This is a tremendously important day. I applaud the SEC for the expected adoption of Regulation Crowdfunding.

Many doubt the significance of the regulations that will be adopted today. These critics are wrong.

Crowdfunding will fund a new era of super-innovation. The historic initiatives about to be put in place by the SEC and Congress address a fundamental flaw in capital markets: no one funds high-risk, high-reward endeavors and the sort of initiatives that results in innovations like the space program, penicillin, or the Internet—what I call the “Golden Swanicorns”.

The nature of super-innovation is a barbelled risk curve, where the vast majority of investments fail and the few that succeed revolutionize humanity. Much of this high risk/reward innovation has been abandoned as deep research has been de-funded and government and big business shift to prefer incremental over revolutionary change.

The crowd is a fundamentally new mode of investment and because of it, all sorts of wacky, out-there, and thus truly revolutionary projects will receive funding they otherwise would not have. There will be plenty of failures, but the successes will be fantastic and world-altering.

I truly believe that crowdfunding will fund a cure for cancer.

Here’s to what the future will bring!

Ben Miller

CEO & Co-Founder, Fundrise

Image Sources: Swanicorn by swandog