Funding is extremely challenging. Additional regulations are not the answer. I deal with "sophisticated" high net worth investors every day for fundraising for my biotech company. Most have less knowledge about pharmaceuticals than my special needs seven-year old son. These individuals would undoubtedly pass the proposed test, but they still won't have a clue.
More importantly, we need less regulation and more money to stimulate more areas of growth, not focus ways on restricting the funding and development of new technologies. With new technologies, many appear highly risky or unrealistic, but have a massive impact once commercialized. Predicting which ones will work versus which ones won't is basically impossible.
Third restricting who is able to invest is highly unwise. Seed and angel money is absolutely critical, and the more investors who can participate, the better it will be for all of us.
Mark Olsen Comment On Regulatory Notice 22-08
Funding is extremely challenging. Additional regulations are not the answer. I deal with "sophisticated" high net worth investors every day for fundraising for my biotech company. Most have less knowledge about pharmaceuticals than my special needs seven-year old son. These individuals would undoubtedly pass the proposed test, but they still won't have a clue.
More importantly, we need less regulation and more money to stimulate more areas of growth, not focus ways on restricting the funding and development of new technologies. With new technologies, many appear highly risky or unrealistic, but have a massive impact once commercialized. Predicting which ones will work versus which ones won't is basically impossible.
Third restricting who is able to invest is highly unwise. Seed and angel money is absolutely critical, and the more investors who can participate, the better it will be for all of us.