the benefits from crowdfunding will not be uniformly distributed. Certain types of ventures will benefit more than others from this new form of finance. For exam- ple, the types of ventures that may disproportionately benefit include those with consumer products where the value proposition can be easily communicated via text and video and where the product is unique and not subject to easy imitation when publicly disclosed. Even still, these ventures may prefer to raise their funds from traditional sources unless the cost of capital is significantly lower or they are able to derive additional benefits from interacting with a crowd of heterogeneous, geographically dispersed funders.