Some people have been working on bringing private investing to nonaccredited investors for some time - even prior to the JOBS Act - using (narrow) securities exemptions that have been in place for some time.
It's timely to look at those efforts, because there is going to be a huge letdown, once the implementing rules are written and we all see how cumbersome it's going to be to comply with the federal equity crowdfunding exemption under the JOBS Act. (I would be happy to be wrong about this.)
Trading new hope for dashed hope: to what front or fronts might efforts shift, when the bloom comes off the bits of the JOBS Act that were for "normal" people (the "99%")?
In the Rose Garden in April, before he signed the JOBS Act, the President said this:
I'm confident that what the President said will prove true, very quickly, for angel investing. While the Senate worked to crush the adventure and the optimism out of McHenry's crowdfunding bill, legislative language from the House concerning accredited investing - the lifing to the prohibition on general solicitation under Rule 506; a safe harbor for online angel platforms and incubators - sailed through untouched. Rules are going to be written about "verification" of accredited investor status - that's the tradeoff for lifting the ban on advertising - but private investing may be more and more about being accredited, not less.
Glum thoughts on a very sunny, glorious summer day!