投资初创企业要取得成功，光有现金还不够。这是风险投资家和证券监管机构希望向有意参与股权众筹的人士传递的信息。股权众筹是一种新的投资形式，尚有待监管部门批准。普通投资者很快将有机会投资于早期初创企业，从而获得这些公司的股票。目前，只有一小部分满足一定收入和财富标准的投资者才能投资于初创企业，获得这些公司的股权。

    这个变化源自美国总统奥巴马于去年四月签署的《创业企业扶助法案》（Jumpstart Our Business Startups Act）。这个法案的目标之一就是帮助早期初创企业获取资本。Kickstarter等大受欢迎的众筹网站目前允许待孵企业通过一个捐赠体系筹集资金。毫无疑问，目前已经有多达数百万美元的募集起来，用于开发小工具、电影、艺术项目甚至是小型企业。但投资者的回报只有小礼物、未来可享受的折扣或特殊待遇—— 并不能获得公司股份。这项新法案可能提高这个类型的筹款过程对投资者的吸引力，因为作为投资的回报，他们将获得相关公司的部分所有权。

    这个基于股权的新体系前所未见。证券监管官员和风险资本家都毫不掩饰忧虑之情。他们最担心的是可能出现欺诈活动或非法众筹平台。“我每天都在跟骗子和小偷打交道。如果你认为他们不会利用众筹诈骗投资者，那你真是疯了，”阿肯色州证券专员、北美证券管理者协会（NASAA）会长希思•阿巴舒尔表示。美国国会已要求美国证券交易委员会（SEC）负责完善这个法案，但之前由奥巴马总统设定截止日期已经过去。这个日期是今年一月。美国证交会究竟要到什么时候才能提出相应规则，目前尚不清楚，不过大多数观察者认为可能在今年年内。

    与此同时，潜在的众筹平台已经迫不及待。加拿大新不伦瑞克省证券委员会执法主任杰克•范•德•朗表示，北美证券管理者协会检查发现，有9,400余网站域名包含“众筹”一词，数量几乎是2011年的10倍。大量众筹网站似乎已准备就绪，不过在企业家和一群菜鸟投资者之间，只有一个证交会。有意试水股本众筹的投资者应该牢记以下几点：

    1.尽量去了解企业家。曾参与过Facebook、Twitter和移动支付技术公司Square早期投资的谷歌投资（Google Ventures）普通合伙人凯文•罗斯表示，如果想投资一家公司，首先要做的是去了解它的管理者或管理层。“没有与这些企业家面谈前，我绝对不会投资一分钱。而光靠网上交流的话很难做到这一点，所以一定要小心谨慎。”一旦股本众筹方案获得批准，企业家们究竟需要披露多少公司信息？目前仍是未知数。不过这并不意味着投资者们无法做一番深入挖掘。安德森•霍罗维茨基金（Andreessen Horowitz）合伙人罗尼•康韦（知名投资家罗恩•康韦之子）表示，不要害怕联系他们。大家可以通过社交媒体，甚至还能要求做视频面试。了解一名企业家的商业背景、教育和行业经验能帮助投资者将风险降到最低。康韦说：“投资你认为能够做一番大事业的企业家。投资企业的实质是在投资人！”

    Investing successfully in startups takes more than a pocketful of cash. That's the message venture capitalists and securities regulators hope to transmit to those interested in equity-based crowdfunding, a new form of investing currently awaiting regulatory approval. Ordinary investors will soon have the opportunity to invest in early-stage startups in exchange for company stock. Today, only a small percentage of investors, those who meet certain income and wealth requirements, are effectively able to invest in startups in exchange for equity.

    The change is part of the JOBS Act -- a.k.a. the Jumpstart Our Business Startups Act -- a law signed by President Obama last April. One of its aims is to increase early stage startups' access to capital. Crowdfunding sites like the wildly popular Kickstarter currently permit prospective ventures to raise funds through what is essentially a donation system. No doubt, millions have been raised to fund the development of gadgets, movies, art projects, even small businesses. But in exchange for their donations, supporters receive small gifts, future discounts, or perks -- not a stake in the company. The new law could make this type of fundraising process more appealing to investors because they will receive partial ownership in exchange for their investment.

    The new equity-based system is unprecedented. Both securities officials and venture capitalists aren't shy about expressing concern. The potential for fraudulent campaigns or illegitimate crowdfunding platforms tops the list. "I spend my days dealing with the crooks and the thieves," says Heath Abshure, the Arkansas securities commissioner and president of the North American Securities Administrators Association (NASAA). "If you think they're not going to use crowdfunding to fleece investors, you're crazy." Congress has charged the Securities and Exchange Commission with the responsibility of coming up with the law's logistics, but a January deadline set by President Obama has already come and gone. When exactly the SEC will finally offer proposed rules remains unclear, though most observers believe it is likely to be this year.

    In the meantime, potential crowdfunding platforms are champing at the bit. A review by NASAA found more than 9,400 web domains, nearly 10 times as many as 2011, contain the term "crowdfund," says Jake van der Laan, director of enforcement for the New Brunswick Securities Commission. With no shortage of crowdfunding websites seemingly waiting in the wings, only the SEC stands between entrepreneurs and a fresh group of investors. For those interested in testing the equity crowdfunding waters, here are a few things to keep in mind:

    1. Get to know the entrepreneur.Understanding the individual or team of entrepreneurs behind a company you may invest in is essential, says Kevin Rose, a general partner at Google Ventures (GOOG) who invested early in Facebook (FB), Twitter, and Square. "I absolutely won't invest in something unless I have sat down with the entrepreneur," he says. "That's obviously extremely difficult to do online, so if anything I'd just be cautious." It is still unclear how much information entrepreneurs will be required to share alongside campaigns once equity crowdfunding becomes an option, but that doesn't mean investors can't do some digging. Don't be afraid to make contact over social media or even request a video interview, says Ronny Conway, a partner at Andreessen Horowitz (and son of famed investor Ron Conway). Knowing an entrepreneur's business background, education and industry experience can help investors minimize the gamble. "Invest because you're backing an entrepreneur that you think can do great things," says Conway. "It's all about investing in the people."

    2.投资熟悉的领域。风险投资安德森•霍罗维茨基金创始人马克•安德森和本•霍罗维茨近日在接受《财富》（Fortune）采访时坦承，公司绝大部分投资都集中在某种特定类型的新创企业——软件公司。霍罗维茨称：“我们投资自己了解的领域。我们了解产品周期，了解这一行业的人。这是我们最擅长的领域。”霍罗维茨和安德森曾在1999年创立了软件企业Opsware。把资金投向自己了解的领域，这样投资起来心里更有底，也更有可能获得成功。

    3.寻求专业人士的帮助。罗斯表示，每名投资者的背景、专业知识都不一样，可支配的投资额也大相径庭。所以，不要觉得不好意思，尽管去咨询理财专家。他们能帮你更好地分配资金，在进行高风险的早期投资时，这一点尤为必要。注册金融规划师标准委员会（Certified Financial Planner Board of Standards, Inc）2010年的一份调查显示，只有28%的美国人聘请了金融规划师。罗斯称：“我认为与专业人士共事、听取专业意见非常重要。千万不要单打独斗。”

    4.投资多家公司。新创企业成功的少，失败的多。事实上，大部分都失败了。虽然专家们没有给出具体数字，但有研究显示，新创企业的失败率至少有75%，最高达90%。罗斯说，专业人士不会把鸡蛋全都放到一个篮子里，他们会投资多家公司以分散风险。“当某人去做专业的天使投资人，他会拿出自己净资产的一部分，投资于10家、15家、乃至20家公司。他们的网撒得足够大，其中很可能会有脱颖而出的赢家。”此外，投资者还能通过与朋友或同事合伙，从而减小风险。

    5、了解平台。光对你有意投资的创业者进行背景调查还不够。未来可能有成千上万家众筹网站，它们可能很快就称为“门户网站”。CircleUp创始人兼首席运营官罗里•埃金说，重要的一点是确保你打交道的是一个合法且安全的平台。CircleUp网站致力于帮助受信投资者寻找合理的投资机会。投资者需要了解，是谁在经营自己打交道的平台？这个平台对投资机会的过滤是否细致。埃金问道：“这个平台是对所有想发布投资机会的公司都来者不拒？还是会参与策展过程？”那些希望获得长期成功的平台会尽最大的努力淘汰欺骗性的投资项目。SeedInvest在《创业企业扶助法案》最终定稿前是一家专门针对受信投资者的股权众筹网站，首席执行官赖安•费特明白筛选投资项目对这个网站的重要性。费特说“达成交易是好事，但假如不能让客户满意，那就是白搭。”(财富中文网)

    译者：项航

    2. Stick to what you know.In a recent interview with Fortune, Marc Andreessen and Ben Horowitz, founders of VC firm Andreessen Horowitz, admitted that they invest primarily in a specific type of startup: software companies. "We're interested in what we understand," says Horowitz, who co-founded software company Opsware in 1999 with Andreessen. "We understand that product cycle. We understand those people. And that's what we're best at." Funneling money toward industries that you are familiar with will allow for more educated, and therefore successful, investments.

    3. Seek professional assistance.Each investor has his or her own background, expertise, and level of disposable income. There's no shame in seeking out financial assistance to determine how to most appropriately allocate your funds, especially when making a risky early-stage investment, says Rose. A 2010 survey from the Certified Financial Planner Board of Standards, Inc. found that only 28% of Americans use financial planners. "I think it's really important to work with a professional and get the right kind of advice," says Rose. "Don't just go at it alone."

    4. Diversify your portfolio.Startups fail more than they succeed. A lot more, in fact. Experts haven't settled on an exact number, but studies peg startup fail rates anywhere from 75% to as high as 90%. To combat these risks, professionals hedge their bets by diversifying their investments across multiple companies, says Rose. "When someone goes out and becomes a professional angel, they're allocating a certain percentage of their net worth to go out and make 10, 15, 20 different bets," he explains. "They have a large enough pool that hopefully they'll find some winners in there." Investors can also minimize their financial risk by teaming up on investments with friends or colleagues.

    5. Understand the platform.Doing a background check on your entrepreneur is not enough. With thousands of potential crowdfunding sites, which may soon be referred to as "portals," it's important to ensure you are dealing with a legitimate and safe platform, says Rory Eakin, founder and COO of CircleUp, a site that helps accredited investors find legitimate investment opportunities. Investors should understand who is operating their platform, as well as how diligently investment opportunities are filtered. "Is the platform accepting any company that wants to post investment opportunities," asks Eakin, "or are they involved in the curation process?" Platforms that hope for long-term success will be doing their best to weed out the fraudulent campaigns. Ryan Feit, CEO of SeedInvest, a new equity-based crowdfunding site tailored toward accredited investors until the JOBS Act rules are finalized, understands the importance of curating his site's offerings. "Getting deals done is great," he says, "but not if you don't keep customers happy."