Angel List Founder Naval Ravikant: “How I Changed The Jobs Act”


In perhaps the worst kept secret in venture history, SecondMarket and AngelList have teamed up to allow accredited investors to legally invest purely online on AngelList for the first time. Basically, it’s getting a head start on the JOBS Act while we wait for it to become law. It’s a far more conservative– and legal– approach than other early crowd funding efforts like FundersClub, because SecondMarket is an actual broker/dealer.

We got a preview of this last week, when we wrote about Transcriptic’s wild seed round — the first company that used the partnership to round out its already successful, mega seed round. Founder Max Hodak described the experience by saying, “The Internet was just trying to throw money at us.” He added, “I don’t know what (AngelList co-founder Naval Ravikant) and SecondMarket are doing but they are clearly where the money is.”

Not every company will have such a barn-burner of an experience, but SecondMarket and AngelList are trying to replicate what worked in that case. Like Transcriptic, they are handpicking only companies that have a strong, well-known lead investor already, an easy to understand business, and some sort of momentum.

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