WASHINGTON–U.S. Senators Chris Murphy (D-Conn.), Kyrsten Sinema (I-Ariz.), and Thom Tillis (R-N.C.) on Tuesday reintroduced the Helping Angels Lead Our Startups (HALOS) Act, legislation that would ensure that individuals who want to invest in startups do not face burdensome regulations, and allow those startups to get the investments they need to grow their business and create jobs.
In order for startups to secure capital and grow their businesses, entrepreneurs commonly attend “demo days”, or conferences that allow startups to showcase their business model in front of valuable startup investors, such as “angel investors.”
The HALOS Act would codify provisions finalized in SEC rules to ensure that startups can continue to present at demo days without facing onerous regulations, and instead preserve the same investor vetting process that angel investors have been using at demo days for years. This bipartisan legislation will enable startups to continue to get the investments they need to grow and create new jobs.
“Startups play an important role in Connecticut’s economy, creating hundreds of new jobs each year and securing our state’s future as a national center for innovation. Getting a new business off the ground is tough work and requires capital – that’s where angel investors come in. This bipartisan legislation will make it easier for local entrepreneurs to get the support they need to grow and thrive,” said Murphy.
“Arizona is home to the best growing and innovative startups. Our bill makes it easier for entrepreneurs and small business owners to access investments so they can open their doors, grow our economy, and create strong careers for Arizonans,” said Sinema.
“Small business investors play a crucial role in allowing start-ups to grow and create more jobs, but too often face unnecessary regulatory requirements that deter investment,” said Tillis. “This bipartisan legislation will remove burdensome regulations so we can invest in our small business and continue to grow our economy.”
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