Officials in nearly a dozen states have enacted or proposed new laws — or tweaked existing policies — to make it possible for resident entrepreneurs to secure financing from everyday local investors, also known as “equity crowdfunding.”
On the outside, China’s answer to Silicon Valley doesn’t look the part: It’s a crowded mass of electronics malls, fast-food joints and office buildings in northwest Beijing, bisected by congested highways.
It looks so easy from the outside. An entrepreneur with a hot technology and venture-capital funding becomes a billionaire in his 20s. But now there is evidence that venture-backed start-ups fail at far higher numbers than the rate the industry usually cites.