I was reading an article in Filmmaker Magazine recently and came across this quote, from Nick Daschul. I’m not sure who he is or what he does, but this struck a nerve… at least with me.
“I’ve been reminded of why movies were so important to me back when I was a teenager. It wasn’t the cool camera move, or the heartbeat crush sugar rush romance moment, or the suave magnetic matinee idol glances, or the dolly, or the pop track, or the cigarette flame, or the eyeliner. I guess really what I was looking for, all alone in the dark, far from home, was that rarest of rare things — a friend.”
If you haven’t been paying attention, the JOBS Act could pave the way for low-budget films to raise money from normal folks in small increments – like the way our graphic novel R.E.M. raised money for printing through Kickstarter.
But the SEC will make sure this is not the wild west. Right now, they are weighing the language and here are some key points to consider:
- Maximum aggregate raise is $1 million over a 12-month period.
- Investors whose annual income and net worth are less than $100,000 can only invest up to $2,000 or 5 percent of their annual income or net worth, whichever is greater,
- Investors whose annual income or net worth is equal to or more than $100,000 can invest up to 10 percent of their annual income or net worth, whichever is greater.
- Crowd-funding will only be permitted through an SEC registered intermediary, either a broker dealer or a “funding portal” overseen by the Financial Industry Regulatory Authority (FINRA). Because up to 100 brokers and portals could initially seek to enter the space after the rule is adopted, it is likely the SEC will take its time and that the first non-accredited investments wouldn’t begin until the second half of 2014. At the earliest.
The JOBS Act has nothing to do with this guy.
Last week I sat down with Stacey Parks at Film Specific for an interview about my experience at AFM last year. I talk about White Space and Lunatic, and apparently my experience is unique. But it didn’t happen by accident. It was hard work.
Listen to the full interview here.
I thought I’d take a second and post about something that isn’t ‘R.E.M.’. If you read this blog you may know that I’m in post-production on a feature film entitled White Space. I wrote the story, co-wrote the script and produced the film.
With over 800 vfx shots, it is a very long post process. And our vfx aren’t what you typically see in independent films. So it’s a painstaking process. However, we are making serious headway – and I wanted to post a picture of the cockpit in the Essex (our space vessel).
Well over two years ago, I backed a project on Kickstarter called ‘Galileo’ from Motrr. In essence, it is a docking station that acts a motion control rig for the iPhone. Being interested in photography and filmmaking, I thought this was a pretty awesome piece of technology. In theory, you can control the Galileo from your iPad, moving it in a circle (or tilting up and down).
Yesterday, it finally arrived (I know there was some serious hatred being spewed at these guys for taking so long to deliver, but I rather a complete product that works than cry over it – and also, that’s the risk with Kickstarter).
It looks great, and feels solid. However, after an hour of toying around with it, I started to worry that I bought a solidly built docking station. Because the great secret is that Galileo doesn’t create software, only hardware. And they are relying on third party developers to enable the devices to talk to each other. So, I had to download an app to even test the thing out for $5 bucks. And the app was shit. In fact, all of their third party apps are shit. The one standout is DMB Panorama, which stitches together photos to create 360 degree panoramas. But you have to rig it up in the iPhone direct – you don’t control it from the iPad. So that is lame.
Word is that FilmicPro is working on compatibility. I hope that is the case and it comes soon. I also hope that it works with the iPad.
If you have kids – there is a surveillance app. It is probably cool, but I’m not sure of the range and if you have to be on the same network as the iPhone you’re using to watch things.
In closing, it’s a cool device with almost no software to support it. So, I’m somewhat disappointed.