Feargal Quinn (Independent)

There are approximately 44 other things I wanted to say but I will touch on one thing I brought up before, namely, crowd-funding whereby people pledge investments online to new start-ups. That has a great future. It is now worth $2 billion per year in the United States. I called on the Government to set up a new national network which could tap into the great finances available from the Irish diaspora, especially in the United States. I know the Government is doing something about it but we need to look at regulation in this area should we let it grow. Currently, websites are mainly used as fund raising vehicles for small projects, such as a simple invention or an exhibit. Investors can donate as little as €10 and, typically, receive a small thank you. Can we do something more? I believe it is possible to do so.

In October in the United States, a North Carolina Republican Congressman with a lovely name, Patrick McHenry, introduced a Bill aimed at helping small businesses to raise capital in a challenging economy. One measure in that Bill was that one could sell securities through crowd-funding websites. It is worthwhile looking at that. They are some suggestions to ensure this Bill, which I support, is capable of being improved.