Enable Global Deal Access and Visibility”
  2. “Beyond Borders: Learning from EU ECSPR to Build Global Crowdfunding Passports”
  3. “Regulation as Rocket Fuel: How Smart Compliance Drives Platform Growth”
  4. “The $1 Trillion Opportunity: Building Liquidity Through Innovation”
  5. “The Conversion Code: What Actually Moves Global Investors from Interest to Investment”

What made it transformational:

These conversations were strategic deep-dives that shaped GECA’s policy framework. We convened platform CEOs, innovators and thought leaders from across the globe to tackle the hardest questions facing cross-border equity crowdfunding.

The impact:

  • Formed the foundation for our 2026 Whitepaper (releasing Q1)
  • Created working groups on key challenges identified in the series
  • Generated McKinsey-style strategic analysis articles
  • Established GECA as the authoritative voice on borderless crowdfunding

This series proved that collaboration produces solutions — and positioned GECA as the think tank driving the future of our industry.

  1. Built Industry Relationships & Representation

We forged strong partnerships with professional and industry bodies including EDFA and CfPA, amplifying GECA’s voice in critical regulatory discussions.

We represented GECA across multiple platforms:

  • Two USA conferences (Supercrowd LA — Los Angeles and the CfPA Summit — Washington DC)
  • Appeared on major global online panels
  • Took part in numerous industry discussions worldwide

These engagements validated GECA’s mission and built the relationships that will enable real progress in 2026.

  1. Established Thought Leadership

Published our Manifesto — articulating GECA’s vision for collaborative, compliant, global equity crowdfunding.

Launched 12 podcast episodes — the GECA WorldView podcast featuring voices from across the ecosystem, exploring challenges and solutions.

Delivered Architects of Change series — our most ambitious initiative, from which we learned enormously and were honored to host so many influential voices.

Looking Ahead: 2026

Horizontal timeline graphic in GECA brand colors (purple and black on white background) displaying four milestone periods for 2026: January with handshake icon for partnerships, Q1 with document icon for Whitepaper, February with globe icon for webinar, and ongoing activities with growth icon. Bottom text states "2025: Understanding the challenges" and "2026: Building the solutions—together."
GECA's 2026 Roadmap: From Understanding to Action

We’re heading into 2026 with real momentum.

The Architects of Change Think Tank Series generated incredibly valuable insights, helping us to create a roadmap and sparking global collaborations that will transform our industry.

January 2026:
→ Partnership announcements — exciting global collaborations that will advance GECA’s mission (stay tuned!)

Q1 2026:
→ Whitepaper publication — distilling learnings from Architects of Change into a comprehensive framework for global equity crowdfunding infrastructure
→ Working groups launch — tackling specific challenges identified in the Think Tank series

February 2026:
→ Major global webinar — bringing together platforms, regulators, and innovators to chart the path forward (details coming soon)

Aims Throughout 2026:
→ Expand Steering Committee to 6 continents
→ Advance infrastructure working groups
→ Strengthen policy advocacy based on Think Tank findings
→ Launch collaborative initiatives with global partners
→ Turn 2025’s research into 2026’s action

2025 was about understanding the challenges.
2026 is about building the solutions — together.

The announcements coming in January will show just how serious we are about making borderless equity crowdfunding a reality.

World map showing GECA's global presence across 4 continents highlighted in purple (Europe, North America, Africa, Asia) with 2 additional continents in grey (South America, Australia) indicating future expansion. Title reads "THANK YOU" with text below: "To platform operators, regulators, innovators, and supporters across 4 continents: You didn't just support an organization— you helped build a movement. The future is borderless. Here's to 2026."
You didn't just support an organization - you helped build a movement

To every platform operator, regulator, innovator, and supporter who joined us this year: thank you. Your support is really helping to build a movement.

What we’ve achieved together in 2025 is remarkable. What we’ll accomplish in 2026 -with the collaborations we’re announcing in January — will be transformational.

I hope you have a peaceful and happy festive break.

The announcements are coming. The work continues. The future is borderless.

Here’s to 2026.

Andy Field
GECA Steering Committee Executive Lead

Join the Global Crowdfunding Movement:

The Global Equity Crowdfunding Alliance (GECA) works toward creating a truly borderless global equity crowdfunding ecosystem through industry collaboration, regulatory alignment, and international knowledge sharing.

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Frequently Asked Questions

What is GECA?

GECA (Global Equity Crowdfunding Alliance) is a global think tank and industry
alliance uniting equity crowdfunding platforms, regulators, and innovators to
enable compliant cross-border investment. Founded in 2024, GECA now spans 4
continents with 80+ member organizations.

What did GECA accomplish in 2025?

GECA's 2025 achievements include:
- 5 Think Tank roundtables (Architects of Change series)
- Steering Committee growth from 7 to 15 members (+114%)
- Membership doubled from 40 to 80+ organizations (+100%)
- Expansion to 4 continents (Europe, North America, Africa, Asia)
- 12 podcast episodes released (GECA WorldView)
- Published industry Manifesto
- Engaged at CfPA Summit and major global events

What is the Architects of Change Think Tank series?

The Architects of Change series is GECA's flagship initiative: 5 intensive
roundtable discussions bringing together platform CEOs, regulators, and
innovators to tackle cross-border crowdfunding challenges. The insights from
this series form the foundation of GECA's 2026 Whitepaper and working groups.

How many countries does GECA operate in?

GECA has active representation across 4 continents with 15 Steering Committee
members and 80+ member organizations spanning Europe, North America, South America, Africa,
and Asia.

What is GECA's mission?

GECA's mission is to unite platforms, regulators and innovators globally to
enable compliant cross-border equity crowdfunding through collaboration,
standards, and policy advocacy.

What is GECA announcing in 2026?

In January 2026, GECA will announce major global partnerships. Q1 2026 brings
the Whitepaper publication and working groups launch. February 2026 features
a major global webinar bringing together platforms, regulators, and innovators.

Who can join GECA?

GECA membership is open to equity crowdfunding platforms, regulators,
technology providers, service providers and industry leaders committed to
collaborative, compliant, borderless crowdfunding.

How do I join GECA?

Apply for GECA membership at: https://thegeca.org/membership-app-form/

What is borderless equity crowdfunding?

Borderless equity crowdfunding enables investors to access investment
opportunities across jurisdictions and allows companies to raise capital
globally within compliant regulatory frameworks. GECA convenes stakeholders,  is developing frameworks,

and advocates for policies that enable borderless equity crowdfunding

Who leads GECA?

GECA is led by a 15-member Steering Committee spanning 4 continents, including
platform CEOs, regulators, and industry innovators. Andy Field serves as
Steering Committee Executive Lead.

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by GECA

From Financial Crisis to Crowdfunding Champion: Paul Lovejoy's 366-Day Journey to Democratize Investment

How a $12,000 experiment across 400+ investments is proving that everyday people can build wealth outside Wall Street - and why the future of finance depends on it

By the Global Equity Crowdfunding Alliance

The Investor Who Put His Money Where His Mouth Is

Paul Lovejoy didn't set out to become a crowdfunding revolutionary. In 2008, he was a real estate investor who, along with his family, lost nearly a million dollars when a fraudulent investment scheme collapsed during the financial crisis. The money was devastating to lose. The shame was even worse.

"I didn't just lose my money, it was also my family's money," Lovejoy recalls in a recent episode of the GECA Podcast. "It was a horrible event and it took years for me to recover from just the trauma and get over the shame part of it. I didn't publicly admit that for 10 years."

But what emerged from that darkness was something extraordinary: a mission to democratize access to investment opportunities and build an alternative financial system where regular people, not concentrated wealth, determine what gets funded.

Today, as Principal Investment Advisor at Stakeholder Enterprise - the United States' first investment advisory firm specializing in regulated crowd investing - and 2024 recipient of the Crowdfunding Professional Association's prestigious 'Pay It Forward' Award, Lovejoy has become one of the industry's most prolific advocates. His weapon of choice? A year-long experiment that would change how he - and potentially millions of others - think about building wealth.

The 366-Day Challenge: Investing Every Single Day

In 2024, Lovejoy embarked on what he calls his "Leap Year Portfolio"- investing in crowdfunding opportunities every single day for 366 consecutive days. Yes, even on vacation. ("My wife hated me," he admits with a laugh.)

The parameters were simple but ambitious:

  • Total invested: $12,000 over 366 days
  • Average per investment: $31.52
  • Portfolio allocation: 50% debt, 30% equity, 20% real estate
  • Minimum investment: As low as $10

The results? Remarkable.

By the numbers:

  • 432 real estate developer loans (only 3 defaults, zero actual losses due to collateral)
  • 70+ small businesses supported
  • 20+ family farms funded
  • 33% cash flow return in just 20 months
  • $4,000 returned and reinvested from the initial $12,000

"I wanted to show that you can have a legitimate financial plan without using our public stock markets," Lovejoy explains. "But more than that, I needed to put my money where my mouth is. I needed to really understand what people go through when they make these investment decisions."

The Hidden Power of Extreme Diversification

What Lovejoy discovered through his daily investment practice was transformative: diversification at scale is the ultimate risk mitigation strategy.

Unlike traditional public markets, where three institutional investors control retirement accounts and algorithmic trading concentrates wealth in just seven stocks (the "Magnificent Seven"), crowdfunding enabled Lovejoy to spread tiny investments across hundreds of opportunities.

"Some of these short-term real estate loans, I can do a $10 minimum and they would split that $10 into a dollar into different loans," he explains. "The diversification of that - you can't beat that in our public markets."

This extreme diversification proved remarkably resilient. Out of 432 real estate loans, only three defaulted - and because the loans were backed by actual property, Lovejoy didn't lose any money. The platforms were able to take control of the houses and recover the investments.

"This is investor protection right here," Lovejoy emphasizes. "Diversification, not restrictive regulations, mitigates risk."

Technology as the Great Equalizer

One of Lovejoy's most surprising discoveries was how accessible due diligence has become for everyday investors - thanks to technology.

Yelp for Due Diligence: "I discovered Yelp is a fantastic place to do due diligence," Lovejoy reveals. "You can see right away if a business just put up their Yelp page - huh, suspicious. Or if they had this Yelp page for five years with five-star reviews. There's a lot that you could see as just a regular person very easily."

AI as a Reading Assistant: "With AI coming into play, it can read these large documents very easily. You can copy text and put it into an AI and have it read for you. That is a huge help because that's really what AI is best at - reading through documents. It's either in the document or it's not. There's no opportunity to make stuff up."

This democratization of information challenges the fundamental premise behind accredited investor restrictions—that only wealthy individuals have the sophistication to evaluate private market investments.

"You don't have to be sophisticated to do this," Lovejoy insists.

The Problem with SAFEs (And Why Crowdfunding Needs Its Own Instruments)

Through his extensive experience, Lovejoy identified a critical flaw in how the crowdfunding industry has developed: we're using investment instruments designed for a completely different ecosystem.

The SAFE (Simple Agreement for Future Equity), invented by Y Combinator for their Silicon Valley incubator, has become the default instrument for equity crowdfunding. But there's a problem.

"It was perfect for their ecosystem because they're the ones doing the valuation in the next round," Lovejoy explains. "The SAFE protects the founders and it doesn't really protect investors all that much, but it didn't matter to Y Combinator because they're the ones that were gonna set the terms the next round."

But in crowdfunding? "Nobody knew what they were doing in our industry. What are we gonna use? Let's use Y Combinator's SAFE. No one thought, 'Hey, what works best for a crowdfunding industry?'"

Lovejoy's solution: We need investment vehicles specifically designed for investment crowdfunding, not borrowed from incubators. He also advocates for alternative exit strategies beyond IPOs and mergers - like dividends and stock buybacks - that provide more predictable returns for retail investors building long-term wealth.

The Real Impact: Beyond Returns

While the financial returns are compelling, what struck Lovejoy most was the real-world impact his investments were making.

One company he invested in three times, Ovanova, dropped everything when a hurricane devastated a small mountain town in North Carolina. They arrived with chainsaws, cleared roads, and set up a solar microgrid that powered the general store for 47 days - becoming a literal lifeline for the community.

"I'm seeing my small investments go to this company and now they're literally sending a lifeline to these people devastated by this disaster," Lovejoy reflects. "That was like real impact."

He invested in family farms building micro solar grids, earning 10% returns while supporting renewable energy. He funded clean energy projects and climate tech startups. He backed local small businesses creating jobs in their communities.

"It's this awesome situation where I'm helping this family farm build a micro solar grid on it, and I'm getting a 10% return," he says. "To me, it's really hard to beat."

Paying It Forward: A Philosophy of Enlightened Self-Interest

Lovejoy's recognition with the CfPA's 'Pay It Forward' Award reflects a philosophy that drives all his work: accepting responsibility for problems you didn't create because it's in your enlightened self-interest.

Drawing from his competitive water polo background, he explains: "My coach said, 'While you guys were being reactive, they were being proactive.' They're not thinking, 'We need to stop them from scoring.' They're thinking, 'When we get the ball, I'm gonna be swimming down, beating my guy to score.'"

This proactive mindset extends to systemic change.

"When inequality deepens, social cohesion collapses," Lovejoy observes. "People turn on each other instead of questioning the systems exploiting them. Furthermore, when people are stripped of opportunity and dignity, that's when crime and violence rise."

His conclusion: "Yes, it is in your self-interest, but you almost have to think of it as enlightened self-interest that it benefits me to have an economy that looks out for the wellbeing of others and our planet."

Paul receiving the CfPA 'Pay it Forward' Award 2025 from Jenny Kassan
Paul receiving the CfPA 'Pay it Forward' Award 2025

Building Alternative Financial Infrastructure

For Lovejoy, the crowdfunding movement represents something far more significant than a new investment class - it's the creation of entirely new financial infrastructure.

"The people who are involved, we are literally creating a brand new infrastructure for an alternative financial system," he emphasizes. "It's not one where large institutions or concentrations of wealth determine what gets built, what gets funded. It's people."

This infrastructure is being built through:

  • Platform innovation enabling $10 minimum investments
  • Regulatory frameworks like Regulation Crowdfunding creating legal pathways
  • Technology democratizing due diligence and access
  • Community connecting investors who care about impact with founders building solutions

"We get to build that infrastructure where no one is too big to fail, essentially," Lovejoy says. "I just wouldn't wanna be in any other space. It's such a huge opportunity. Generational."

Designing Out Fraud: A Circular Economy Approach to Regulation

When asked about the path to true cross-border crowdfunding, Lovejoy offered an innovative perspective borrowed from environmental design: the circular economy.

"The circular economy concept is you wanna design out waste and pollution in products," he explains. "I think we can apply that in other areas. Why not create systems where we design out fraud and exploitation?"

Rather than simply creating laws to police bad actors after the fact, Lovejoy advocates for designing systems that make fraud unprofitable from the start.

"I think just saying, 'Okay, we need to make laws to kind of police people,' I think that may be a little bit of an outdated perspective," he argues. "We need to take a step back and say, 'If we design this system in the first place, let's make fraud unprofitable. How do we do that?'"

This systems-thinking approach aligns perfectly with GECA's mission to create regulatory frameworks that facilitate cross-border investment while maintaining investor protection - not through restriction, but through intelligent design.

Advice for New Investors: Start Small, Start Now

For anyone new to crowdfunding, Lovejoy's advice is refreshingly simple:

"Start small. Find a $10 or $25 investment if you can. That's the place to start."

He learned more from making his first investment than from weeks of preparation. "It's just practicing. Doing it is gonna teach you. And start small and go through the due diligence. Even if it's a $25 investment, treat it like a $25,000 investment."

His second piece of advice: Start with debt instead of equity.

"You're gonna get returns happening to you a lot quicker. A lot of my investments were in loans, not equity -these were more debt-based. And I gotta tell you, after 20 months since I first started, I've already had a 33% cash flow return."

This cash flow can then be reinvested, creating a compounding effect that builds momentum rapidly.

Advice for Founders: Community First, Always

For entrepreneurs considering crowdfunding, Lovejoy's guidance is equally direct:

"You can't just show up and expect people to invest in you."

The most successful campaigns he observed shared common characteristics:

  • Community building before launch (not expecting platforms to do marketing)
  • Clear communication about use of funds and exit strategy
  • Modeling successful campaigns in similar industries
  • Marketing budget planning as part of the raise strategy
  • Authentic engagement with potential investors

"You have to plan ahead, get your community involved, plan for a marketing budget, and look at how other people have done it before just jumping in," he advises.

The Crowdfunding Revolution Is Just Beginning

Six months into his daily investment streak, Lovejoy had a humbling realization: "I look back and I was like, 'I wasn't as good as I thought I was.' It's like when you do something every day, there are things that you just see that you didn't before."

By the end of the year, his perspective had transformed entirely. "Now I don't think I'm some great investor. I know that there's a lot more to learn out there, but I am so much better than I was before I started that."

This continuous learning - this willingness to question assumptions and remain humble in the face of complexity - exemplifies the spirit GECA champions in building a truly borderless crowdfunding ecosystem.

The Path Forward: Education, Collaboration, Global Integration

Lovejoy's work intersects perfectly with GECA's mission on multiple fronts:

Education: "The entire ethos of GECA is education," Lovejoy observes. "And it's kick-ass." Whether educating founders about realistic exit strategies, investors about due diligence tools, or regulators about the power of designed systems over restrictive rules - education remains the foundation.

Democratization: Making sophisticated investment strategies accessible to everyone, regardless of wealth, geography, or "accredited" status.

Infrastructure Building: Creating the platforms, regulations, and tools that enable borderless capital flows while maintaining investor protection through design, not restriction.

Impact Alignment: Connecting capital with projects that generate both financial returns and positive social and environmental outcomes.

"I love the fact that you're trying to eliminate borders for crowdfunding," Lovejoy told GECA's Andy Field. "I think that's such a wonderful mission and I'm thrilled to be a part of it."

Conclusion: The Alternative Financial System Is Here

Paul Lovejoy's 366-day journey proves what many in the crowdfunding community have long believed: everyday people can build diversified, resilient, impactful investment portfolios outside traditional Wall Street structures.

His experiment demonstrates that:

  • Extreme diversification through small investments works
  • Technology has democratized due diligence
  • Debt crowdfunding provides reliable income streams
  • Impact and returns are not mutually exclusive
  • The barriers to private market investing are arbitrary, not necessary

As Lovejoy continues his work through Stakeholder Enterprise and his Crowd Capital Blueprint program, he's not just helping individuals invest - he's helping build the infrastructure for an entirely new financial system.

"This is such a huge opportunity," he concludes. "Generational. It's an amazing opportunity that we all have in this industry."

The question is no longer whether crowdfunding can compete with Wall Street. Paul Lovejoy's 366 days proved it can. The question now is: Will regulators, platforms, and investors seize this generational opportunity to democratize wealth creation globally?

GECA believes the answer is yes. And with advocates like Paul Lovejoy putting their money - and their daily commitment - where their mouth is, the future of borderless, democratized, impact-driven investing has never looked brighter.

Connect with Paul Lovejoy:

Watch the Full GECA Podcast Episode: 🎧 Paul Lovejoy: From Financial Devastation to Daily Investment

Join the Global Crowdfunding Movement:

The Global Equity Crowdfunding Alliance (GECA) works toward creating a truly borderless global equity crowdfunding ecosystem through industry collaboration, regulatory alignment, and international knowledge sharing.

 

by GECA

Headshot of Paul Lovejoy, Principal Investment Advisor at Stakeholder Enterprise and recipient of the Crowdfunding Professional Association's 2024 'Pay It Forward' Award. Based in Hawaii, Paul is a prolific retail crowdfunding investor who completed a 366-day daily investment streak, investing in over 400 real estate loans, 70 small businesses, and 20 family farms. His work focuses on democratizing access to private markets, impact investing, and building alternative financial infrastructure through community-based crowdfunding. Featured on the GECA Podcast discussing diversification strategies, systemic change in finance, and practical advice for new crowdfunding investors and founders.

From Defrauded Investor to Crowdfunding Champion: Paul Lovejoy's 366-Day Investment Journey | GECA Podcast

Headshot of Paul Lovejoy, Principal Investment Advisor at Stakeholder Enterprise and recipient of the Crowdfunding Professional Association's 2024 'Pay It Forward' Award. Based in Hawaii, Paul is a prolific retail crowdfunding investor who completed a 366-day daily investment streak, investing in over 400 real estate loans, 70 small businesses, and 20 family farms. His work focuses on democratizing access to private markets, impact investing, and building alternative financial infrastructure through community-based crowdfunding. Featured on the GECA Podcast discussing diversification strategies, systemic change in finance, and practical advice for new crowdfunding investors and founders.

From Defrauded Investor to Crowdfunding Champion: Paul Lovejoy's 366 Days | GECA Podcast

Join Andy Field for an inspiring conversation with Paul Lovejoy, Principal Investment Advisor at Stakeholder Enterprise and 2024 recipient of the Crowdfunding Professional Association’s prestigious ‘Pay It Forward’ Award. From experiencing devastating financial fraud in 2008 that affected his entire family, to discovering crowdfunding’s transformative potential during COVID, Paul shares his remarkable journey of recovery, learning, and advocacy that led him to become one of the industry’s most prolific retail investors.

In this episode, Paul reveals the insights gained from his unprecedented 366-day daily investment streak – a commitment that saw him invest in over 400 small businesses, family farms, clean energy projects, and community development initiatives, achieving a 33% cash flow return in just 20 months while starting with investments as small as $10. He breaks down his strategic portfolio allocation of 50% debt, 30% equity, and 20% real estate across 432 real estate developer loans, 70+ small businesses, and 20+ family farms, demonstrating how extreme diversification creates built-in risk mitigation that traditional public markets cannot match.

Beyond the numbers, Paul discusses the philosophical framework that drives his work – the concept of “paying it forward” through accepting responsibility for systemic problems you didn’t create because it’s in your enlightened self-interest. Drawing from his competitive water polo background, he explains how proactive thinking and designing systems that eliminate fraud (rather than just policing it) can reshape the entire crowdfunding ecosystem. He offers candid insights into the challenges facing the industry, including why SAFEs (Simple Agreement for Future Equity) borrowed from Y Combinator’s incubator model don’t serve crowdfunding communities well, and why we need investment instruments specifically designed for platform-mediated retail investment.

Paul shares practical advice for new investors – start small with $10-25 in debt instruments, use AI and Yelp for accessible due diligence, and treat every investment seriously regardless of size – and offers crucial guidance for founders on building community before launching campaigns. He discusses how technology is democratizing due diligence, why exit strategies beyond IPOs and mergers (like dividends and stock buybacks) deserve more attention, and how crowdfunding platforms are literally building the infrastructure for an alternative financial system where regular people, not concentrated wealth, determine what gets funded.

Whether you’re interested in impact investing that delivers both financial returns and community transformation, learning how to build a diversified portfolio outside traditional public markets, or understanding how crowdfunding can address inequality while serving your own long-term interests, Paul offers invaluable perspectives from someone who has put his money where his mouth is – 366 days in a row. His commitment to education, transparency, and systemic change exemplifies GECA’s mission of creating a borderless crowdfunding ecosystem that democratizes access to capital and investment opportunities worldwide.

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GECA Podcast Transcript: Paul Lovejoy Interview

[Intro – GECA Announcer]: Welcome to the GECA Podcast, powered by the Global Equity Crowdfunding Alliance. Dive into the realm of borderless equity crowdfunding, where we bring the world’s top experts and industry leaders directly to you, discussing innovations that are redrawing the boundaries of finance. Ready to expand your horizons? Here’s your host, Andy Field.

Andy Field: Hello everyone. Welcome back to the GECA Podcast, the voice of Global Equity Crowdfunding. I’m Andy Field, Steering Committee lead of the Global Equity Crowdfunding Alliance, where we speak with the leading voices who shape the future of capital raising across borders. As crowdfunding continues to evolve, we’re exploring what it takes to run successful campaigns globally, what founders, platforms, and investors need to know to thrive in this ever-expanding ecosystem.

And today I’m really thrilled to be joined by Paul Lovejoy. Paul is Principal Investment Advisor at Stakeholder Enterprise. He’s based in Hawaii—lucky for some. He’s a longtime advocate for crowdfunding, a prolific investor himself, and he’s also this year’s recipient of the Crowdfunding Professional Association’s ‘Pay It Forward’ Award, recognizing his incredible contribution to the crowdfunding community.

Paul, congratulations again on that award and thanks so much for joining us.

Paul Lovejoy: Oh, I’m thrilled to be here. I love the fact that you’re trying to eliminate borders for crowdfunding. I think that’s such a wonderful mission and I’m thrilled to be a part of it.

Andy Field: Oh, thank you. Thanks again for joining us. For listeners who may not know your story, can you just give us a very quick overview—just a couple of minutes—of how you first got involved in crowdfunding and what’s made you so passionate about it?

Paul Lovejoy: Yeah, back in 2008, I was a defrauded investor, financially devastated by the system collapse. And it caused me to spiral down into this shame and sleepless nights. I was in denial about it. And it was awful, really, because it wasn’t just my money I lost—it was also my family’s money. It was a horrible event and it took years for me to recover from just the trauma and get over the shame part of it. I didn’t publicly admit that for 10 years.

Anyways, I did finally get myself together and I forgave myself. I let go of the past and it allowed me to ask the question: what the heck just happened? What is going on? So it led me in a direction where I went from real estate to wealth management.

And when I got into wealth management, I saw that there was all this gatekeeping happening with the private market. In the United States you have to be something called an accredited investor and meet certain wealth thresholds. And so I saw that entire populations—large populations, something like 90% of the US—couldn’t invest in these private markets. Just this whole financial gatekeeping. Working in wealth management, I really lost my motivation to work there.

One thing I did see while I was there was peer-to-peer lending and I was like, “That’s interesting. It’s not the public market. It’s not a private market. What is this?” But I didn’t really think about it too much longer. I ended up losing my motivation to work in wealth management because of this financial gatekeeping and telling people, “You can’t have services with us.” I hated telling people that.

And that’s right when COVID hit. And another thing I got interested in was something called impact investing. And I was wondering what’s the difference between ESG and impact investing? And what I saw with all my research is that the only way you can make an impact investment was in the private market. And the only way you can be in the private market is if you were an accredited investor.

But then I remembered—I was like, what about that peer-to-peer lending stuff? And so I did this Google search: “retail access to private markets.” And that’s when crowdfunding popped up, regulation crowdfunding. And I was like, “Oh my gosh!” It was like all the dots connected for me. I was like, “Oh, this is how people can actually fund businesses they care about.”

And it allowed regular people access to really great investment opportunities that were reserved for the wealthy. So it had multiple layers: a financial layer where regular people can prosper on some really great investment opportunities, and the fact where you can fund a business that you care about in your community and that delivers real impact, shaping the future. So that’s how I got into crowdfunding. I opened up my own firm. I was just all in when I saw it.

Andy Field: Yeah, I can see how that struck a chord. Actually, you and I met for the first time—we’d obviously connected on social media previously—but a couple of weeks ago, I was over in Washington DC, as were you, at the CfPA Summit. And you were telling me some of these stories then, and I find it fascinating how that resonated with you at that time and you went straight away all in. That shows a real act of faith if you like. And you’ve built a really strong reputation in this space now.

And I know one of the things that we were talking about over in DC, and one of the things that really stands out, is your daily investment streak. So can you tell us a bit about how that started and what inspired you to commit to essentially investing every single day for—and you’ll tell me how long that was?

Paul Lovejoy: Yeah, it was for 366 days in a row because I wanted to do it for a year straight and the year I happened to choose was a leap year.

Andy Field: Yeah, great!

Paul Lovejoy: So why not one extra day? So really what I was seeing is that there were tremendous financial opportunities within this space. And I didn’t like what I was seeing in our public markets anymore, here in the US—and I know it’s similar around the world—where you have institutional investors that manage retirement accounts and they basically control the entire public markets. And it’s just three of them. And they’re using algorithmic trading to optimize to get the best stocks.

And now here in the US, it’s basically called the Magnificent Seven. So you have all this concentration of wealth, and it’s trying to optimize to get the best bang for their buck to optimize shareholder value. And seven stocks do that. So we don’t have a very diversified, in my opinion, a very diversified or safe public market.

And what I saw in crowdfunding, I saw opportunities that were highly diversified. And so I wanted to show that you can have a legitimate financial plan without using our public stock markets. So that’s what motivated me to do this. And then at the same time, I was like, if I’m gonna be recommending or advising or creating financial plans for this, I need to put my money where my mouth is. I need to really understand what people go through when they make these investment decisions.

And so I got a really unique perspective as a customer, as an investor, and as an advisor too, to really go deep into this type of financial market. And it was an incredible experience. So that’s what motivated me. That’s why I did it.

Andy Field: And was it 366 different investments that you invested in?

Paul Lovejoy: Almost. So there were a couple of times that I invested in a fund, so there’s Fundrise—

Andy Field: Yeah.

Paul Lovejoy: —and they have this venture fund, the Innovation Fund, where it’s venture capital and it’s pretty neat because average people can invest in OpenAI, ChatGPT, Canva. They have some really great digital infrastructure businesses that regular people can’t invest in. And it was $10 minimum.

I guess I did have some cheat days, you could say, where I went back into a fund. And there was about four or five of those funds where I went back to them on a regular basis. So otherwise it would be a little crazy if I didn’t do some of that stuff because—

Andy Field: Absolutely, yeah.

Paul Lovejoy: —especially when I went on vacation. My wife hated me. I did an investment every day still on vacation. She hated that. But having some of those funds to invest, that did help, like on travel when I’m flying. So it worked out.

Andy Field: Yeah, and it’s interesting you mentioned the $10. I bet there’s a lot of people out there who don’t realize that you can invest such a small amount.

Paul Lovejoy: Yeah. And there’s not just one platform where you can do that. There’s many different platforms. You can invest in clean energy and climate tech, and small businesses with $10, community development, short-term real estate loans. And the diversification I had throughout the year is just insane.

So some of these short-term real estate loans, I can do a $10 minimum and they would split that $10 into a dollar into different loans. So after the end, I had over 430—I think it was 432 exactly—small real estate developer loans. So I invested in over 400 of these small little real estate projects. And the diversification of that, you can’t beat that in our public markets.

And then on top of that, the small businesses I had—something like 70 different small businesses that I invested in over the year. Then there was the climate projects and the farms I invested in—close to 20 different family farms throughout the year. So it was just really amazing.

One thing that I really discovered about myself was when I went into that, I was like, “Yeah, I’m a good investor. I know what I’m doing.” By six months in, I looked back and I was like, “I wasn’t as good as I thought I was.” It’s like when you do something every day, there are things that you just see that you didn’t before. It’s practice. Obviously anytime you practice something, you’re gonna get a lot better at it.

And at the end, I felt really humbled. Now I don’t think I’m some great investor. I know that there’s a lot more to learn out there, but I am so much better than I was before I started that. So it’s been very rewarding, having that experience.

Andy Field: So learning so much from that year streak, has that changed how you think about risk, opportunity, and impact?

Paul Lovejoy: It changed a lot. For one, it confirmed what I thought: that when you diversify across hundreds of business opportunities, that’s a built-in risk mitigation strategy. Because, like the real estate stuff, that’s all backed by actual real estate. So out of the 400-something loans, something like three of them did default, but I didn’t lose any money because we were able to take control of the house. So the risk mitigation factor is fantastic.

Another thing that was going on was some of the wild stock market volatility going up and down. I wasn’t concerned about any volatility. A lot of my investments were in loans, not equity—these were more debt-based. In fact, I did an allocation of 50% debt, 30% equity, and 20% real estate.

And I gotta tell you, after 20 months since I first started, I’ve already had a 33% cash flow return. So I invested a total of $12,000 throughout the year. A third of that, about $4,000, has already been returned to me, and I’ve reinvested that amount already.

So it shows that you can have a great investment strategy, super diversified, mitigating all kinds of risk, and it’s compounding your interest. And so now I’m buying, supporting more small businesses and I’m prospering for it too. It’s this awesome situation where I’m helping this family farm build a micro solar grid on it, and I’m getting a 10% return. To me, it’s really hard to beat. And it’s diversified across so many levels that to me it’s obvious that this is a much safer approach than what all other financial planning is doing.

And on top of that, if you wanted to research a lot of these small businesses, one thing I discovered was Yelp is a fantastic place to do due diligence. They have all kinds of reviews and all these small businesses—you can see right away if, “Oh, they just put up their Yelp page. Huh. Suspicious.” Or if you see that they had this Yelp page for five years and five-star reviews, there’s a lot that you could see as just a regular person very easily. It doesn’t take a lot of work either.

And also with AI coming into play, it can read these large documents very easily. It takes a lot of effort doing due diligence every day. But if you can copy text and put it into an AI and have them read it for you, that is a huge help because that’s really what they’re best at. AI is reading through documents, not making stuff up. There’s no opportunity to make stuff up. It’s either in the document or it’s not. That was a big help for me also.

Andy Field: Yeah, those technological advancements. Again, when we were talking in DC we were talking about how much they’ve helped the due diligence process. And I guess that whole project is almost the catalyst for something wider. You mentioned that the money’s being reinvested now. The snowball effect is obviously starting to happen, so it’s a really interesting way of kicking off what will be a very long-term project I assume.

So let’s move on a little bit. I just want to talk about the award that you won recently, the ‘Pay It Forward’ Award from CfPA. It’s such a meaningful recognition. I just want your perspective on what paying it forward means to you personally. How do you try to embody that in your work within the crowdfunding community?

Paul Lovejoy: I am a lifelong water polo player. I actually played water polo very competitively up into my thirties. But when I was in high school, first starting, I remember we got destroyed by this team. And they had just an incredible counter attack and we just got crushed.

And I remember my coach saying, “While you guys were being reactive, they were being proactive.” And then he went on to say, “They’re not thinking, ‘Oh, we need to stop them from scoring a goal.’ They’re thinking, ‘When we get the ball from them, I’m gonna be swimming down, beating my guy to score.'” So they already had it in their head that this is what they were gonna do. It’s like when you act on something and you know the reason why you’re acting, you have that next step, it motivates you even further.

So essentially, it’s about being proactive. Paying it forward, it’s about literally being the change you wish to see. You’re not paying something back. You’re not reacting to something. You’re looking at the world and saying, “How do you make it better?” And it’s by paying it forward.

And to me, to pay it forward, I think you have to accept responsibility for problems you didn’t create. And that’s the only way I think that would motivate you to pay it forward. Now, some people may be like, “Why would you ever accept responsibility for a problem you didn’t create?” And the answer to that is: it’s because it’s in my own self-interest.

When inequality deepens, social cohesion collapses. People turn on each other instead of questioning the systems exploiting them. Furthermore, when people are stripped of opportunity and dignity, that’s when crime and violence rise. Meanwhile, if we feel entitled, we’re gonna hide behind guns and gates, fearful of a system that we help perpetuate.

Yes, it is in your self-interest, but you almost have to think of it as an enlightened self-interest that it benefits me to have an economy that looks out for the wellbeing of others and our planet. So that’s what paying it forward to me means. It really is a very meaningful award that I got because it’s something that I care about deeply. And I was surprised—I didn’t even know it really existed. And to get that recognition, it meant a lot to me.

Andy Field: Very well deserved as well. And that’s a really good way of framing it. It’s almost—I think what you’re saying is that this is, look, it’s not purely altruistic here. There is some benefit for me to help solve the problems even if I didn’t cause them. Which is a great way of thinking. And I think most people will get their head around that. So that’s a really interesting way of putting it.

So what are some of the ways that you try to—you’ve mentioned that it’s not giving back as much, but I’m sure you do give back to the industry. Whether that’s mentoring or, obviously, from an advising perspective, you help founders and new investors get started. What does that look like for you on a professional level?

Paul Lovejoy: There was one company that I really embraced during my daily investment. I invested in this one company on three different raises. They paid me back on one of the raises, and they’re still paying me back on two of the others. So anyways, I was like, “Wow, this is great.”

There was a hurricane that hit during that year, and I saw this company drop everything what they were doing, and they went to this small town that was up in the mountains in North Carolina that got devastated by the hurricane. They came in with their chainsaws, cleared the road, and then they set up a solar microgrid in the community. And it provided power to the general store that they had up there where people would put their food in the refrigerator, charge their phones. It literally was a lifeline for this community for 47 days that they had this thing up there. And I was blown away. That was like real impact.

I’m seeing my small investments go to this company and now they’re literally sending a lifeline to these people devastated by this disaster. And so they wanted to have a larger raise on Wefunder. And I was very advocate—I loved what they were doing, and I was showcasing on social media. I was engaging with them and just loving what they’re doing. They asked me to be lead investor on their Wefunder campaign.

Andy Field: Oh, okay.

Paul Lovejoy: And I absolutely agreed to do that. And it was Ovanova—I think they’re around. The raise has closed, but wonderful company. I didn’t benefit financially. They didn’t pay me to do it. In fact, I invested in them. So if they’re—to me, if I feel aligned with a company, then I’m not looking necessarily to make money off of them unless it’s some mutual benefit. I’m happy to give what I’ve learned about successful raises, what you do, and not only that, what type of investment vehicle that you choose to raise funds with. Is it gonna be a SAFE or is it gonna be a revenue sharing note, or whatever have you. And I do have some opinions on that as well.

Andy Field: Okay. That’s really interesting. So over the time that you’ve been involved in crowdfunding, from your perspective right now, what are the biggest—I guess looking at it from two fronts—what are the biggest opportunities that the industry has to potentially take advantage of? And what are the biggest challenges that also, as an industry, we face as the industry is maturing and evolving?

Paul Lovejoy: Well, a lot of the opportunities and challenges are mixed together, they’re intertwined. One thing is, I think a big challenge is the SAFE. It’s a very outdated financial instrument. You have something like that in the UK, a SAFE?

Andy Field: No, I was just gonna say, could you just explain a little bit just for people outside of—

Paul Lovejoy: It stands for a Simple Agreement for Future Equity. So you don’t really know exactly what you’re valuing your company at. You just want to get some money raised and then you get a valuation later. The people who invented the SAFE was Y Combinator. It’s an incubator in the Bay Area, Silicon Valley. And it was perfect for their ecosystem because they’re the ones doing the valuation in the next round. So it made a ton of sense: “Yeah, we’ll worry about that later.”

And the SAFE protects the founders and it doesn’t really protect investors all that much, but it didn’t matter to Y Combinator because they’re the ones that were gonna set the terms the next round. But nobody knew what they were doing in our industry. “What are we gonna use? Let’s use Y Combinator’s SAFE.” No one thought, “Hey, what works best for a crowdfunding industry?” Instead, nobody wanted to take any risks and just, “Let’s just use what’s already been out there.” And that’s what happened with the SAFE. And we’re stuck with it because network effects have taken place, and that’s all anybody uses right now.

And so trying to switch something off that—that’s an incredible challenge. So I think that’s one of the things like we need to come up with investment vehicles specifically designed for investment crowdfunding, not designed for an incubator. And so I think that’s a real challenge.

I also think that equity in general is a bit overused in the sense that when founders are saying, “Okay, I’m doing this equity raise,” they don’t really know the exit strategy. And most people think, “Oh, it’s IPO or a merger.” There are other exit strategies that you could think of that are probably more beneficial for investors. An exit could be a dividend. An exit could also be a stock buyback. A company could buy back stock. There doesn’t need to be this pressure of this huge 50x exit or even a 20x merger. That pressure oftentimes will make the company fail.

If you don’t put that pressure on and say, “Hey, a healthy exit is dividends,” okay, that’s great. And as a financial planner, I would prefer that because that is something that’s far more predictable than trying to use power law. Although there are companies where this traditional kind of IPO merger makes a ton of sense, especially in pharma. You have a lot of these bio medications that are made or these technologies, and that’s a perfect step up for a larger pharmaceutical company to acquire that technology. So I get that. But some of these other businesses, it just makes no sense to do that.

And I think the opportunity is incredible for our entire industry. The way I see it is that the people who are involved, we are literally creating a brand new infrastructure for an alternative financial system. It’s not one where large institutions or concentrations of wealth determine what gets built, what gets funded. It’s people. And so we get to build that infrastructure where no one is too big to fail, essentially.

And I think it’s such a rewarding thing to be a part of, to have, to be able to put input in on how this brand new alternative financial system is being created. And I just wouldn’t wanna be in any other space. It’s such a huge opportunity. Generational. It’s an amazing opportunity that we all have in this industry.

Andy Field: Yeah.

Paul Lovejoy: And I think it’s awesome what you’re doing. You’re taking that opportunity to say, “Hey, world, let’s come together and we can figure out how to have an incredible infrastructure.” So I just love being on this podcast. I love what you’re doing, Andy.

Andy Field: Yeah, thanks Paul. No, I appreciate that. And actually, when you were talking there about the challenges and the opportunities, it comes back down to something that keeps coming up in the roundtables that we hold and the podcasts that we do. And everyone we’re talking to really emphasizes the importance of education. Talking to founders and educating them about the importance of—first of all, realizing and understanding what their exit strategy is going to be, what that exit strategy is going to be, then being able to communicate that.

Down to educating and helping policymakers and regulators to help make some of the things and bring some of the things to life that we are striving to achieve, which is obviously to create a borderless ecosystem. So that if you are interested in a certain line of business in the United States, you can look for that certain line of business opportunities outside of the United States, in Sweden, in Finland, in Asia, and not have to worry about the fact that they’re in a different jurisdiction. You could still invest relatively easily.

I know it’s possible to invest across borders, but it’s very difficult. And we just wanna make that so much easier and so much more transparent. So that’s fantastic. So I suppose what I was gonna say there was, it kinda leads on nicely. Do you think we’re getting any closer to that true cross-border or global crowdfunding? And what do you think needs to happen for that to start to become a reality?

Paul Lovejoy: Interestingly enough, I met some people in DC a couple weeks back from Mexico, and they wanted to use tokens for cross-border. And that potentially could be a mechanism that could be used—using these new digital tokens to find a way around it.

Now, personally, I think what needs to happen is we need to design systems in place that makes it easier to implement across jurisdictions. So Andy, are you familiar with the circular economy concept?

Andy Field: No. Explain.

Paul Lovejoy: The circular economy concept is you wanna design out waste and pollution in products. And so there’s a big movement going on about circular design. I think we can apply that in other areas. Why not create systems where we design out fraud and exploitation?

Andy Field: Yeah.

Paul Lovejoy: I think just saying, “Okay, we need to just make laws to kind of police people,” I think that may be a little bit of an outdated perspective. And we need to take a step back and say, “Yeah, okay, maybe if we design this system in the first place, let’s make fraud unprofitable. How do we do that?” And so I think these are the questions we need to start asking. I’m not saying I have the answer, but I think that conversation needs to start.

Andy Field: Yeah, that’s a very interesting take on it. Because of course some of the things that certainly I was talking about in Washington were, we are not talking about having, for example, a regulatory framework where there’s one regulatory framework across the globe and that applies to every country as a starting point.

A really good starting point would be just to make each regulatory framework, which is probably working quite well locally in some cases anyway, but just make those frameworks be able to talk to each other, make them be able to communicate with each other so that one definition of sophisticated investor, for example, means the same thing in one country as it does in another.

So there’s a lot to—these are just basic examples. There’s a lot to be done to achieve what we are striving to achieve. And thanks for your kind words and your efforts in supporting us. We really appreciate it. But we will get there. We’ve made a really good start by having the roundtables that we’ve had over the last few months, and we’ve got our first white paper coming out, which is going to illustrate and outline what our priorities are going to be to start this ball rolling. So watch out for that. I’ll make sure you get a copy of that.

Paul Lovejoy: Awesome.

Andy Field: So we haven’t got that long, actually. We’ve got about three or four minutes left. Before we wrap up, I just wanted to ask you—it’s something that I always ask, actually. For someone who’s new to crowdfunding, either as an investor or a founder, what advice would you give them just based on your extensive experience?

Paul Lovejoy: Start small. Find a—I don’t know, in other parts of the world if you can make a $10 or a 10 euro or a 25 euro investment—if you can, that’s the place to start. I learned more by making my first investment than weeks of preparation for my year of investing. It’s just practicing. Doing it is gonna teach you. And start small and go through the due diligence. Even if it’s a 25 euro investment, treat it like a 25,000 euro investment.

Andy Field: Yeah.

Paul Lovejoy: And it just will help you so much. And then it’s fun too because you’re putting some skin in the game and it’s an amount that you can afford to lose. But I would also recommend that you start with something more aligned with debt instead of equity to start off, because you’re gonna get returns happening to you a lot quicker. So that would be the advice I would give to investors.

For founders, see what the successful campaigns are doing and try and model that. You gotta make sure you have—before—you can’t just set—I’m sure you’ve heard it plenty. You can’t just show up and expect people to invest in you. You have to plan ahead, get your community involved, plan for a marketing budget, and look at how other people have done it before just jumping in.

Andy Field: Oh yeah. Great advice. Great advice. And you’re absolutely right on that. The amount of times I’ve heard of founders who come up with a great idea, have a business in place, and then take it to have a campaign started by a platform and expect the platform to do all the marketing for them—it still happens. So again, that education piece is just crucial.

Paul Lovejoy: Education is key. And you’re doing that, Andy. That’s what this podcast is that you’re doing. It almost seems like the entire ethos of GECA is education. And it’s kick-ass.

Andy Field: Yeah.

Paul Lovejoy: Absolutely. It’s such a wonderful thing. I know I’m doing that all the time. People like, “Crowdfunding? What’s that? Kickstarter?” It’s a whole—it’s all education.

Andy Field: Oh, brilliant. Okay. So final point is, how can anyone who wants to follow your work or connect with you online, how can they get in touch with you?

Paul Lovejoy: I’m highly active on LinkedIn. You could just search me: Paul Lovejoy. There’s not a lot of Paul Lovejoys in the world, so it is pretty easy to find on LinkedIn. I’m very active. You could also visit my website, stakeholderenterprise.com. I’ve got some information about me and about what I do on the website as well. And feel free to direct message me. Say, “Hey, I saw you on the GECA podcast.” I would love to—you just have to message me and tell me how you know me, and then I’ll absolutely connect with you.

Andy Field: Oh, brilliant. That’s great. I’m sure people will do that. Paul, it’s been a real pleasure speaking with you today. Again, congratulations on the Pay It Forward Award. Thank you for everything you’re doing to strengthen and inspire the crowdfunding community. Your insights on purpose, persistence, and collaboration—they really capture the spirit of what GECA is all about. So thanks for joining us and we’ll speak to you soon.

Paul Lovejoy: All right. Thank you, Andy.

Andy Field: And thanks to everybody for listening. Look out for us on the next podcast, which is coming your way soon. Bye for now.

[End of Transcript]

by GECA

Global map with crypto tokenization regulated crowdfunding overlay representing digital infrastructure future of capital formation investor protection

Crypto, Tokenization and the Future of Regulated Crowdfunding: Insights from the CfPA 2025 Summit

The intersection between digital assets and regulated investment crowdfunding has moved from theoretical curiosity to central strategic question for policymakers, platforms, and market operators. At the 2025 CfPA Regulated Investment Crowdfunding Summit in Washington, D.C., this emerging convergence took center stage across three major discussions: the Crowdfunding & Adjacent Innovations panel, the Crypto & Crowdfunding panel, and a fireside conversation with SEC Commissioner Hester M. Peirce.

Across these sessions, one theme became clear:

Innovation is accelerating, policy is evolving, and the infrastructure to support the next decade of capital formation is still taking shape.

Crypto and tokenization are not replacing crowdfunding - but they are increasingly shaping expectations around efficiency, transferability, compliance architecture, and global participation in private markets. The Summit offered a rare, candid snapshot of where these conversations stand, what remains unresolved, and how the industry can prepare for a more interconnected future.

This article synthesizes the most important insights from those discussions and places them in a broader global context consistent with GECA's mission: to support responsible, harmonized, borderless equity crowdfunding infrastructure.

I. Adjacent Innovations: Where Crypto Meets the Mechanics of Capital Formation

The Crowdfunding & Adjacent Innovations panel set the stage by outlining the new wave of tools reshaping issuance and compliance.

Technologies such as Securities-as-a-Service, token-based representations of ownership, automated compliance engines, and new clearing mechanisms are accelerating progress in areas where crowdfunding has historically lagged:

  • Transaction efficiency
  • Investor onboarding
  • Secondary liquidity
  • Data flow
  • Compliance automation

But panelists were clear: these tools must work within regulated crowdfunding - not as end-runs around it.

The Mirror Token Question

Mirror tokens emerged as a discussion point - and were largely viewed with skepticism.

Mirror tokens and similar instruments promise exposure to private companies without owning the underlying security. The concept has been promoted by a few as a way to expand access to retail investors or create synthetic liquidity.

Yet the discussion made it explicit: these instruments introduce structural and investor-protection concerns that cannot be reconciled within the ethos of regulated crowdfunding.

The industry sentiment expressed during the panel was that tools which synthetically replicate private securities, without passing through established investor protections, create more problems than they solve. They:

  • Blur the boundary between compliant retail investment and speculative synthetic assets
  • Introduce valuation, custody, and disclosure uncertainty
  • Risk undermining trust in the regulated crowdfunding framework
  • Offer indirect exposure rather than true ownership
  • May distort the cap table or investor expectations

This position - clear and consistent across the discussion - aligned with recent public statements from CfPA leadership. The message was unmistakable:

Innovation is welcome. Circumvention is not.

Tokenization may offer a future-proof upgrade for private market infrastructure, but only if it strengthens transparency, traceability, and market integrity.

II. Regulatory Reality: Where Crypto and Crowdfunding Actually Intersect

The Crypto & Crowdfunding panel explored the policy environment more directly, focusing on the growing number of legislative and regulatory proposals - including the Clarity Act - that aim to bring more certainty to digital-asset classifications and market structure.

The panel's consensus was straightforward:

1. Digital-Asset Regulation Remains Fragmented and Slow-Moving

Despite years of discussion, the regulatory environment for tokenized assets is still inconsistent, both in the U.S. and globally. Participants noted that:

  • Agencies often take differing interpretations
  • Definitions of "security," "digital commodity," and "tokenized asset" remain unsettled
  • Platforms must navigate conflicting rules across jurisdictions

While innovation continues, regulatory clarity has not kept pace.

2. The Most Realistic Near-Term Role of Tokenization Is Infrastructure, Not Product

Rather than replacing securities, tokenization may improve how they are administered. Use cases discussed included:

  • Programmable compliance
  • Automated transfer restrictions
  • More efficient secondary-market rails
  • Real-time cap-table reconciliation
  • Cross-border identity verification

These applications support Reg CF and Reg A+ rather than competing with them.

3. Issuers and Platforms Need Clear Pathways - Not Exemptions

Participants emphasized that the goal is not to weaken regulations, but to modernize them. In particular, clarity is needed around:

  • Custody of tokenized securities
  • Use of wallet-based investor identification
  • Blockchain-based transfer agents
  • Integration of secondary ATS platforms
  • Tax reporting for tokenized private assets

The panel acknowledged that without clearer rules, many tokenization opportunities remain technically possible but commercially impractical.

4. Retail Investors Must Remain Protected

There was broad agreement that crowdfunding exists because retail access was historically restricted. Tokenization should expand access responsibly, not replicate the risks seen in unregulated crypto markets.

Any model that disconnects ownership from information rights or that creates synthetic exposure without traditional investor protections was viewed as incompatible with the purpose of Reg CF and Reg A+.

III. The SEC Perspective: Commissioner Hester M. Peirce's Outlook

In a candid fireside session, SEC Commissioner Hester M. Peirce addressed the intersection of digital assets, innovation, and retail-access regulation.

Her remarks underscored several key points:

1. The SEC Recognizes That Innovation in Capital Formation Is Accelerating

Commissioner Peirce acknowledged that tokenization, digital rails, and decentralized architectures are already influencing how private-market transactions are designed and executed. Whether the Commission ultimately embraces specific tokenized models or not, the underlying technological shift is undeniable.

2. Regulatory Clarity Is Essential

She emphasized that many market participants are willing to operate compliantly, but struggle due to:

  • Ambiguous digital-asset definitions
  • Inconsistent guidance
  • Overlapping agency jurisdictions
  • Prolonged delays in rulemaking

This uncertainty slows adoption and deters responsible experimentation.

3. The SEC Is Open to Constructive Engagement

Commissioner Peirce encouraged industry participants - including crowdfunding platforms and innovators - to engage early and often with the agency. Clear communication, she noted, helps regulators better understand the operational reality on the ground.

4. Responsible Innovation and Investor Protection Can Coexist

Rather than viewing innovation as a threat, she framed it as an opportunity - provided that guardrails are maintained. This balanced view reflects a broader recognition within the Commission that digital-native market infrastructure may eventually simplify compliance and enhance auditability.

SEC Commissioner Hester Peirce fireside conversation Brian Christie 2025 CfPA Regulated Investment Crowdfunding Summit Washington DC crypto tokenization discussion
SEC Commissioner Hester M. Peirce discusses digital assets and regulated crowdfunding innovation with Brian Christie at the 2025 CfPA Summit in Washington, D.C.

IV. The Industry's Emerging Consensus

Across discussions, a subtle but important industry consensus emerged:

Crypto is not a replacement for crowdfunding; tokenization is a potential upgrade to its infrastructure.

The purpose of Reg CF and Reg A+ is to widen access to investment while maintaining investor protections and issuer accountability. Crypto, in its speculative and decentralized form, does not achieve this.

Tokenization, on the other hand, may accelerate:

  • Identity verification
  • Cap-table updates
  • Transaction speed
  • Cross-border participation
  • Secondary market readiness

But only when embedded within regulated frameworks.

Panels repeatedly emphasized that the industry must distinguish between:

Digital assets as speculative instruments vs. Digital rails that administer compliant securities.

Responsible tokenization lives in the latter category.

V. The Global Dimension: Why This Matters for GECA

Although focussed on the US market, the CfPA discussions reflect issues felt globally:

1. Cross-Border Access Remains Constrained

Even as tokenized models promise faster settlement and greater transferability, regulatory fragmentation continues to limit global investment mobility.

2. The Industry Needs Interoperable Definitions

As GECA has emphasized, true harmonization does not require identical rules - it requires mutually recognizable frameworks. Crowdfunding, crypto, and tokenization all challenge the assumption that domestic investor-protection regimes can remain isolated in a global digital market.

3. Global Secondary Liquidity Remains an Unsolved Frontier

Tokenized rails may eventually support cross-border trading environments. But without consistent disclosures, shared investor-identification standards, and compatible custody models, this remains aspirational.

4. Technology-Led Infrastructure Is the Next Inflection Point

Platforms, regulators, and intermediaries worldwide increasingly recognize that next-generation rails - identity, settlement, governance, secondary trading - will define the next decade of crowdfunding growth.

GECA's work with global platforms, regulators, and fintech builders positions the organization at the center of this emerging conversation: how to achieve borderless, trusted, investor-first participation without compromising compliance or clarity.

VI. What Comes Next: A Roadmap for Responsible Integration

Based on the CfPA 2025 discussions, four strategic priorities emerged for the industry:

1. Clarify Compliance Pathways for Tokenized Securities

Regulators need to provide consistent, predictable rules around:

  • Blockchain-based transfer agents
  • Tokenized representations of equity or debt
  • Digital identity standards
  • Custody of tokenized assets
  • Secondary trading of tokenized securities

This clarity is essential before the market can scale responsibly.

2. Preserve Investor Protection While Modernizing Market Mechanics

Crowdfunding thrives when retail trust is strong. Tokenization should strengthen - not dilute - disclosure, rights, and transparency.

3. Build Infrastructure That Supports - Not Circumvents - Regulation

Tools such as programmable compliance and automated reporting can reduce complexity for issuers, platforms, and regulators alike.

4. Encourage Global Cooperation and Harmonization

As every panel implicitly recognized, fragmentation slows growth. International collaboration - across jurisdictions, platforms, and regulators - is indispensable to unlocking global scale.

Conclusion: The Next Decade of Crowdfunding Will Be Digital - and Regulated

The CfPA 2025 Summit made it abundantly clear that : the future of regulated crowdfunding will be shaped by digital infrastructure, tokenization, and global connectivity - but grounded firmly in investor protection and regulatory clarity.

Crypto, in its speculative form, is not the path forward. But digital rails that make compliance more efficient, investor rights more transparent, and markets more globally accessible represent a profound opportunity for the entire industry.

For GECA and its global partners, this moment is pivotal. As jurisdictions evolve, technologies mature, and cross-border conversations deepen, the industry's next challenge is to build a harmonized, interoperable, investor-first capital formation ecosystem that aligns innovation with trust.

The Summit's discussions were not simply about crypto or crowdfunding. They were about designing the infrastructure for the next era of global private markets.

The work ahead will require collaboration, discipline, and vision - qualities that define both the CfPA's leadership and GECA's global mission.

About GECA

The Global Equity Crowdfunding Alliance (GECA) is an international organization dedicated to creating a borderless equity crowdfunding ecosystem. Through regulatory alignment, industry collaboration, and knowledge sharing, GECA works to unlock cross-border capital flows that support entrepreneurship, innovation, and economic development worldwide.

Connect with GECA:

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by GECA

Washington DC skyline with GECA at 2025 CfPA Summit title overlay - Global Equity Crowdfunding Alliance participation in regulated investment crowdfunding conference

GECA at the 2025 CfPA Summit: Advancing a Shared Vision for the Future of Global Capital Formation

October 21-22, 2025 | Washington, D.C.

The Global Equity Crowdfunding Alliance (GECA) participated in the 2025 Regulated Investment Crowdfunding Summit, hosted by the Crowdfunding Professional Association (CfPA) in Washington, D.C. Over two days, the most influential voices in capital formation - regulators, policymakers, economists, industry builders, and leading intermediaries - gathered to chart the future of regulated crowdfunding in the United States and beyond.

As the global alliance dedicated to harmonizing equity crowdfunding across borders, GECA was honored to contribute to one of the most substantive and forward-looking conferences the industry has hosted to date.

A Shared Presence: GECA Leaders at the CfPA Summit

The Crowdfunding Professional Association (CfPA) is the leading convener of the U.S. regulated investment crowdfunding industry. Several GECA Steering Committee members were present at the Summit in their capacity as long-standing contributors and leaders within the CfPA community.

Seven GECA Steering Committee members attended in their primary roles as CfPA officers, platform executives and industry practitioners - bringing international insight shaped through their work with GECA.

GECA Steering Committee Members in Attendance

  • Aaron Shafton – Managing Director, Dealmaker Securities
  • Andrew Field – Executive Lead (UK), GECA
  • Chris Lustrino – CEO, KingsCrowd
  • Jason Fishman – CEO, Digital Niche Agency; Secretary, CfPA
  • Scott McIntyre – Vice Chair, CfPA; Executive Director, WEconomy
  • Vicky Barker – Head of Global Marketing, Dacxi Chain
  • Meseret Warner – Founder & CEO, Ignite Capital

These individuals participated as CfPA leaders and industry experts - not as GECA delegates. Their dual involvement reflects the global perspective they contribute to both organizations.

Reflecting a Collaborative Industry

This shared presence highlights the natural alignment between CfPA's U.S. leadership and GECA's work on global harmonization. Many industry leaders support both missions, reinforcing a fundamental truth:

The future of regulated crowdfunding will be built through collaboration, not silos. 

GECA Steering Committee members at 2025 Crowdfunding Professional Association Summit - group photo of seven global crowdfunding leaders including platform executives and CfPA officers
Seven GECA Steering Committee members at the 2025 CfPA Summit: Aaron Shafton, Andrew Field, Chris Lustrino, Jason Fishman, Scott McIntyre, Vicky Barker, and Meseret Warner - leaders bridging U.S. crowdfunding expertise with global collaboration.

The Global Perspective: What GECA Contributed

During the summit, Andrew Field (GECA UK Executive Lead) delivered key remarks addressing:

  • The global case for harmonized crowdfunding rules
  • Lessons emerging from ECSPR in Europe and regulatory reform worldwide
  • The need for interoperable due diligence standards
  • The future of compliant cross-border deal sharing
  • How national frameworks can evolve to embrace global investor participation

His contribution expanded the summit conversation beyond a U.S.-only lens - reinforcing that the future of capital formation is inherently global, digital, and collaborative.

Andrew Field GECA Executive Lead speaking on stage at 2025 Crowdfunding Professional Association Summit about global regulatory harmonization
Andrew Field, GECA UK Executive Lead, delivering remarks on global crowdfunding harmonization at the 2025 CfPA Summit in Washington, D.C.

What the CfPA Summit Revealed About the Industry's Next Chapter

Throughout two intensive days, the summit demonstrated regulated crowdfunding's clear evolution from niche fundraising tool to serious pillar of modern capital markets. Eight defining themes emerged:

1. Institutional-Grade Sophistication Is Entering the Market

From valuation discipline to accounting practices, investor communications, and compliance frameworks, the professionalization of the ecosystem is accelerating rapidly.

2. Community Investment Rounds Are Becoming Mainstream

Major brands including Picasso, EnergyX, and Newsmax demonstrated the power and inevitability of community-driven capital raises.

3. Retail Investors Increasingly Demand Private Market Access

Platforms, advisors, and regulators universally acknowledged this structural shift in investor expectations and market dynamics.

4. Liquidity and Secondary Markets Are Emerging as Defining Priorities

The industry's future hinges on credible paths to liquidity - through alternative trading systems (ATSs), Reg A+, digital infrastructure, and compliant tokenization.

5. Quality Issuers and Investor Returns Will Determine Industry Growth

A consistent message from multiple speakers: the next phase of sector expansion will be led by performance, tangible outcomes, and long-term investor trust - not just volume.

6. Global Harmonization Is Now Recognized as Essential

Fragmented rules limit investor opportunity and constrain SME growth. The summit affirmed that cross-border regulatory alignment isn't aspirational - it's economically necessary.

7. Education Outperforms Advertising

Multiple presenters - including GECA Steering Committee members - emphasized that investor education is the most reliable driver of trust, conversion, and long-term retention.

8. The Industry Is Entering Large-Scale Brand Adoption

Participation from major media companies, global platforms, data firms, and venture-backed issuers highlighted the sector's decisive movement into the mainstream.

GECA's Strategic Takeaways

From a global vantage point, GECA identified key insights that will shape the next decade of crowdfunding:

Cross-Border Investment Readiness Must Be Prioritized Globally

Capital markets are global by nature; regulatory frameworks must evolve accordingly. The current fragmentation creates unnecessary friction for both issuers and investors.

Standardized Due Diligence and Issuer Disclosures Are the Foundation of Trust

Without consistency, retail investors cannot meaningfully evaluate opportunities across borders. Harmonized standards will unlock cross-border capital flows while maintaining investor protection.

The Future of Crowdfunding Is Hybrid

Community capital, institutional investment, and accredited investor participation will increasingly work together rather than in isolation.

Liquidity Will Define the Next Era

Secondary markets, compliant digital securities, and harmonized regulatory frameworks will unlock significant economic value and transform investor expectations.

Data and AI Will Transform Opportunity Discovery

Intelligent matching, personalization, identity verification, and risk assessment will become core components of market infrastructure - improving outcomes for all participants.

Alignment Between Major Markets Is Now a Global Priority

Coordination between U.S., EU, UK, and emerging-market frameworks has moved from "nice to have" to strategic imperative. GECA is uniquely positioned to facilitate this evolution.

GECA's Role in the Global Ecosystem

The summit reinforced the vital importance of GECA's mission:

To build a safe, trusted, and globally interconnected equity crowdfunding ecosystem that supports SMEs, empowers investors, and accelerates economic growth worldwide.

GECA continues to focus on:

  • International regulatory harmonization - Working with regulators across jurisdictions to identify alignment opportunities
  • Shared diligence and trust frameworks - Developing standards that work across borders
  • Cross-border investment pathways - Creating practical mechanisms for international capital flows
  • Research and data-sharing - Building the evidence base for effective policy
  • Education for issuers and investors - Ensuring all participants understand opportunities and risks
  • Convening global platforms - Bringing together market participants to align standards
  • Collaboration with regulators and policymakers - Bridging the gap between industry innovation and regulatory frameworks
  • Partnership with industry bodies - Working alongside organizations like CfPA to advance shared goals

GECA's presence at the CfPA Summit highlighted the alliance's unique role in bridging ecosystems, regions, and policy conversations that will shape the industry's future.

A Message of Gratitude

GECA extends deep appreciation to:

  • Jenny Kassan, President, CfPA
  • The CfPA Board of Directors for their vision and leadership
  • Panel moderators, speakers, and regulators who shared expertise and perspectives
  • CfPA volunteers, sponsors, and industry partners who made the summit possible

The CfPA has demonstrated exceptional leadership in shaping the future of regulated crowdfunding. GECA is honored to stand alongside such a respected and mission-driven organization.

Large group photo of attendees at 2025 CfPA Regulated Investment Crowdfunding Summit Washington DC including regulators platform executives industry leaders
Industry leaders, regulators, platform executives, and innovators gather at the 2025 Crowdfunding Professional Association Summit in Washington, D.C. to advance the future of regulated investment crowdfunding.

Moving Forward: A Shared Global Mission

GECA looks forward to building upon the momentum generated at the 2025 CfPA Summit - strengthening international collaboration, advancing global industry standards, and expanding access to capital for innovators, entrepreneurs, and communities worldwide.

Together, the industry can evolve regulated crowdfunding into a trillion-dollar global asset class, grounded in transparency, integrity, and cross-border cooperation.

The foundation has been laid. The path forward is clear. The work continues.

Join the Global Movement

If you would like to collaborate with GECA or learn more about our initiatives:

🌐 Visit: thegeca.org
 📧 Contact: contact@thegeca.org
 🔗 Connect: LinkedIn
 🐦 Follow: @GecaOrg

About GECA

The Global Equity Crowdfunding Alliance (GECA) is an international organization dedicated to creating a borderless equity crowdfunding ecosystem. Through regulatory alignment, industry collaboration, and knowledge sharing, GECA works to unlock cross-border capital flows that support entrepreneurship, innovation, and economic development worldwide.

About CfPA

The Crowdfunding Professional Association (CfPA) is the leading U.S. organization representing the regulated investment crowdfunding industry. Through advocacy, education, and community building, CfPA advances the growth and professionalization of equity crowdfunding while protecting investor interests and supporting entrepreneurial ventures.

by GECA

Karsten Wenzlaff ECSPR European Crowdfunding Regulation Blueprint

From Fragmented Markets to €1 Trillion Vision: How Europe Is Building the Blueprint for Global Crowdfunding

A conversation with Karsten Wenzlaff reveals the strategic decisions, regulatory challenges, and collaborative pathways that transformed European crowdfunding - and what the world can learn from it

By Andy Field, Steering Committee Lead, Global Equity Crowdfunding Alliance

When Karsten Wenzlaff volunteered for Barack Obama's 2008 presidential campaign, he witnessed something revolutionary: the power of combining digital fundraising with community building. That experience sparked a journey that would lead him to become one of Europe's most influential voices in crowdfunding regulation - and ultimately, to help architect a framework that could reach €1 trillion in annual volume.

Today, as Secretary General of the German Crowdfunding Association and Research Director at the European Digital Finance Association, Karsten sits at the intersection of policy, platforms, and possibilities. In our recent GECA Podcast conversation, he shared insights from a decade of work harmonizing crowdfunding across Europe - lessons that hold profound implications for building a truly global crowdfunding ecosystem.

The Accidental Advocate: From Campaign Volunteer to Industry Leader

Karsten's path into crowdfunding leadership wasn't planned. After Obama's 2008 campaign demonstrated the potential of massive online donations combined with community engagement, he began connecting with German platforms emerging in 2010-2011, just as Kickstarter was generating significant discussion in Europe.

"It was all about not just gathering money for the purpose of financing a project, but really about creating a community of people who are enabling an entrepreneur," Karsten explains.

His neutral position - not running his own platform - made him the ideal moderator for what became the German Crowdfunding Network, an informal exchange between platforms. But in 2014, a proposed consumer protection law threatened to inadvertently make crowdfunding illegal in Germany. The platforms needed someone with organizing and political experience to represent their interests.

That's when Karsten transitioned from facilitator to advocate, becoming Secretary General of what would officially become the German Crowdfunding Association in 2016. Next year, the organization will celebrate its 10th anniversary with a gathering in Frankfurt - a milestone that reflects not just organizational longevity, but the maturation of an entire industry.

The ECSPR Journey: Four Scenarios and a Difficult Choice

Before the European Crowdfunding Service Providers Regulation (ECSPR) became reality, Europe faced a fragmented landscape. Platforms operating in one country needed separate licenses for each additional market. In some countries, no specific crowdfunding regime even existed, forcing platforms to navigate complex workarounds using brokerage licenses or other financial services regulations.

The European Commission's approach to solving this problem offers valuable lessons for any region considering regulatory harmonization. Rather than imposing a solution, they presented four distinct scenarios for stakeholder consideration:

Scenario 1: The Opt-In Regime

Under this model, platforms could choose between their national crowdfunding framework or a European one. While offering flexibility, this approach was ultimately rejected because it created confusion for investors. As Karsten notes, "If you have a crowdfunding platform, it should be clear to the investor how this platform is regulated. Having two regimes at the same time is a little bit difficult."

Scenario 2: Best Practices Framework

This lighter-touch approach would have seen the European Commission identify and promote well-functioning national laws without creating binding requirements. The industry rejected this path because it lacked the regulatory certainty platforms needed to make significant investments in cross-border operations.

Scenario 3: Full EU Harmonization

This option would have created a single framework supervised entirely by European-level regulators ESMA and EBA, with no deviations permitted. While offering maximum consistency, platforms pushed back because they valued their relationships with local regulators who understood their specific markets.

Scenario 4: Harmonized Framework with Local Implementation (The Winner)

Europe ultimately chose a hybrid model: a unified European framework implemented by national regulators. While this creates some friction, it offers crucial benefits. Local regulators maintain ownership of their crowdfunding industries, platforms benefit from regulatory clarity, and the entire ecosystem can operate with a single passport across 27+ EU member states.

"The local regulators have this ownership of the crowdfunding industry as well," Karsten emphasizes. "That's in my view really important for the long-term development of this industry."

The Reality of Implementation: Six Weeks vs. Eighteen Months

Creating a regulation is one thing. Implementing it fairly across diverse jurisdictions is quite another.

The ECSPR stipulates that regulators should provide a decision on platform license applications within three months. In practice, Karsten reveals, the variation is dramatic: "The regulator was able to process these license applications within six weeks, and then they had the license, everything was fine. And in other countries it took them sometimes 18 months because they were going back to the platform, asking for more information and then would drag this process along."

Even more striking were the disparities in licensing costs. Through the working group that Karsten facilitates - which has been meeting monthly since 2015-2016 - platforms compared notes and discovered some countries charged €15,000 for licensing while others charged just €300.

"Just by doing that, you could say, it doesn't seem to be fair. Not a level playing field," Karsten observes.

The transparency created by this comparison prompted change. Countries with excessive fees have reduced them, demonstrating how industry collaboration and data sharing can drive regulatory improvement even without formal enforcement mechanisms.

Bridging the Research-Practice Divide

One of Karsten's key contributions extends beyond regulatory advocacy to fostering connections between crowdfunding platforms and academic researchers. As Research Director at the European Digital Finance Association, he's worked to ensure platform data informs scholarly understanding of what works in crowdfunding - and what doesn't.

"Researchers often have really good ideas, but they lack this access to data," he explains. "The impact on just this specific area is really phenomenal."

This commitment manifests in the International Conference on Alternative Finance Research, which brings practitioners and researchers together annually. This year's conference was held in Norway; next year, it moves to Malaga, Spain. These gatherings create vital feedback loops between theoretical understanding and practical implementation.

The emphasis on evidence-based policy reflects a broader philosophy: crowdfunding regulation should be informed by actual market dynamics, not just theoretical concerns. By facilitating data access for researchers at institutions like Cambridge University, Karsten has helped build an empirical foundation for policy development.

The €1 Trillion Vision and the Report That Benchmark’s Progress

The European Digital Finance Association has just released a comprehensive report examining ECSPR implementation challenges country by country. The report identify’s what regulators are doing well and where they're falling short - creating accountability and encouraging mutual learning.

More ambitiously, the report articulates a goal: achieving €1 trillion in annual crowdfunding volume across Europe.

"We want 1 trillion euros to be on the platforms every year," Karsten states, "and to get there, we need certain changes in the legal framework as well."

These changes include reassessing the current €5 million threshold, which was itself a compromise. Some governments initially argued for lower limits, while others pushed for €8 million or higher. The upcoming evaluation will likely recommend expanding the scope of ECSPR to accommodate larger raises and more diverse use cases.

The report's country-by-country benchmarking serves multiple purposes. It creates competitive pressure on underperforming regulators, provides best practice models for those seeking to improve, and offers the European Commission specific data points for refining the regulatory framework.

Karsten emphasizes that regulators aren't deliberately obstructing the industry: "The regulators are not trying to be hurtful on purpose. It's more that they come from a certain legal framework in which they have a certain interpretation of what it means to be compliant with a certain text."

By bringing regulators together to compare interpretations, the industry can help them understand when they're being overly restrictive or permissive - without requiring formal legislative changes.

Three Visions for Global Crowdfunding's Future

When Karsten joined GECA's Steering Committee, he brought not just European expertise but a clear vision for what global crowdfunding could achieve. He describes three types of campaigns he'd like to see become reality:

The Global Deep Tech Raise

"I would like to see a startup, maybe in the area of deep tech or quantum computing, which uses crowdfunding by maybe a platform from the United States, a platform from Germany and a platform from Singapore jointly raising enough money to really drive the innovation and have the equity supporters be part of it."

This vision recognizes that truly transformative technologies often require capital pools larger than any single market can provide - and that community engagement across borders can accelerate both funding and adoption.

Cross-Border Climate Finance

"I would like to see more of projects where people invest into renewable energy and the transition into climate-friendly energy production. It should be those people, like in the colder countries in the north, they might have more money to invest in the global south, where it would actually make sense to create these kind of projects."

This model addresses both capital efficiency (connecting investors where capital is abundant with projects where impact is highest) and mission alignment (enabling individuals to directly fund climate solutions regardless of geography).

Institutional-Retail Collaboration

"Crowdfunding becomes more and more also an interesting opportunity for institutional investors. Especially public institutional investors, people who want to make it easier to facilitate certain investments into specific areas."

Karsten envisions public funding helping private investors understand risk while supporting important but sometimes uncertain ventures. He cites examples like the African Guarantee Fund and Swedish guarantee funds, which validate projects for retail investors without necessarily providing the bulk of capital.

"What we need is a way of making sure our investors increase their appetite for risk, that they feel more confident," he explains. Currently, development banks and guarantee funds focus on massive projects - €500 million infrastructure investments, for instance - while smaller €1-5 million crowdfunding raises struggle to access this support simply because institutions aren't familiar with how platforms operate.

GECA's role, Karsten suggests, could be facilitating these introductions so institutional players understand crowdfunding's potential for extending their impact.

A Four-Step Roadmap for Global Crowdfunding

Drawing from Europe's experience, Karsten proposes a pragmatic pathway for building a global crowdfunding ecosystem:

Step 1: Platform Collaborations

Start with practical partnerships between platforms in different jurisdictions. These collaborations don't require regulatory changes - just willing platforms and clear agreements about how to jointly support campaigns.

"I would like to bring my members in Germany to meet with platform members from other countries," Karsten says. "Just getting them into virtual workshops and exchanges would be very helpful."

Step 2: Framework Recognition

Develop mechanisms for recognizing different jurisdictions' regulations as equivalent, even when the specific legal language differs. This principle-based approach asks: "Even if the law itself is different, is it still trying to achieve the same thing? It's the same principle. Therefore we will recognize each other's frameworks."

GECA's recent roundtable discussions - featuring Karsten alongside Jenny Kassan from the Crowdfunding Professional Association (US) and Bruce Davis from the UK Crowdfunding Association - identified benchmarking as a crucial early step. By documenting what different frameworks require and how they function in practice, the industry can build cases for equivalence.

Step 3: Passporting Rights

Once frameworks are recognized as equivalent, develop criteria allowing platforms licensed in one jurisdiction to offer services in another without obtaining a completely separate license.

This doesn't mean zero local requirements - platforms would still need to meet standards around communication, disclosure, and potentially find local partners for compliance auditing. But it dramatically reduces the barriers to cross-border operation.

Step 4: Harmonized Global Campaigns

The ultimate goal: "A harmonized framework for a global equity crowdfunding campaign."

Karsten acknowledges this will be extraordinarily difficult without a global legislative body. His proposed solution: allow fully licensed platforms from one jurisdiction to participate in truly global campaigns by partnering with platforms in other jurisdictions.

"You would need local partners for your global campaign," he explains. "This would ensure that you would have a good use of the local ecosystem, but you would also be able to achieve this global reach."

For example, platforms might need annual compliance audits demonstrating they're meeting local requirements. This creates accountability while enabling international collaboration.

What GECA Brings to the Table: Knowledge Infrastructure and Convening Power

When asked about GECA's role in fostering international alignment, Karsten emphasizes two critical functions:

Building a Knowledge Library

"The different formats that you have developed are very relevant to get these sometimes also details right," Karsten notes. Understanding specifics - like how disclosure documents must be published, whether regulators validate them, and who bears liability - enables informed conversations with national regulators.

"When I then talk to the German regulators or the European regulators, I can say that, look, this is the way it's being done in the United States, in Singapore and India, and tell them how they are benchmarking against these kind of comparisons."

This comparative knowledge transforms regulatory conversations from abstract debates to evidence-based discussions about what works elsewhere.

Facilitating Meaningful Connections

Beyond documentation, GECA can connect platforms, institutions, and other stakeholders who might not otherwise find each other.

Karsten is particularly interested in connecting platforms with guarantee funds and development institutions that could validate projects for retail investors. Currently, these institutions focus exclusively on massive investments because they're unfamiliar with crowdfunding's operational model.

"We as GECA, what we can do is we can bring them together and give them a little bit more background information so that the step of interacting with the platforms isn't such a big step anymore for them," he explains.

This relationship-building addresses a consistent theme in global crowdfunding discussions: trust, transparency, and shared understanding enable collaboration more effectively than regulation alone.

The Consolidation Question: Platforms Merging Toward Maturity

Looking ahead five years, Karsten predicts both growth and consolidation in Europe's crowdfunding landscape.

"I do think there is right now a process where platforms are merging and consolidating, but this is normal," he observes. When ECSPR launched, many platforms rushed to obtain licenses. But operating a successful equity crowdfunding platform requires more than licensing and software -it demands building and maintaining an investor community, which is challenging and resource-intensive.

"It's all about building that community of investors and that's challenging," Karsten emphasizes.

This consolidation shouldn't be seen as failure, but as the industry maturing. Larger, well-capitalized platforms with established investor bases are better positioned to pursue cross-border opportunities and weather economic cycles. Meanwhile, specialized platforms serving specific niches or regions will continue thriving where they offer unique value.

The institutional collaboration Karsten envisions will accelerate this maturation. The European Commission's current leadership is actively working to mobilize private capital through public funding mechanisms—a policy direction that will benefit crowdfunding platforms positioned to facilitate these blended finance approaches.

A Realistic Ambition: Platform Collaboration Examples and Regulatory Dialogue

Despite the ambitious €1 trillion target, Karsten maintains measured expectations for GECA's near-term impact:

"Hopefully we see at least like a couple of dozens great examples of platform collaborations - like for joint financing rounds, where the platforms finance the same startup, maybe through an SPV which is being set up in each jurisdiction and that contributes to the same startup in the end."

Even more fundamentally, he'd consider it a success if GECA creates space for regulators and platforms to engage across borders: "If we have created this dialogue, I think this would be also a perfect outcome for our very ambitious agenda."

This reflects wisdom gained from Europe's experience. Regulatory harmonization is a long-term project requiring patience, evidence, persistent advocacy, and relationship-building. Quick wins matter less than establishing the infrastructure for ongoing collaboration.

"With a network that you're building, I also have a really positive feeling about this because there's so many competent, and knowledgeable and energetic people there," Karsten says of GECA. "It's fun to be part of GECA."

Lessons for the Global Crowdfunding Movement

Karsten's journey from Obama campaign volunteer to European regulatory architect offers several takeaways for anyone working toward borderless crowdfunding:

Start with scenarios, not solutions. The European Commission's four-scenario framework allowed stakeholders to debate trade-offs explicitly rather than defending entrenched positions. This approach could serve other regions well.

Transparency drives improvement. Simply documenting and comparing regulatory approaches - licensing timelines, costs, interpretation differences - creates competitive pressure for improvement without requiring formal enforcement.

Local ownership matters. While harmonization is valuable, regulators who feel ownership over their crowdfunding industries will be more engaged, responsive, and effective than those simply implementing external mandates.

Connect practitioners and researchers. Evidence-based policy requires platforms to share data and researchers to access it. Creating venues for this exchange strengthens the entire ecosystem.

Think in steps, not leaps. Platform collaborations can happen now. Framework recognition comes next. Passporting follows. Full harmonization is a long-term goal. Each step creates conditions for the next.

Build relationships before you need them. Karsten's monthly working group has been meeting since 2015-2016, creating trust and shared understanding that proved invaluable when ECSPR implementation challenges arose.

Measure what matters. The EDFA report benchmarks regulatory performance, creating accountability and highlighting best practices. Global crowdfunding needs similar measurement frameworks.

The Role of Ambition in Building New Systems

There's something notable about articulating a €1 trillion goal when Europe's current crowdfunding volumes are orders of magnitude smaller. It could seem unrealistic - until you consider that audacious goals serve crucial functions.

They orient effort toward growth rather than merely managing existing systems. They justify the hard work of regulatory reform, platform investment, and international collaboration. They attract talent and capital to an emerging industry. And they signal to entrepreneurs and investors that crowdfunding isn't a niche alternative but a fundamental approach to capital formation.

Karsten's three vision scenarios - the global quantum computing startup, the cross-border renewable energy project, the institutional-retail collaboration - serve similar purposes. They make abstract concepts concrete. They illustrate why harmonization matters beyond regulatory tidiness. They give platform operators, policymakers, and investors something specific to build toward.

Whether Europe reaches €1 trillion in five years, ten years, or ever isn't the point. The point is choosing an ambition that, if achieved, would represent transformation rather than incremental change.

Toward a Truly Global Ecosystem

The Global Equity Crowdfunding Alliance exists because people like Karsten Wenzlaff believe the current system - where promising companies struggle to access capital beyond their home markets and investors can't support innovations happening elsewhere - can and should be different.

Europe's experience demonstrates that change is possible but difficult. It requires patient coalition-building, evidence gathering, regulatory education, and persistent advocacy. It demands willingness to compromise on details while protecting core principles. It benefits enormously from platforms sharing knowledge rather than hoarding competitive advantages.

Most fundamentally, it requires people willing to invest time and energy in collective goods - harmonized regulations, shared research, convening spaces, relationship infrastructure - that benefit everyone rather than just themselves.

Karsten's decade of work building Germany's crowdfunding association, shaping European regulation, connecting researchers and practitioners, and now contributing to GECA's global mission exemplifies this kind of leadership. His insights reveal both how far crowdfunding has come and how much further it could go.

The question facing the global crowdfunding community isn't whether a borderless ecosystem is theoretically possible. Europe has already proven the basic model works. The question is whether enough people in enough places will commit to the collaborative, evidence-based, relationship-intensive work required to extend that model globally.

Based on conversations like this one - where experienced practitioners candidly share lessons learned, acknowledge challenges ahead, and articulate practical pathways forward - there's reason for optimism.

The movement toward truly global crowdfunding has begun. With platforms connecting across borders, regulators learning from each other's experiences, and organizations like GECA creating infrastructure for collaboration, the pieces are coming together.

As Karsten observes: "The challenges of global crowdfunding are very complex, but they're also solvable when people come together to share their knowledge, their expertise, and align their efforts."

That's not just a vision. It's an invitation.

About the Author

Andy Field is Steering Committee Lead of the Global Equity Crowdfunding Alliance (GECA), an international organization working to create a borderless global equity crowdfunding ecosystem through industry collaboration, regulatory alignment, and knowledge sharing.

About Karsten Wenzlaff

Karsten Wenzlaff is Secretary General of the German Crowdfunding Association, Research Director at the European Digital Finance Association, and a member of GECA's Steering Committee. He played a pivotal role in designing and implementing the European Crowdfunding Service Providers Regulation (ECSPR) and has been instrumental in connecting crowdfunding platforms with academic researchers. He teaches alternative finance and organizes the International Conference on Alternative Finance Research.

Listen to the Full Conversation

This article is based on Episode 11 of the GECA Podcast. Listen to the complete conversation with Karsten Wenzlaff:

Join the Conversation

What lessons from Europe's crowdfunding harmonization experience are most relevant for your region? How can GECA support cross-border collaboration in your market? Share your thoughts in the comments below or connect with us:

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The Global Equity Crowdfunding Alliance brings together platforms, associations, regulators, service providers, and other stakeholders working to create a truly borderless crowdfunding ecosystem. Learn more about our mission and how to get involved at thegeca.org.

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Karsten Wenzlaff GECA Podcast episode cover - European crowdfunding regulation expert discusses ECSPR harmonization and global collaboration

Europe's €1 Trillion Vision: Harmonizing Global Crowdfunding with Karsten Wenzlaff | GECA Podcast

Karsten Wenzlaff GECA Podcast episode cover - European crowdfunding regulation expert discusses ECSPR harmonization and global collaboration

Europe's €1 Trillion Vision: Harmonizing Global Crowdfunding with Karsten Wenzlaff | GECA Podcast

Join Andy Field for a fascinating conversation with Karsten Wenzlaff, Secretary General of the German Crowdfunding Association, Research Director at the European Digital Finance Association, and one of the chief architects behind Europe’s groundbreaking crowdfunding harmonization framework. From his early inspiration during Barack Obama’s 2008 campaign to becoming a pivotal figure in shaping the European Crowdfunding Service Providers Regulation (ECSPR), Karsten shares the decade-long journey of building Europe’s unified crowdfunding ecosystem. In this episode, he reveals the four regulatory scenarios Europe considered before landing on their current model, explains why platform licensing takes six weeks in some countries but 18 months in others, and discusses the upcoming European Digital Finance Association report that benchmarks regulatory performance across member states. Karsten breaks down the complex dynamics of creating a passporting system that allows platforms to operate across 27+ EU countries with a single license, shares real challenges around compliance costs that ranged from €300 to €15,000, and outlines his ambitious vision for achieving €1 trillion in annual crowdfunding volume. Beyond Europe, he presents a pragmatic four-step roadmap for global crowdfunding collaboration – from platform partnerships to framework recognition, passporting rights, and ultimately harmonized international campaigns. Whether you’re interested in cross-border renewable energy investments, quantum computing startups raising capital across multiple continents, or how institutional investors and public funding can amplify crowdfunding’s impact, Karsten offers invaluable insights from Europe’s regulatory journey. This episode is essential listening for platform operators, regulatory professionals, fintech entrepreneurs, and anyone working toward creating a truly borderless global crowdfunding ecosystem. Karsten’s expertise in connecting platforms with researchers, his role in organizing the International Conference on Alternative Finance Research, and his commitment to data-driven policy advocacy make this a masterclass in regulatory harmonization and international collaboration.

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Andy Field: Hello everybody. Welcome to the latest episode of the GECA Podcast, the voice of Global Equity Crowdfunding. I’m Andy Field Steering Committee lead of the Global Equity Crowdfunding Alliance, and this podcast is where we speak with the leading voices shaping the future of capital raising across borders.

Today I’m joined by Karsten Wenzlaff. Karsten’s, a leading voice in digital finance and crowdfunding. He’s also Secretary General of the German Crowdfunding Association, a board member of the European Digital Finance Association, and most recently he’s joined us here at GECA as a member of our steering committee.

Now, Karsten’s been deeply involved in the design and implementation of the European crowdfunding service providers regulation or E-C-S-P-R, as it’s known, a landmark piece of legislation that aims to harmonize crowdfunding across Europe. So today we’re gonna be talking about his journey, the lessons that we can learn from Europe’s approach and what motivated Karsten to bring his expertise to GECA. So welcome Karsten and it’s great to have you here on the podcast.

Karsten Wenzlaff: Yes, thanks so much. I really enjoy it. And thanks for all that you do at GECA.

Andy Field: Oh, no problem at all. It’s, it is great to have you on board and I think actually we can jump straight in with the questions, the Q&A if you like. So you’ve, long time been a, central figure in Europe’s crowdfunding ecosystem. And I’d love to know a little bit more about your journey, how you first became involved in crowdfunding and digital finance.

Karsten Wenzlaff: Yeah, I was working as, a sort of volunteer at the campaign of Barack Obama in 2008. And he was one of the first politicians to really use crowdfunding and massive online donations in his campaign. And that got me interested in all of these topics of digital fundraising, but also community building. It’s, it was all about not just gathering money, for the purpose of just financing a project, but really about creating a community of people who are enabling an entrepreneur.

And, that led me to reach out to a number of the platforms, which started in around 2010 and 2011 when Kickstarter had a big, like a massive, discussion in Germany. And, what happened was that, we had created a, informal exchange between the platforms and I was just interested to facilitate this exchange because I wasn’t running my own platform. They saw me as the neutral moderator of this group of German crowdfundings. And, this was called the German Crowdfunding Network, which was just an, like an informal association. And then in, 2014, there was a law which was trying to support consumers and increase consumer protection.

But, it, at the same time would’ve made it illegal to use crowdfunding. So this was, very difficult for the whole industry. We had a couple of equity crowdfunding platforms by this time and lending based crowdfunding, and they all came and then they said, Karsten, you have some background in organizing and campaigning and working in politics. So then they asked, do you want to be the Secretary General of the crowdfunding association where the platforms become members and pay for this? And yeah, that’s what we did. So next year, we are going to be celebrating our 10 year anniversary. Actually, we were founded in 2015. But the official registration was in 2016.

So that’s why we are gonna have a big party in Frankfurt next year. And, and since then, it’s been a really interesting journey because I was early on, involved with European Commission and shaping the E-C-S-P-R, as you mentioned, we had, a what was called the European Crowdfunding Stakeholder Forum, which was essentially a way for the commission to understand the market and, discuss some proposals on the regulation. Yeah. And, then, through that I met a lot of people who are also involved in crowdfunding still, the steering committee member, Florence de Maupeou, for instance, who’s really active and that, and we decided that we need to work closer together, on equity crowdfunding.

On lending crowdfunding as well. And, if, so we created a, also like a working group where all of us met every month and still meeting every month to discuss things which are happening in the ECSP space. But eventually we thought, okay, we need to also have another, we need to have a formal European way of working together. So we joined the European Digital Finance Association, which is a FinTech advocacy. But we fitted in really well. Our proposition to this FinTech organization was we have lots of expertise in crowdfunding and, we know the ECSP really well, but we don’t have a big umbrella organization on the European level for the associations.

And we joined forces and this is essentially the story how I ended up in the European crowdfunding ecosystem and the German one.

Andy Field: Amazing. I guess that’s, so it is coming up to 10 years now that you’ve been involved, certainly in the German Association and you played leadership roles now in both, obviously the German Crowdfunding Association, but also the European Digital Finance Association, which you just mentioned, that you’ve got involved with your now part of the leadership team of that organization. So what have been your main priorities? Just fairly quickly, what have been your main priorities in these roles and what impact have you seen in that sort of, in that 10 years?

Karsten Wenzlaff: Yeah, so in the European Digital Finance Association, I mostly work as Research Director because I have this background also in alternative finance research. I’ve been teaching there. I’ve worked with the universities like Cambridge together. We’ve published a number of reports and so that’s why I decided I wanted to strengthen the connection between the crowdfunding platforms and the researchers, because I think it’s really important that the data which the platforms have is used to explain better what works on the platform and what doesn’t, what works about this market and what doesn’t. And researchers often, they have really good ideas, but they lack this access to data.

So that’s my view and I, we’ve, the impact on just this specific area is really phenomenal. We have a conference, which all of us meet. It’s called the International Conference on Alternative Finance Research. This year it was in Norway. Next year it’s going to be in Malaga and Spain. And this is where practitioners meet the researchers to discuss what is happening in the crowdfunding space. So that’s the really, the impact that I think has been achieved getting these two worlds, which sometimes think quite differently together into one space.

Andy Field: Yeah. And that can often be very difficult. I can appreciate that. Fantastic. Okay, what, so you, a couple of months ago, you very kindly accepted the invite to join the GECA Steering Committee. We obviously recognize your great experience in the European industry, certainly and actually further afield as well. So what do you hope to contribute to the global conversation that we’re having? And, I think we’re having more and more of those as the sort of the days go on actually with GECA. How do you feel you are going to contribute to that?

Karsten Wenzlaff: First of all, I want to really say that I actually benefit from this quite a lot because I learned so much, just by interacting with the other experts. And, I have told so to my members, I said, if you are just to understand what is going on in the other ecosystems, across the Atlantic Ocean, but internationally as well, it’s important to become part of that conversation. And since GECA is a very open format, in that sense, there’s no, yeah, there’s if you want to contribute, you can.

Andy Field: Yeah.

Karsten Wenzlaff: I find it really helpful to learn. So that’s important. And then, in terms of what I would like to do, I think there’s, I’m fully aligned with the vision of GECA, which means to create a truly global crowdfunding ecosystem.

Andy Field: That’s right. Yeah.

Karsten Wenzlaff: So I imagine, three crowdfunding campaigns that I would like to see. I would like to see a startup, maybe in the area of deep tech or quantum computing, which uses crowdfunding by maybe a platform from the United States, a platform from Germany and a platform from Singapore jointly raising enough money to really drive the innovation and have the crowdfunding, the equity supporters be part of the, I would like to see this. And the second thing which I would like to see is I would like to see more of projects where people invest into renewable energy and the transition into a climate friendly energy production.

And it should be those people, like in the colder countries in the north, they might have more money to invest in the global south, where actually would make sense to create these kind of projects. And so I would like to see more of these global financing flows for renewable energy. And and then the last thing, what I think is also important is, I understand that crowdfunding, when it started, it was very much about just the retail investors, just small tickets. But nowadays, I have the feeling that crowdfunding becomes more and more also an interesting opportunity for institutional investors.

So I think especially public institutional investors, people who want to make it easier to facilitate certain investments into specific areas. And this is also, I think, very important that we try to showcase best practices how we have public money flowing into innovative, but sometimes risky investments. And, but helping the crowd to both understand the risk they’re taking, but also maybe taking away a little bit of the fear of maybe these projects if they are too big or going across borders bringing the public investment side and the private capital together on these platforms would be one of my missions as well.

Andy Field: Great. Great. That’s very clear. Yeah, and I think obviously there are going to be some challenges around that, which is obviously one of the things that GECA is trying to certainly identify and then address. Now just moving on to Europe. Europe has already made a start in its efforts to harmonize the crowdfunding regulation, certainly through, we’ve already mentioned that E-C-S-P-R. Now for those less familiar with E-C-S-P-R, could you briefly explain what it is and why it matters?

Karsten Wenzlaff: Before the E-C-S-P-R, if you were operating a crowdfunding platform in one country and you had to, wanted to open up another office in another country, you would have to get a local license and in some European countries there wasn’t even a specific license. There was no regime in place, so people had to play around with all kinds of other licenses, like stock broker license, brokerage licenses, etc. And the E-C-S-P-R now makes it possible that once you get the license in your home country, from your regulator, then you can passport your services into all of the EU member states.

You do not have to ask for permission. You have to take care. For instance, there’s things about communication and language, etc, which are still localized, but for most of the platform operation, you have one regime which you can use to operate in a lot of the countries. And the great benefit is also for SMEs, especially for SMEs in smaller countries, they can now use platforms which have a bigger investor community because they operate across borders. I often see startups especially who will use the equity crowdfunding also as an introduction, like for their marketing and finding new customers. Not just investors, but new customers as well. And for them, of course, it’s helpful to have a big community out there.

Yeah. This is essentially the big benefit of the E-C-S-P-R and then the, for the platforms also, the E-C-S-P-R has a very long text, etc, but when we did, when we’re discussing this with the European Commission and the European Parliament, we also emphasize that often for a platform it’s easier to have regulatory clarity where they know, okay, in order to do this, they need to do this and this. Rather than having regulatory uncertainty where they have to invest heavily to pay lawyers or consultants in order to understand if they’re doing this correctly or not. So therefore the, it’s a big text, but I think it’s possible to get through it. And, I think also the associations on the national part, they now really try to help also new platforms to be compliant because they don’t want the new platforms to create any issues in the market because this would have a negative impact on the reputation of everybody.

So everybody is trying to help, getting everyone else into a good shape to be able to have a good compliant crowdfunding regime.

Andy Field: Okay. So the benefits are fairly clear, but from, I suppose you were involved in the design of E-C-S-P-R and to a certain extent the implementation as well. So from your perspective, what have been the biggest challenges? Probably more so in the implementation of E-C-S-P-R rather than the design. But I’m sure there were some challenges in the design as well.

Karsten Wenzlaff: In the design there were lots of debates about, for instance, the limit. And there are countries where the government said that the 5 million Euro threshold, which is there right now, is too high. And there were other countries where they said, why don’t we go for 8 million or even higher. So in the end, this was essentially a compromise to go to 5 million euros, but this is something to be evaluated right now, and I think it’s going to change. It’s going to be increasing its scope, etc. So that’s, that was good in the design. Then certainly, the challenge in the design is that still, of course, the text has to be implemented by the national regulators, and we have seen national regulators, which have done a very, we’ve been very quick and very favorable.

But some of them also have been a little bit pushing against it. So as an example, in the E-C-S-P-R, if you as a platform, if you apply to your regulator, then within three months you should have a positive or negative answer. Yeah. And, because you don’t want to be hanging around in limbo for forever. Essentially this is not what happened in some countries. The regulator was able to process these licenses application within six weeks, and then they had the license, everything was fine. And in other countries it took them sometimes 18 months because they were going back to the platform, asking for more information and then would drag this process along.

Yeah. So that’s one of the challenges but this is also something what we are doing. So by the time I think this podcast will be published, we will have released a report which talks about the challenges in implementation and we are listing country by country what the regulators are doing well and what they’re not doing well and we are, yeah. And so this I think would be helpful to put pressure on those regulators, which are a little bit dragging their feet. And, also showing that some regulators are very much up to the speed of the game and they’re trying to solve the issues having dialogue with the platforms, giving them guidance, etc.

And you can see this in the data, you can see that when you have a regulator whose very much trying to get this workable and has this dialogue with the industry, then platforms are going to move to that jurisdiction because they will know that this regulator listens to them and that they can get things done. And if a regulator continues to stall and to keep it difficult, then people are moving out of the country and moving to a different. So it’s having an impact.

Andy Field: Yeah, absolutely. Yeah. So this is a report presumably from European Digital Finance Association.

Karsten Wenzlaff: Yeah.

Andy Field: And it’s going to rely, and you’re doing a lot of the hard work if you like, you’re doing a lot of that research to help the regulators, and I suppose it’s going to rely on the regulators’ willingness to learn from each other and understand what other regulators are doing well, and like you say, and what perhaps could do with some work and some changes. So it would be interesting to see how they, how the regulators across Europe react to that report.

Karsten Wenzlaff: For sure, and I think it’s partially already happening. I mean we had this working group, for as I said, I mean we started with this, I think in, back in the 2015, 16 or so, and, but working on the ECSP also continuously since then. And so one of the, we had a meeting with all of the platforms and with the different associations and we asked, so what is the cost of licensing? How much do you actually have to pay both to the regulator? And also in legal fees. And we just compared, and we saw that in some countries you would have to pay 15,000 euros just to obtain the license and in others you would pay 300 euros.

Andy Field: Yeah.

Karsten Wenzlaff: And so just by doing that, you could say, it doesn’t seem to be fair.

Andy Field: Not a level playing field. Yeah, exactly. Yeah. Totally. Yeah.

Karsten Wenzlaff: Yeah. So this has changed already. So the countries in which there were these high licensing fees have reduced their fees, which is great. And so we already had an impact for the industry, and for sure. And the report I think is going to be especially helpful when we look at different interpretations of the law. And I think the regulators are not trying to do to be hurtful on purpose. It’s more that they come from a certain legal framework in which they have a certain interpretation of what it means to be compliant with a certain text.

And then, there is no mechanism on the European Union to battle this out, essentially we have to bring the regulators together and then, that already helps them to understand that maybe that they are going a little bit too much in one direction or the other direction. So that’s what we do. And then the commission, of course, they also look at this and see whether or not there will be any changes which they need to make to the legal framework. Yeah. Whether they need to clarify anything. And that’s going to be very interesting. We said in the report, we want a, we want to achieve a 1 trillion euro crowdfunding industry per year, which means we want 1 trillion euros to be on the platforms every year and, to get there, we need certain changes in the legal framework as well. And so we are pushing for that right now.

Andy Field: That’s, yeah, that’s really interesting. And we’ll make sure our supporters are aware of when that report’s published as well. So make sure everybody can view at least the headlines from that report. Okay. That’s interesting. So if we take that to the global lens now, so we already know that crowdfunding is, it should be inherently global. Entrepreneurs, investors cross borders digitally every day. What lessons from Europe’s E-C-S-P-R process design and implementation do you think are most relevant for other regions across the globe?

Karsten Wenzlaff: Yeah. So I think one of the things which the European Union did at the very beginning of this whole process was to develop four scenarios and put them essentially in front of everybody. Also, not just the industry, but also the regulators, governments, and also like consumer protection agencies and etc. What kind of scenario do you envision and essentially the choice which was given was that, one option could be to create an opt-in regime where you can choose between your national crowdfunding regime and a European one.

So, this was something which was discussed for a while. But in the end it didn’t come to that scenario because everybody said, if you have a crowdfunding platform, it should be clear to the investor how this platform is regulated.

Andy Field: Regulated, yeah.

Karsten Wenzlaff: So having two regimes at the same time is a little bit difficult. So that was one thing. Then the second thing was to create a sort of best practices regime where the European Commission would only identify which of the national crowdfunding laws are working best well, and promote that, etc. But, in the end, this was also rejected as a scenario because we said, we actually need a little bit more reliability on that. And we want not just, just some best practice recommendations, which are not binding. We want something binding.

Andy Field: Yeah.

Karsten Wenzlaff: And then, the question was to create a harmonized regime at the European level, which would be supervised also by ESMA and EBA, which are the two regulators for the industry. And so essentially create a regime where everything would be under the same framework and there would be no deviations. And this was also rejected because this was going too far because then the crowdfunding platform said, actually, the way, we want to interact with our local regulators because they also know our markets really well.

Andy Field: Yeah.

Karsten Wenzlaff: Etc. So what we end up, what the last scenario is essentially what we have right now. We have a European framework, which is implemented by the national regulators. It has these, it’s causing frictions of course, but the reason why this was also was quite beneficial because in the end, the local regulators have this ownership of the crowdfunding industry as well. So they, so that’s in my view, really important for the long-term development of this industry. So if I would expand this to the global market, I think what we need to do is we need to think in scenarios. We need to think about like how can we achieve easy wins through platform collaborations.

Etc, or very maybe simply, where we simply recognize each other’s crowdfunding frameworks as equivalent. Like you have this yes, principle based regulation where you say, okay, even if the law itself is different, it still is trying to achieve the same thing. So it’s the same principle. So therefore we will recognize each other’s frameworks. So that could be in the second step. So first platform collaborations within that framework. Then the second step would be trying to recognize each other’s framework. And then of course it would be interesting to develop criteria for passporting where you, when you are recognized already, you have an easier way of operating in another country. So passporting some of your services into another country would be really interesting. And then the last thing of course, but this will be really difficult to achieve, is to have a harmonized framework for a global equity crowdfunding campaign. And there’s no global rule maker in that sense. There’s no global legislation, which can bring this about. But what I would envision as a like for that, for the future maybe that the way it could work is that if you are a fully licensed platform in one jurisdiction, then you can offer crowdfunding service in another jurisdiction as well.

And by doing that would be the passporting aspect as well. But you could do this for campaigns which are truly global.

Andy Field: Yes.

Karsten Wenzlaff: So you would need local partners for your global campaign. And this would ensure that you would have a like a good use of the local ecosystem, but you would also be able to achieve this global reach. So what I mean with local partners, for instance, one of the things which we could talk about is that, like the platforms in Europe for instance, they are required to be audited once a year in terms of compliance. So we could say that, if you are trying to get a global crowdfunding platform, you need to have and want to operate in many jurisdictions.

You need to ensure that you are still compliant with the local jurisdiction and you need to find some sort of auditing to show that you are making an effort here. And so that could lead to these kind of global regimes eventually.

Andy Field: Yeah, that makes sense. And actually it follows on from a round table discussion we held recently and, it was yourself and we had Jenny Kassan, from the Crowdfunding Professional Association over in the States. We have Bruce Davis on from the UK crowdfunding association. And I think at the end of that, one of the sort of discussion points that we had was that this benchmarking exercise to almost establish a way for regulators to recognize each other’s frameworks is something that actually we need to make a, we make a start on. And I think we’ll have some more discussions around that in the future.

Karsten Wenzlaff: Yeah.

Andy Field: So that was, that’s really interesting and I guess that sort of leads me onto my next question, which is how you see GECA’s role in fostering that sort international alignment, or at least the cross pollination between regions. You already answered that question giving a range of possible ways that GECA could help in that. And I think in all of those scenarios, given the people that we have within the organization and supporting the organization, that discussions could be had and we could facilitate those discussions to help bring some of those about.

So just to move on to just the last sort of little bit about global collaboration. What do you think the biggest opportunity is right now for global collaboration in crowdfunding? And we’ve already mentioned the sticking points, but where would you see the biggest positive, the biggest opportunity?

Karsten Wenzlaff: So I have to say for instance, that even though I think I’m fairly informed about the US framework, they’re still small things, which I don’t know, obviously. And so for me, the GECA, you know, the different formats that you have developed are very relevant to get these sometimes also details right and understand like what are the issues, like for instance, the things we talked in the round table, how do disclosure documents, how do they have to be published and do they have to be validated by the regulator or not? Or do they have to be valid. Who’s liable for them in the end? So that’s really helpful to understand because it, it also, when I then talk to the German regulators or the European regulators, I can, I can say that, look, it’s, this is the way it’s being done in the United States in Singapore and India. And, tell them how they are benchmarking against these kind of comparisons.

Andy Field: Yeah.

Karsten Wenzlaff: So that’s really helpful already to have. So this kind of exchange of knowledge and just contributing to this almost like a library of knowledge about equity crowdfunding. But I think also, I want to see, I want to see platform collaborations as a first step. I would like to bring my members in Germany to meet with platform members from other countries, exchange with them it’s not gonna be easy in terms of maybe getting them all into one room somewhere, but just getting them into virtual workshops and exchanges would be very helpful.

And then the last thing, which I think is also, maybe an interesting idea for the future is, when platforms are trying to do these global projects, they sometimes lack the, or they would like to have someone else externally say that this is a good proposal for their investors. And we have some examples where we had, for instance, the African guarantee fund they were taking, or the Swedish guarantee funds, they were saying, this is a good project and we will guarantee some part of the investment.

Andy Field: So yeah.

Karsten Wenzlaff: Thereby and, this is in my view, a very easy way of supporting the industry. So what I would like to organize or to see on the GECA level is that we bring these kind of institutions together with the platforms, and the platforms can say, look, we don’t, maybe we don’t need your money primarily, what we need is a way of making sure our investors increase their appetite for risk, that they feel more confident, etc. And there’s all of these global partners like the the development banks, the guarantee funds, there’s a lot of big global FA partners.

However, right now they, right now they only focus on these huge scale investments. So if you want to raise a fund for a 500 million project in Africa, then you will have all of these institutional investors and public institutions on your doorstep, and they will try to help you with that. But if you do it for a small scale, maybe like a 1 million, 2 million, 5 million investment. It’s very difficult to get them even to even talk to you because they say, it’s not worth it. And the reason is not so much because they don’t want to, but simply because they’re not familiar with what the platforms do.

So we, as GECA what we can do is we can bring them together and give them a little bit more background information so that the step of interacting with the platforms isn’t such a big step anymore for them.

Andy Field: Yeah.

Karsten Wenzlaff: And that trust is built. The transparency’s there everything that seems to come up in every conversation that we’re having when we’re talking about collaboration, actually.

Andy Field: So yeah. That makes perfect sense. Okay. So, we’ve probably got about four or five minutes left. If we look ahead five years, how do you imagine that the crowdfunding landscape’s gonna look both in Europe and globally?

Karsten Wenzlaff: I truly hope that we get to close to the 1 trillion in terms of volume. Of course. Yeah. I do think there is right now a process where platforms are merging and consolidating, but this is normal because when the ECSP framework came up, everybody was trying to get the license. And so it is a lot of work to operate an equity crowdfunding platform. It’s not sufficient to just get the license and get a software. Like getting a good software is also helpful and we have in GECA people who are providing excellent crowdfunding software. But I just wanted to say, I think that it’s all about building that community of investors and that’s challenging.

And we will see platforms merging and then I think we will also have more institutional collaborations as I mentioned because in the European Union there’s certainly a drive by the current leadership of the European Commission to mobilize more private capital through public funding as well. And so it’s gonna come and the platform’s are going to benefit from it. And then on the global level, in terms of GECA, I think hopefully we see, at least, like a couple of dozens great examples of platform collaborations like for joint financing rounds, where we, where the platforms finance the same startup, maybe through an SPV, which is being set up in each jurisdiction and that contributes to the same startup in the end or something like that.

So I would like to see really a couple of good use cases for these global collaborations, but it would be really happy if we can get, if we can say that we have made it possible for the regulators and the platforms to come together.

Andy Field: Yes.

Karsten Wenzlaff: And exchange this way. So if we have created this dialogue, I think this would be also a perfect outcome for our very ambitious agenda. But I think, I think with a network that you’re building, I also have a really positive feeling about this because there’s so many competent, and knowledgeable and energetic people there. It’s fun to be part of GECA.

Andy Field: No, that’s great. And I, yeah, and I couldn’t have put it better myself in terms of summing up what we’re trying to do here. It is ambitious. We know there’s a lot of work to do. But there has to be a start made somewhere. And, we’ve done that I think over the past 12 months, and we’re really pushing forward now. Karsten, that’s pretty much all we’ve got time for. I just wanna say thanks for sharing all of those insights today and, we’ll have future discussions I’m sure and your work in Germany, across Europe, and now with GECA it’s really highlighted in the importance of what we just talked about actually, which is that collaboration piece, harmonization and vision in building the future of crowdfunding. Thank you very much Karsten. Really appreciate it.

Karsten Wenzlaff: Absolutely. You’re welcome. Thanks so much. It was fun.

Andy Field: Yes. Thanks so much and for our listeners, today’s conversation reminds us that while the challenges of global crowdfunding are very complex, we think they’re also they’re also solvable when people come together to share their knowledge, their expertise, and align their efforts. Thanks again, Karsten. And thank you all for tuning into the GECA podcast. Stay with us for future episodes as we continue to explore the people, the policies and platforms that are unlocking the true potential of Crowdfund Without Borders. And please make sure that you follow GECA on LinkedIn. Visit thegeca.org to learn more about our mission and our growing supporter base and how you can get involved. Thanks everybody, until the next time.

by GECA

GECA Welcomes Giancarlo Vergine to Steering Committee

Italian Crowdfunding Pioneer Brings European Market Expertise to Global Alliance

The Global Equity Crowdfunding Alliance (GECA) is proud to announce that Giancarlo Vergine, Founder and Managing Partner of Over Ventures, has joined our steering committee as a strategic advisor. This appointment represents a pivotal expansion of GECA's vision to create truly borderless equity investment markets, bringing one of Europe's most innovative crowdfunding strategists to our mission of regulatory harmonization and market development.

A Pioneer in European Equity Crowdfunding

Giancarlo Vergine stands as one of the most influential figures in European crowdfunding, with a remarkable track record that spans over 14 years in the innovation and venture capital sectors. As the founder of Over Ventures, a boutique strategic consulting and crowdfunding studio serving startups, SMEs, and venture capital operators across Italy, Europe, and the United Kingdom, Giancarlo has fundamentally shaped how early-stage companies access capital.

His expertise is backed by extraordinary numbers: over 200 crowdfunding campaigns managed, helping clients raise more than €100 million collectively through equity crowdfunding campaigns and investments from angels and venture capital firms. This success rate and scale position him as one of Europe's most accomplished practitioners in the field.

Building Italy's Crowdfunding Infrastructure

Giancarlo's professional journey began at a critical moment in European crowdfunding history. In 2016, as platforms like CrowdFundMe and Mamacrowd were launching in Italy, he helped launch some of the country's first crowdfunding campaigns, working directly with founders to navigate uncharted regulatory waters. This early involvement positioned him at the forefront of Italy's crowdfunding revolution.

From 2019 to 2022, he served as Head of Dealflow at CrowdFundMe, where he helped the two co-founders launch the platform in 2016 and subsequently managed the evaluation and onboarding of hundreds of startups seeking capital. This role provided him with unparalleled insight into what makes crowdfunding campaigns succeed or fail - knowledge he now applies through Over Ventures to help entrepreneurs optimize their fundraising strategies.

His work has established Italy as the second-largest equity crowdfunding market in Europe, behind only France, with over €30 million raised in 2024 alone and 67 successful campaigns in the first nine months of 2025.

Cross-Border Innovation and European Leadership

Perhaps Giancarlo's most significant contribution has been his pioneering work in cross-border crowdfunding. Following the implementation of the , he launched and supported some of the first Italian cross-border campaigns, bringing Italian issuers to UK platforms and documenting best practices for platform passporting and investor communications.

This cross-border expertise has allowed him to build strategic partnerships with leading platforms across Europe, including Crowdcube, Seedrs, Mamacrowd, CrowdFundMe, Finnexta, and Doorway. His ability to navigate multiple regulatory frameworks while maintaining high standards for investor protection makes him ideally suited to advance GECA's mission of harmonizing global crowdfunding standards.

Over Ventures now operates with a truly European footprint, serving clients from seed to Series C stages through their VC Advisory Services and European Crowdfunding Studio, with offices in both Milan and Lecce.

The European Equity Crowdfunding Landscape Initiative

One of Giancarlo's most impactful contributions to the global crowdfunding ecosystem is the European Equity Crowdfunding Landscape (EECL), a comprehensive pan-European market intelligence initiative providing quarterly updates and annual reports on the state of equity crowdfunding across the continent.

The EECL report has become the authoritative data source for understanding European crowdfunding trends, tracking over 10,000 startups, analyzing more than €3 billion in deals, and providing country-specific snapshots that help platforms, investors, and entrepreneurs make informed decisions.

Key Insights from the EECL 2025 Report

The latest EECL data reveals the remarkable growth and maturation of European crowdfunding:

  • €157 million raised in the first half of 2025 across 202 campaigns, with projections suggesting over €300 million annually (+26% year-over-year)
  • Nearly 40,000 investors participated in equity crowdfunding campaigns across Europe
  • Average round size of €778,000 with a median of €530,000, demonstrating increasingly sophisticated campaigns
  • France leads with over €60 million raised, followed by Italy (€24 million), Netherlands (€18.5 million), Spain (€15 million), and Ireland (€8 million)
  • Life Sciences, Tech (including AI), and Food & Agriculture emerge as the most-financed sectors

The EECL European Roadshow

To complement the research initiative, Giancarlo has organized the EECL European Roadshow, hosting side events at major tech conferences in Barcelona, Paris, Berlin, London, and Amsterdam. These events bring together platforms, founders, and investors to present data, share policy feedback, and foster connections across national boundaries.

Having successfully completed events in Barcelona, Paris, and Berlin, with London and Amsterdam scheduled, the roadshow has become a vital networking forum for the European crowdfunding community. This initiative directly aligns with GECA's mission to create connected global ecosystems where capital flows freely across borders.

Additionally, Giancarlo has organized two editions of the Crowdfunding Summit in Italy, bringing together Italian players in Rome (2024) and Lecce (2025), establishing these gatherings as essential forums for industry development and collaboration.

Community Funding and Investor Education

A core element of Giancarlo's philosophy centers on "community funding"- the strategic approach of transforming customers and users into invested shareholders. This model has proven remarkably successful with companies like Revolut, which used crowdfunding to build a deeply loyal investor base before becoming a unicorn.

Through Over Ventures' Training & Academy, Giancarlo delivers masterclasses for founders and platform teams on ECSP-compliant fundraising, investor relations, and post-funding governance. His educational initiatives recognize that successful crowdfunding requires both sophisticated entrepreneurs who understand the tool and educated investors who appreciate the opportunities and risks.

Best Practices and Strategic Guidance

Giancarlo's expertise encompasses the complete lifecycle of equity crowdfunding campaigns, including:

  • Campaign Execution: Strategic planning from pre-commitment through closing, ensuring founders achieve optimal results
  • Market Enablement: Helping platforms refine processes, disclosure requirements, and investor-readiness standards under ECSP regulations
  • Ecosystem Partnerships: Building working relationships between platforms, angel groups, and VC funds to blend lead-investor rounds with community funding
  • Platform & Investor Liaison: Facilitating dialogue between platforms and angel syndicates to pilot hybrid rounds and improve issuer education
  • Regulatory Navigation: Guiding companies through complex compliance requirements across multiple European jurisdictions

Recognition and Thought Leadership

Giancarlo's influence extends well beyond his direct client work. He has been recognized as one of the Top 20 VC Influencers on LinkedIn in Italy in 2025, ranking third in a field that includes prominent venture capitalists and industry leaders. This recognition reflects his consistent thought leadership and his ability to articulate complex crowdfunding concepts to diverse audiences.

His work has been featured in major Italian business publications, and he has been profiled as part of success stories showcasing how crowdfunding expertise developed in smaller cities like Galatina can achieve international impact. The article "Over Ventures, un'idea vincente di Giancarlo e Alberto Vergine, galatinesi" highlighted how he and his brother Alberto built a company that now operates across European capitals while maintaining roots in their hometown.

He has also served as a mentor for leading international accelerators and incubators, including Startup Wise Guys and Plug and Play, sharing his expertise with the next generation of entrepreneurs.

Strategic Value for GECA's Global Mission

Giancarlo's appointment to GECA's steering committee comes at a crucial moment as the organization works to establish harmonized standards and facilitate cross-border investment flows. His experience in building Europe's second-largest crowdfunding market while maintaining high standards for investor protection provides a proven blueprint for GECA's global ambitions.

Key Contributions to GECA

Regulatory Harmonization Expertise: Having successfully navigated the implementation of ECSP regulations across multiple European markets, Giancarlo understands both the challenges and opportunities of creating unified regulatory frameworks that work across diverse jurisdictions.

Cross-Border Implementation: His pioneering work in launching Italian cross-border campaigns provides practical insights into overcoming the operational challenges of international crowdfunding, from investor communications to compliance documentation.

Data-Driven Market Intelligence: Through the EECL initiative, Giancarlo has demonstrated the power of comprehensive data collection and analysis in driving industry development, a capability that will prove invaluable for GECA's global mapping efforts.

Ecosystem Building: His success in fostering collaboration among platforms, investors, and entrepreneurs shows how coordinated industry efforts can accelerate market growth while maintaining quality standards.

Founder and Investor Education: His commitment to training and education addresses one of crowdfunding's fundamental challenges - ensuring all participants understand both opportunities and risks.

Looking Forward: Building Global Infrastructure

"I'm honored to join GECA's steering committee during this transformative period for global equity crowdfunding," Giancarlo commented. "Throughout my career, I've seen how innovative financing models can unlock entrepreneurial potential while creating sustainable economic development. GECA's vision for borderless investment aligns perfectly with our work to redirect capital toward productive enterprises that drive continental growth."

Andrew Field, Head of GECA's steering committee, noted: "Giancarlo brings exactly the type of innovative thinking and market-building expertise that GECA needs to advance our global vision. His success in building one of Europe's most dynamic crowdfunding markets while maintaining high standards for investor protection provides a proven model for how equity crowdfunding can transcend traditional geographic boundaries."

A Vision for Tomorrow

As GECA continues building its global network, Giancarlo's expertise in European market dynamics, regulatory navigation, and ecosystem development will prove essential. His proven ability to build consensus among diverse stakeholders while advancing innovation aligns perfectly with GECA's approach to creating efficient, transparent global investment markets.

His current initiatives - including publishing a book on equity crowdfunding and launching a podcast featuring industry pioneers - demonstrate his ongoing commitment to advancing the field and sharing knowledge across borders. These projects will complement GECA's educational mission and help build the informed global investor base necessary for successful international crowdfunding.

A Perfect Alignment

With Giancarlo Vergine's addition to our steering committee, GECA gains not just expertise but also proven methodology for building sustainable crowdfunding ecosystems that serve entrepreneurs, investors, and economic development simultaneously. His track record demonstrates that it is possible to create vibrant markets that are both innovative and responsibly regulated - exactly the balance GECA seeks to achieve globally.

As we welcome Giancarlo to our leadership team, we're reminded that the path to borderless equity crowdfunding requires more than just regulatory innovation - it demands the practical wisdom, relationship-building skills, and market-development expertise that only come from years of hands-on experience building real markets that serve real entrepreneurs.

The appointment of Giancarlo Vergine signals that GECA is not just planning for the future of global crowdfunding - we're building it with the expertise and institutional relationships necessary to succeed.

About GECA

The Global Equity Crowdfunding Alliance (GECA) is an international organization dedicated to advancing regulatory harmonization, market development, and best practices in equity crowdfunding worldwide. Through our steering committee and global network of supporters, we work to create truly borderless investment opportunities that benefit entrepreneurs, investors, and economies around the world.

Learn more at thegeca.org

Contact Information

For media inquiries about GECA's steering committee appointments and global initiatives, please contact the steering committee at: contact@thegeca.org

Want to join GECA's mission? Visit thegeca.org/join to learn about supporter opportunities for platforms, service providers, and industry stakeholders.

by GECA