As an entrepreneurship/business management senior at Ohio University, and the president of the school’s Entrepreneurship Club, Richard Rodman has started two successful companies during his studies. Most recently, he noticed the need for some guidance in the crowdfunding trend.
So Rodman first started
530Funds in November 2012, a search engine and news site for the crowdfunding industry. “It was really hard to sift through Google to find the right platform,” he says.
But Rodman quickly realized the real need was in helping users navigate the forthcoming
SEC regulations on equity crowdfunding and make sure they are compliant while raising money for their cause. Individuals, investors and crowdfunding platforms must comply with these regulations.
That’s when Rodman came up with
Crowdentials. “Crowdentials is regulatory software for the rules SEC has created,” he explains. “It’s a simple web form -- kind of like TurboTax -- where you can cross-reference to see if you comply.”
Crowdentials helps take the legwork out of fundraising. Through the site and one form, investors, businesses and crowdfunding platforms ensure they are in compliance while raising money or investing in a new company. “We take care of compliance; you take care of business,” says Rodman says. “Businesses shouldn’t have to waste their time researching all the regulations.”
Crowdentials was accepted into the inaugural
FlashStarts program, run by Charles Stack and Jennifer Neundorfer, this summer. Rodman says there was an “instant connection” in the interview process. “I think it’s going to do a lot,” he says of the program, adding that he enjoys working with the mentors and interns on hand and bouncing ideas off the other entrepreneurial teams.
Rodman has two partners.
Source: Richard Rodman
Writer: Karin Connelly