Josh James, the Utah Entrepreneur who co-founder of Omniture, will attend the White House signing of the JOBS Act, a series of bills designed to help small businesses and startups find funding, on Thursday, according to peHub.com.
"This bill makes a tremendous difference for entrepreneurs trying to get funding who are yet unproven," James said in a statement to the Deseret News. "Crowd funding is a fantastic trend. It certainly has some risks like all investing does but in today's modern age more people should be able to back entrepreneurs and businesses in which they believe."
Other invitations were sent to Barry Silbert, founder and CEO of SecondMarket, Scott Dorsey, CEO and co-founder of ExactTarget and a number of other venture capitalists and entrepreneurs.
The Jumpstart Our Business Startups, or JOBS, Act will allow companies to find funding and become publicly traded faster and easier by relaxing a set of regulations from the Securities and Exchange Commission.
Business leaders in Utah expect the JOBS Act to have a significant impact on the state.
Money flow from crowdfunding will be a relief to cash-strapped startups in Utah, said Alan Hall, former chief executive officer and chairman of MarketStar Corp.
“The problem right now is there aren’t enough angel investors and money out there,” Hall said in a phone interview.
James’ Omniture was sold to Adobe for $1.8 billion in 2009. Eventually, the entrepreneur left and started Domo Technologies, which has developed an enterprise dashboard that aggregates business information for executives.
Domo received $43 million in seed investments including $33 million from Menlo Park, Calif.-based Benchmark. The other $10 million came from angel investors including Salesforce.com Chief Executive Officer Marc Benioff and John Thompson, chairman of Symantec Corp.
The company also received $20 million from Institutional Venture Partners, another Menlo Park-based venture capital firm, in later investment rounds.