Crowdfunding is touted by its proponents as a model that can democratize and neutralize gender bias in the existing small business investment community, for both female investors and entrepreneurs. Crowdfunding proponents point toward the disproportionate number of middle-aged men who are angel investors or work in the venture capital industry. In 2007, 86 percent of angel investors were men. Crowdfunding proponents also point out that less than 10 percent of all companies that receive venture capital funding are run by women. Although equity crowdfunding for all is stilled delayed by the SEC, two recent academic research studies have found that reward-based crowdfunding in the U.S. and peer-to-peer (P2P) lending in Germany and the United States appear to be opening up opportunities for female entrepreneurs and investors.