How does truCrowd work - Entrepreneur PerspectiveThere are few steps that need to completed to have your offering listed and few that need to be completed after the campaign ends.
1. Create your account and certify you are a Illinois resident
2. Create your user profile. Profile that will be seen by the potential investors
3. Create your company profile
Disclose key business information including but not limited to: company contact information such as name, legal status, physical address, and website address; company ownership, names of executives, directors and significant shareholders and; capital structure
Once you completed this step we will run background check on all control persons from your company.
4. Create your Offering
Your offering will include a Business Plan, Valuation and few mandatory documents required by the Illinois crowdfunding exemption law: Disclosure Statement, Summary of the Offering and Crowdfunding Exemption Notice. We offer guidance on filling out the required documents on your Offering's Dataroom.
5. Get listed
When all requirements are meet we will list your offering on our platform. There is a 21 cool-off period during which no investments are made. Potential investors will have access to your Offering's information but have to wait the end of the 21 cool-off period to invest.
5. Manage your equity crowdfunding campaign:
Invite your social media contacts from Illinois to your Profile Page on truCrowd. They will be able to see your offering information only after certifying they are Illinois residents. Make sure you include your page URL in your post.
While inviting contacts to your Profile Page on truCrowd is permitted because the page does not contain information about your offering.
Engage with investors on your offering’s Twitter like communication channel. Answer their questions and concerns. Analyze suggestions and feedback. They can be valuable. If they are interested in following your offering, you have the possibility to approve them, or not, after checking their profile.
Once your equity offering is live on the platform update the information constantly.
How does truCrowd work - Investor PerspectiveFew steps need to be completed before being able to invest.
1. Create your investor account and certify you are a Illinois resident. Once you did that you will be able to see the offerings and their related information.
2. Browse and follow offerings. When you find a company you would like to invest in confirm your interest by following the offering. By following the offering you will let the entrepreneur know you might be a potential investor. It will allow him to establish its communication priorities.
3. Complete personal information. To be able to invest you will have to provide information allowing us to verify your Illinois residency.
4. Complete financial information by linking your banking account to your investor account.
5. Add money to your investor account. You need to fund your investment account before you can invest. This is done by ACH or wire transfer and takes between 3 to 5 days.
Once you decided to invest and pledge a certain amount the money will be moved from your investment account to an escrow account.
You can withdraw your money anytime before the crowdfunding campaign ends. After the funding goal is successfully reached and the campaign closes you will not be able to withdraw your money. If the funding goal is not successfully reached, your funds will be returned to your investment account so you can invest in another offering or withdraw (ACH’d back to you checking account).
6. When the equity crowdfunding campaign ends successfully, your investment portfolio will be updated on your truCrowd Illinois account. Within the new 15 days the entrepreneur will send you the share certificates by mail.
7. You should continue to interact with the entrepreneur and the other investors through the Offering’s Communication Channel and stay updated regarding the company's activity.