New York, June 25, 2018 (GLOBE NEWSWIRE) — Introducing Collective Wisdom Technologies (“CWT”) an innovative, insightful firm that leverages the “Wisdom of the Crowd”1 to support and enable better investment solutions for seed-stage startups and investors. CWT has launched its Regulation A+ offering to raise $50 million that will disrupt seed funding and level the playing field for startups and investors. CWT is selling up to 5 million shares at $5.00 each. Up to 30% of the company’s Common Stock will be offered through Sageworks Capital, a registered broker dealer. CWT will seek to qualify the Common Stock to trade in the secondary market using CFX Trading. Investors in the company will share in income from product sales, application fees and returns.
While startups have difficulty accessing capital, especially outside of New York City and Silicon Valley, investors don’t have access to as many quality startups as they would like; and they typically have to pay 2% management fees and 20% carrying costs.
So, Byron Bennett, CEO, Barrett Hicken, COO, and their small team got together and were confident they could improve these results that would benefit the right startups and investors. They were focused on leveling the playing field for startups and investors. The team was motivated by the unimpressive statistics related to traditional venture capital funding of startups. That is, only 1 in 10 investments actually lead to successful exits and the average internal rate of return is only 11 percent, as reported by Cambridge Associates 9/30/17.
So, the team decided to leverage the wisdom of the crowd, comprising people who include professional and accredited investors, who bring their expertise and insight into one voting system to evaluate and rate these startups. In doing this, the CWT team recognized that rather than having startups evaluated by 1 or 2 people, they would leverage the power of bringing a large group of qualified people into the evaluation and selection process, thereby “leveling the playing field” for both startup businesses and investors. With this approach, Investors can now submit applications for no charge. And, the first 100 startups to pre-register can apply for no charge. (Following that, a $500 application fee will apply.)
Today, the CWT invites investors and business startups who are interested in this innovative, new, and beneficial approach to identifying and selecting startup businesses with potential to come forward with their questions, comments and investments. We also invite principals of startups to visit our website and complete their application that will enable them to participate in our funding, mentoring and guidance services.
Byron Bennett, CEO:
Byron is a serial entrepreneur who started his first company in 1988 after attending the Young Entrepreneurs at Wharton Program funded by Michael Milken and taught by NFTE (www.nfte.com). Former CEO of Springtime Solutions, Inc., a FinTech company that developed a portal to facilitate loan referrals between the banking community and alternative lenders; Springtime Solutions was accepted into INV Fintech, an accelerator program run by Fiserv and Bank Innovation. Byron holds a B.S. in Economics from The Wharton School of The University of Pennsylvania.
Barrett Hicken, COO
Barrett has 25+ years in corporate finance and preparing companies for transitions, including M&A, new financing, driving fast growth, creating company value, structuring deals and transactions, starting new ventures, and managing change. He has been involved with 400+ deals and investments. He is currently the owner of a small business, which he took over in March 2013. This business represents Industrial Power Transmission Manufacturers in the United States that produce pre-engineered speed reducers, gearmotors, and electrical motors for the industrial power transmissions industry. From January 2007 to March 2013, he was the Vice President of Strategic and Corporate Development Partnerships at WebBank, where he was responsible for the identification, selection, and due diligence of these prospective partners. Prior to this he was a Director of Finance at Fidelity Investments from January 1991 to January 2007. and BS degree in economics from the University of Utah. He has been involved with 400 + deals and investments. Barrett holds an M.B.A from Webster University in Webster Groves, Missouri.
Collective Wisdom Technologies:
Collective Wisdom Technologies was created to build solutions that utilize the Wisdom of the Crowd. It’s first solution aims to level the field for startups and seed investors. The company continues to enhance the functionality and ease-of-use of the core platform. In the future, the company intends to add new products and services and other items to enhance the user experience.
THE COMPANY IS “TESTING THE WATERS” UNDER REGULATION A UNDER THE SECURITIES ACT OF 1933. THIS PROCESS ALLOWS COMPANIES TO DETERMINE WHETHER THERE MAY BE INTEREST IN AN EVENTUAL OFFERING OF ITS SECURITIES. THE COMPANY IS NOT UNDER ANY OBLIGATION TO MAKE AN OFFERING UNDER REGULATION A. IT MAY CHOOSE TO MAKE AN OFFERING TO SOME, BUT NOT ALL, OF THE PEOPLE WHO INDICATE AN INTEREST IN INVESTING, AND THAT OFFERING MIGHT NOT BE MADE UNDER REGULATION A. IF THE COMPANY DOES GO AHEAD WITH AN OFFERING, IT WILL ONLY BE ABLE TO MAKE SALES AFTER IT HAS FILED AN OFFERING STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION (SEC) AND THE SEC HAS “QUALIFIED” THE OFFERING STATEMENT. THE INFORMATION IN THAT OFFERING STATEMENT WILL BE MORE COMPLETE THAN THE INFORMATION THE COMPANY IS PROVIDING NOW, AND COULD DIFFER IN IMPORTANT WAYS. YOU MUST READ THE DOCUMENTS FILED WITH THE SEC BEFORE INVESTING.
NO MONEY OR OTHER CONSIDERATION IS BEING SOLICITED, AND IF SENT IN RESPONSE, WILL NOT BE ACCEPTED.
NO OFFER TO BUY THE SECURITIES CAN BE ACCEPTED AND NO PART OF THE PURCHASE PRICE CAN BE RECEIVED UNTIL THE OFFERING STATEMENT FILED BY THE COMPANY WITH THE SEC HAS BEEN QUALIFIED BY THE SEC. ANY SUCH OFFER MAY BE WITHDRAWN OR REVOKED, WITHOUT OBLIGATION OR COMMITMENT OF ANY KIND, AT ANY TIME BEFORE NOTICE OF ACCEPTANCE GIVEN AFTER THE DATE OF QUALIFICATION.
AN INDICATION OF INTEREST INVOLVES NO OBLIGATION OR COMMITMENT OF ANY KIND.
AN OFFERING STATEMENT REGARDING THIS OFFERING HAS BEEN FILED WITH THE SEC. YOU MAY OBTAIN A COPY OF THE PRELIMINARY OFFERING CIRCULAR THAT IS PART OF THAT OFFERING STATEMENT FROM:
VINCENT TUZZIO, CFO
(212) 334 0233
Collective Wisdom Technologies, Inc.
154 Grand Street – 2N
New York, NY 10013
OR:
https://www.sec.gov/Archives/edgar/data/1741298/000121390018008031/f1a2018_collectivewisdom.htm
YOU SHOULD READ THE OFFERING CIRCULAR BEFORE MAKING ANY INVESTMENT.
CONTACT: For more information on Collective Wisdom Technologies, please contact: Carol E. Robbins, CMO Collective Wisdom Technologies, Inc. 154 Grand Street – 2N, New York, NY 10013 www.collectivewt.com Tel: (917) 292-0537 Email: [email protected]