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Enabled by accounting regulation changes with securities laws, the change could open up a whole new set of opportunities for game startups and fans alike. Now fans will have a chance to own a piece of the action. The change will go into effect for a third Fig campaign, coming up shortly.
Fig chief executive Justin Bailey told GamesBeat that Regulation A+ of the JOBS Act changed securities laws to enable ordinary people to fund game development in exchange for publishing rights and owning a share in the company raising the money. So unaccredited individuals (or people who arent already super rich) can now invest in a startup and share in the financial rewards if it is successful. Thats the difference between getting a free T-shirt from a crowdfunding campaign and getting a pile of money from a successful investment.
Bailey, the former chief operating officer of Double Fine Productions, started Fig in August as a new crowdfunding site built specifically for games. He partnered with some big names and studios who previously had success on Kickstarter: Tim Schafer (Broken Age), Brian Fargo of InXile (Wasteland 2), and Feargus Urquhart of Obsidian (Pillars of Eternity). Each has pledged to launch campaigns for new games on Fig.
Previously, Fig was allowed to raise investments for startups only from accredited investors. Pre-approved under SEC regulations, accredited investors earn a minimum salary of $200,000 or possess a net worth of at least $1 million, not including their homes.
With this next campaign, more fans can be investors, though they may not invest more than 10 percent of their annual income or net worth. The minimum a fan can invest in the upcoming campaign is $1,000, and the maximum is $10,000. The minimum will change with each campaign.
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