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Conferência Ethos 360°: Frederico Rizzo
- 1. Democratizando o Investimentoem startups
- 2. Nos EUA criou-selegislação espefícica • Title II: Oferta Pública liberada em 10 de Julho, 2013 • Title III: ainda restrito à investidores qualificados (accredited investors) Jumpstart Our Business Startups Act foi sancionado pelo Obama em 5 de Abril, 201
- 3. No Brasil aCVM desde 2003 dá brecha para o crowdfunding A oferta pública de distribuição de valores mobiliários de emissão de empresas de pequeno porte e microempresas é automaticamente dispensada de registro na CVM (art. 5º, III, da Instrução CVM 400/2003) Não requer a participação de instituição intermediária Limitada a R$2,4 milhões a cada período de 12 meses
- 4. Ltda’s não foramfeitas para o mercado de capital 5 Empreendedores Investidores Investidores no Contrato Social Pouca proteção dos riscos superiores ao capital investido
- 5. Título de DívidaConversível • Não havia precedentes no mercado local, no âmbito de oferta pública; • Emissão, pela EPP/ME, de título de dívida conversível em ações quando e se houver futura conversão da EPP/ME em sociedade anônima; • Sócios da EPP/ME comprometem-se a transformar a EPP/ME em sociedade anônima em determinadas hipóteses, ou na maturidade do título; • Após transformação, há aumento de capital e os titulares dos títulos de dívida tornam-se acionistas da companhia, integralizando capital com crédito; • Sócios da EPP/ME renunciam à sua preferência na subscrição das ações no respectivo aumento de capital. 5
- 6. Características do Título Proteção ao investidor, controle ao empreendedor INVESTIDOR: • Tag along • Key-man provision • Informações trimestrais EMPRESA: 20 • Sem voto e raros vetos • Sem direito de preferência • Controle de quem acessa a Oferta
- 7. Contexto Menos CapitalNecessário para Criar Produto Mais clientes em plataformas online Muitas apostas pequenas: aceleradoras, anjos, co-workings, etc. 7
- 8. STARTUPS BROOTA INVESTIDORES O Que fazemos?
- 9. Nossa plataforma resolvetrês problemas-chave… Acesso a novos investidores Relação com investidores Proteção de riscos societários
- 10. Queremos inspirar Inovação facilitando conexões e eliminando barreiras para que novas idéias possam mudar o mundo.
- 11. Obrigado! Frederico Rizzo& Alejandro Spencer broota.com.br / broota.com @Brootabr / @BrootaChile /brootabr / brootachile contato@broota.com.br / info@broota.com
- 12. Levantar capital paraa inovação no Brasil é difícil… OFERTAS PÚBLICAS COMUNS* * Ofertas públicas de títulos e valores mobiliários realizadas com base na Instrução CVM nº 400/2003 ou na Instrução CVM nº 476/2009. Alto custo em razão da quantidade de participantes envolvidos Captações muito altas (milhões/R$) Mercado pouco acessível aos pequenos empreendedores OFERTAS PRIVADAS** ** Ofertas privadas de títulos e valores mobiliários, realizadas por empresas, sem acesso ao mercado. Poucos investidores têm acesso às oportunidades Oferta negociada diretamente com o investidor Diligência trabalhosa pra ambos os lados
Notas do Editor
- #3 "The JOBS Act" is also sometimes used informally to refer to just Titles II and III of the legislation (an example is here), which are the two most importance pieces to much of Act the crowdfunding and startup community. Title II passed on September 23, 2013. Title III is still pending. The SEC approved the lifting of the general solicitation ban on July 10, 2013 Title III rules were proposed for adoption by the SEC on October 23, 2013. The SEC voted 5-0 to release for public comment. Businesses using crowdfunding could raise no more than $5,000 a year from someone whose income or net worth is less than $100,000. Investors with income or net worth greater than $100,000 could contribute as much as 10 percent of their annual income or net worth, to a maximum of $100,000 in one year. The legislation, among many other things, extends the amount of time that certain new public companies have to begin compliance with certain requirements, including certain requirements that originated with the Sarbanes–Oxley Act, from two years to five years The primary provisions of the House bill as amended would: Increase the number of shareholders a company may have before being required to register its common stock with the SEC and become a publicly reporting company. These requirements are now generally triggered when a company′s assets reach $10 million and it has 500 shareholders of record.[20][21] The House bill would alter this so that the threshold is reached only if the company has 500 “unaccredited" shareholders, or 2,000 total shareholders, including both accredited and unaccredited shareholders.[18][19] Provide a new exemption from the requirement to register public offerings with the SEC, for certain types of small offerings, subject to several conditions. This exemption would allow use of the internet "funding portals" registered with the government, the use of which in private placements is extremely limited by current law. One of the conditions of this exemption is a yearly aggregate limit on the amount each person may invest in offerings of this type, tiered by the person's net worth or yearly income. The limits are $2,000 or 5% (whichever is greater) for people earning (or worth) up to $100,000, and $100,000 or 10% (whichever is less) for people earning (or worth) $100,000 or more. This exemption is intended to allow a form of crowd funding.[22] While there are already many types of exemptions, most exempt offerings, especially those conducted using the internet, are offered only to accredited investors, or limit the number of non-accredited investors who are allowed to participate, due to the legal restrictions place on private placements of securities. Additionally, the Bill mandates reviews of financial statements for offerings between $100,000 and $500,000, and audits of financial statements for offerings greater than $500,000 (noting maximum offering of $1,000,000). Define "emerging growth companies" as those with less than $1 billion total annual gross revenues in their most recent fiscal year.[23] Relieve emerging growth companies from certain regulatory and disclosure requirements in the registration statement they originally file when they go public, and for a period of five years after that. The most significant relief provided is from obligations imposed by Section 404 of the Sarbanes-Oxley Act and related rules and regulations. New public companies now have a two-year phase-in, so this bill would extend that by an additional three years. Smaller public companies are also already entitled to special relief from these requirements, and the bill does not change that.[22] Lift the ban on “general solicitation” and advertising in specific kinds of private placements of securities.[22] This allows broader marketing of placements, as long as companies only sell to accredited investors (based on income, net worth or written confirmation from a specified third party).[23] Raise the limit for securities offerings exempted under Regulation A from $5 million to $50 million, thereby allowing for larger fundraising efforts under this simplified regulation.[22] Raise the number of permitted shareholders in community banks from 500 to 2,000.[22] The bill prohibits the crowdfunding of investment funds.[24] Crowdfunding caps an amount an issuer can raise to $1 million in any 12-month period. Crowdfunding caps the amount a person can invest in all crowdfundings over a 12-month period at 10% of annual income or net worth (incomes of $100,000 or more) or the greater of $2,000 or 5% of annual income or net worth (incomes of less than $100,000). Crowdfunding must be done through a registered broker-dealer or registered “funding portal.” Broker-dealers and funding portals may not solicit investments, offer investment advice or compensate employees based on sales. Traditional investment banks have shown little interest in crowdfunding, leading to speculation that crowdfunding will be facilitated by lesser-known financial institutions with little or no retail investment track record. Crowdfunding requires a disclosure document to be filed with the SEC at least 21 days prior to first sale, and requires scaled financial disclosure, including audited financial statements for raises of over $500,000. Unlike Regulation D Rule 506 private placements to accredited investors following the JOBS Act, crowdfunding does not allow advertising except solely to direct investors to the appropriate broker/funding portal. Annual reports must be filed with the SEC by a company which completes a crowdfunding round.
- #5 Fonte da nota precisa ser 12. Ajustar essa modificacao no layout geral do slide.
- #12 Dados de contato do Assesor Juridico da Oferta. Pegar dados da Petição. Separar dos dados do Broota. Ter nomes de contato.