Author: JD
Every Seat a ‘Window Seat’ on this Windowless Plane
This could be kinda scary By Kate Michael in Tech, Travel It’s being called “the windowless cabin with a view.” British developers at the Centre for Process Innovation are gearing up to test the world’s first windowless plane — a truly captivating (or potentially unnerving) flying vehicle that could allow passengers to see what’s going on outside. It may be ready in less than a decade. Instead of windows, full-length screens allow constant views of the outside sky, with imaging that would come from mounted cameras outside of the aircraft. These screens can actually be switched on and off (according to traveler preference). In addition to cloud sightings, the screens will also allow users to tap the screen to identify prominent sights… or to just join the mile-high internet surfing club.
SEC: Startups Can Now Raise $50 Million in ‘Mini IPO’
The SEC on Wednesday approved game-changing final rules in the implementation of Title IV of the JOBS Act, known as “Regulation A+,” which will allow small businesses and startups to raise up to $50 million from “the crowd.” As I reported more than a year ago, this little-known provision of the JOBS Act will allow a startup company or emerging business to hold a “mini IPO” from the general public, not just accredited investors, and should be a complete game-changer for the way businesses are funded. Related: Déjà Vu 2012: A Zombie-Frankenstein JOBS Act 2.0 Is in the Works When Congress passed the JOBS Act in April 2012, Regulation A+ was an attempt to fix Regulation A, a rarely-used provision of federal law that allowed companies to raise up to $5 million in a public offering. Regulation A was a bust because it required the company to register its offering in each state where it was to be sold. The cost of complying with each state’s “Blue Sky Law” was exorbitant, compared to more commonly used laws such as Regulation D that allowed a company to raise the same amount of money, or more, without having to pay for expensive state-by-state compliance. Under the SEC’s new rules for Regulation A+, the amount that could be raised increases to $50 million and the need for state compliance has been eliminated. More importantly, Regulation A+ allows those funds to be raised from the general public, not just accredited investors like with Regulation D offerings. The question that had everyone in the crowdfunding world holding their collective breath was simple: Would the SEC keep their proposed rules intact when its leadership voted, or would they succumb to the pressure of state securities regulators who were adamantly opposed to lessening of restrictions for their own selfish financial reasons? The answer is that the SEC stuck by their guns and allowed companies to raise Regulation A+ without having to go to each state and spend a fortune registering their offerings. Related: People Invest in People — an Overlooked Aspect of Private Investing Another important issue the SEC decided involved who can invest in these offerings. The JOBS Act limited Regulation A+ offerings to “qualified investors” which led some to argue that only “accredited investors” would be allowed to invest. Accredited investors are those individuals who earn more than $200,000 per year or have a net worth of greater than $1,000,000. However, the SEC broadly defined the term “qualified investors” under Regulation A+ to allow anyone to invest, albeit with some limitations as to the amount. For those worried about protecting investors from fraud, Regulation A+ only allows investors to invest 10 percent of the greater of their annual income or net worth in these securities. The SEC has also implemented other strong investor protections such as “bad actor” background checks on the companies offering the securities, and disclosure of the company’s financial information as part of the offering. The Regulation A+ rules can be read in full here. There are hundreds of pages, so get ready for a long read or a fast way to bore yourself to sleep. Having read the entire thing, I can tell you with confidence as a crowdfunding attorney that Regulation A+ has a chance to dramatically change the way small and emerging businesses raise capital in America. The rules released by the SEC today now have to be published in the Federal Register before they become law, which takes about 60 days. As soon as that happens, entrepreneurs will have the ability to raise millions of dollars from “the crowd” in a simplified and comparatively affordable offering using Regulation A+.
Lil Durk’s Manager Was Shot and Killed In Chicago Last Night
Tragic news out of Chicago this afternoon, as it’s being reported that Lil Durk’s manager, OTF Chino, was shot and killed in the city last night. According to The Chicago Tribune, Chino, who’s real name is Uchenna Agina, was sitting in his car outside of a restaurant in Avalon Park when a gunmen approached the vehicle on foot and fired into the car. Two other individuals were wounded in the incident, and no arrests have been made. This tragic news comes just days after Durk released his new single, “Like Me,” which will be featured on his debut album with Def Jam Records. Durk has yet to tweet or post anything on Instagram since the news broke, but Lil Herb posted about the incident and told Durk to hold his head. We will continue to update this story as more details are released.
Fabolous “Shook-Ones-Freestyle” Feat @djclue
LOSO CONTINUES TO KILL HIS FRIDAY NIGHT FREESTYLES
Gov. Deal issues executive order on medical marijuana
Gov. Nathan Deal signed an executive order Friday instructing state agencies to get ready to put in place the medical marijuana law the General Assembly enacted this week. The governor promised to sign the bill after the legislative session is over to make sure no conflict arises with other legislation. “This executive order is the first step in bringing home families who’ve sought relief elsewhere and for providing new medical solutions for Georgians suffering from debilitating conditions,” Deal said. “I’ve instructed the Georgia Composite Medical Board and the Department of Public Health to begin taking immediate steps ahead of this law’s enactment. At the same time, law enforcement, health care providers and other stakeholders should make appropriate preparations.” Under the bill, which passed both legislative chambers overwhelmingly, Georgians suffering from eight medical conditions – or a parent or caregiver in the case of a child patient – may legally possess a marijuana derivative that has proven effective in reducing pain and seizures. The diseases covered include cancer, amyotrophic lateral sclerosis (ALS), seizure disorder, multiple sclerosis, Crohn’s disease, mitochondrial disease, Parkinson’s disease and sickle cell anemia. Under the process the legislation sets in place, the state Composite Medical Board will draft a patient waiver and physician certification form. Upon completion, the forms will be available to patients meeting the specified criteria. Once certified by the appropriate health care provider, patients will be provided with documentation allowing for possession of low-THC cannabidiol oil.
Angel investors tax credit bill clears Georgia Senate
The General Assembly gave final passage Friday to legislation renewing Georgia’s angel investors tax credit. The Georgia Senate passed the bill 48-3 and sent it to Gov. Nathan Deal for his signature. The state House of Representatives passed the legislation unanimously two weeks ago. Since the tax credit took effect four years ago, 225 qualified startups and early-growth companies have registered with the state Department of Revenue for angel investment dollars. That money has helped those businesses created more than 200 net new jobs with a payroll of about $10 million. Many of the new jobs are being generated by incubators at The University of Georgiaand Georgia Tech, said Senate Majority Leader Bill Cowsert, R-Athens. “This is going to help bring more high-tech, high-paying jobs to Georgia,” added Sen. John Albers, R-Roswell. The bill will renew the tax credit for three years. The total dollar value of credits available is capped at $5 million a year. Individual businesses can receive no more than $50,000 annually.
Dame Dash and Kanye West Confirm They Are Buying Karmaloop
The rumors of Kanye West and Dame Dash purchasing Karmaloop may have been officially confirmed after Dash posted a set of videos on Instagram alongside Ye confirming the purchase of the lifestyle website. Rumors of Kanye and Dash purchasing the online streetwear site, began this week when the hip-hop mogul revealed in an interview that him and Yeezy were buying out Karmaloop. Greg Selkoe, CEO of the lifestyle retailer took to Twitter and denied Dash’s comments on Monday afternoon, while mentioning that KL was not in debt for the 101 million that it was presumed. With Dame Dash posting the set of videos alongside West today and confirming the purchase of Karmaloop, it looks like the two hip-hop figures will be venturing off to take over the online streetwear world with a revamped Karmaloop on their side.