By joining other states, like Georgia and Kansas, Michigan has provided the capability for new businesses to raise capital through small amounts of money from a large number of people. This alternative means to fund a project is critical in order for the much needed growth of the states economy. In order for Michigan to become competitive economically once again, funding startups will be critical. A healthy economy that creates new jobs requires new businesses, which require capital, said Thomas Coke. Early stage companies often find it difficult to secure funding by qualifying for loans by banks or venture capitalist. This is where crowdfunding supplements. The new Michigan Invests Locally Exemption legislation gives Michigan businesses the opportunity to raise funds through crowdfunding from Michigan investors. The MILE legislation is the Michigan counterpart to Title III of the Jumpstart Our Business Startups Act (JOBs Act) which allows crowdfunding on the national level. Crowdfundi

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