> Basically, this will be a huge amount of new competition for angel investors. It is unlikely to do any such thing. To argue this, you must believe that there

> Basically, this will be a huge amount of new competition for angel investors. It is unlikely to do any such thing. To argue this, you must believe that there exists a substantial number of accredited investors who are not actively investing in private companies because they haven't received random solicitations to do so. The reality is that accredited investors come in all shapes and sizes. The vast majority of the ones who are interested in putting their capital to work through investments in young private companies are already the people we call angel investors. In other words, lifting the ban on private solicitation is not likely to produce enough new angel investors to have a meaningful impact on competition for deals. > I expect to see a small industry of companies assisting founders in this new kind of marketing. There is already a well-established cottage industry of firms that help private companies raise money from accredited investors. Obviously, the firms that do this don't do so for free, and some of them demand finder's fees that no savvy founder would ever pay, but there's absolutely no reason to believe that companies unable to raise money on their own will pay less trying to market themselves to investors directly than paying a finder's fee.