[minimax]

This is probably a stupid question, but how does a crowd funded equity round actually work? If I'm trying to raise $1MM for a 10% equity stake (picking number out of the air), is it a first come first served thing (as soon as we reach $1MM the round closes), or is there an auction where investors can place bids? Also is there any secondary market once you take a position in one of these companies?

[minor_nitwit]

It will depend upon how the sale is set up. Anything is theoretically possible, but the biggest obstacles are SEC regulations put in place to protect small 'retail investors' from 'speculative' products.