Angel group valuations and deals continued to rise through the third quarter of 2015, according to the most recent HALO Report, a publication of the Angel Resource Institute at Willamette University in Oregon. While median angel-only round sizes were $500,000 in both the first and second quarters of 2015, the third quarter saw this amount increase 45 percent to $725,000.

In late 2015, the U.S. Securities and Exchange Commission (SEC) released two rule changes that may shape the future of equity investments in startups and small businesses. The two new rules directly address issues related to the accreditation of investors – an important element of the angel investment ecosystem that has long driven early stage investments in startups. In December, the SEC released a report on proposed changes to the definition of accredited investors.

Even though the total amount invested by venture capitalists (VCs) grew for the fourth straight year to nearly $77.3 invested, Pitchbook analysts contend that 2014/2015 was the peak of the VC industry for the foreseeable future. While high valuations drove up the total amount invested, the number of deals plummeted during the second half of 2015 according to new data from Pitchbook.  In addition to insights from Pitchbook, other analysts contend that the declining trends of 2015 should remain through 2016.

This week, leaders in Illinois and New Mexico announced new investments to help seed and early stage technology startups access equity capital. The Illinois Treasurer will launch the Illinois Growth and Innovation Fund, which would invest $220 million over the next three years in 15-20 funds across the state. No more than 15 percent of the money will be placed with any particular fund. The state’s investment will target emerging tech companies, beginning later this quarter.

Technology companies raised $225 million globally on rewards-based crowdfunding sites in 2015, according to a new report from the UK-based Crowdfunding Centre. In State of the Crowdfunding Nation, the Crowdfunding Centre reported that reward-based crowdfunding sites helped raise over $1.5 billion worldwide between the calendar years of 2014 and 2015. Global rewards-based crowdfunding campaigns raised $823.5 in 2015 million (a 20 percent increase over 2014) from nearly 10.2 million backers.

Despite a small decrease in venture capital deals last year, the San Francisco-Oakland-Fremont metropolitan area remains the most active investment regions on a per capita basis, according to data from the PricewaterhouseCoopers (PwC)/National Venture Capital Association (NVCA) MoneyTree Report. San Francisco led all other MSAs in both total dollars and per capita activity, with its $21 billion in 2015 investment averaging about $4,500 per metro resident.

In the last month, several international countries and Hong Kong have made significant monetary contributions to establish investment funds that will make strategic investments in their country’s startups. These investment funds have a two-fold focus. First, they want to help provide early stage capital to companies that have the potential to spur economic prosperity within their borders. Second, they want to help make their companies more appealing to foreign investors.

More than three-quarters of U.S. venture capital dollars went to companies in California, New York and Massachusetts in 2015, according to data from the PricewaterhouseCoopers (PwC)/National Venture Capital Association (NVCA) Moneytree Report. California companies received over 57 percent of all U.S. investment, about 0.5 percent down from the state’s peak in 2014. Both New York and Massachusetts received about 10 percent of U.S. dollars. Washington, the state with the fourth highest share, trailed far behind at 2.1 percent.

Over the last month, several universities have announced new initiatives that look to spur investments in university-related startups to support economic growth and prosperity within their region or state. These include efforts in Triangle Venture Alliance in North Carolina, Purdue Ventures in Indiana, and a partnership between Oregon State University and a local investment fund.

North Carolina

Between 1998 and 2010, impact investment funds outperformed funds of the same size, according to the Wall Street Journal. Impact-focused funds of $100 million or less posted a 9.5 percent pooled net internal rate of return, outperforming the 4.5 percent delivered by funds of the same size that were not focused on impact investments.

Last month, Minnesota Gov. Mark Dayton signed the MNVest bill – an intrastate securities exemption that allows Minnesota-based companies and entrepreneurs to raise money through equity crowdfunding. To qualify for the exemption, businesses must show evidence of several requirements including being organized under state laws and that its principal office is located in Minnesota. Companies can raise capital from both accredited and non-accredited investors from across the state.

Venture capital (VC) firms invested more than $17 billion in 1,189 deals in the second quarter of 2015, the highest level of activity since 2000, according to the National Venture Capital Association (NVCA) and PricewaterhouseCoopers (PWC). Megadeals (deals greater than $100 million) in the software sector drove much of the growth, with 26 deals such deals, including one that exceeded $1 billion. With $7.3 billion in investments, software deals in the second quarter exceeded total investment across all sectors in 51 of the last 82 quarters.

Last week, the Department of Agriculture (USDA) held a special meeting that include approximately 100 investors and venture capitalists to help stimulate private sector investments in rural infrastructure projects with the potential to spur economic development in small towns and rural communities across the country. Through its U.S.

This week marked the launch of New York Ventures, an Empire State Development program dedicated to encouraging innovation and fueling economic growth in communities across New York. The program is derived of three separate funds: the $100 million New York State Innovation Venture Capital Fund; the $45 million Innovative NY Fund; and, the $2 million Minority- and Women-Owned Business Investment Fund. As part of the New York Ventures launch, Empire State Development also announced the NYS Innovation Venture Capital Fund’s close on financing for two New York-based tech companies.

Secretary of Commerce Penny Pritzker announced the launch of the Economic Development Administration's (EDA) 2015 Regional Innovation Strategies (RIS) Program competition to spur innovation capacity-building activities in regions across the nation. Under the 2015 announcement, SBA will commit $10 million for two funding opportunities.

Due to a lack of activity by the state’s three privately-run regional EB-5 centers that serve the state of Maine, the Maine Department of Economic and Community Development (MECD) is considering launching its own EB-5 visa program to attract more direct foreign investment to the state, according to the Bangor Daily News.

Over the past few weeks, the State of Oregon has announced a number of new capital opportunities for small businesses. Business Oregon, the state’s economic development agency, will invest $250,000 to support a new Inclusive Startup Fund that will invest in Portland-area startups founded by women and people of color. Fund leaders hope to raise a total of $3 million and match portfolio businesses with mentoring and business advising services.

Venture investors around the world have more confidence in the U.S. market than any other in the world, according to the 2015 Global Venture Capital Confidence Survey from Deloitte and the National Venture Capital Association (NVCA). Israel, Canada, China and the UK also ranked among the top five. The U.S. policy environment, however, received lower reviews.

In the first three quarters of 2015, U.S. venture capital firms have invested $47.2 billion, more than the year-end totals for 17 of the past 20 years, according to new data from the National Venture Capital Association (NVCA) and PricewaterhouseCoopers (PwC). About $16.3 billion was invested in 1,070 deals in the third quarter, bringing the 2015 total to $47.2 billion in 2,239 deals. Investment activity is on track to reach its highest annual level since 2000, and the second highest year since the beginning of PwC’s Moneytree report.

The Research Foundation for State University of New York (SUNY) is seeking feedback regarding the translation of SUNY research and innovation into meaningful startup company formation, acceleration and growth through targeted venture investing. In particular, the foundation seeks ideas on how SUNY could connect research experts to entrepreneurial leaders, advisors, or mentors in order to build upon emerging industry sector strengths.

In an effort to increase the proliferation and participation of venture capital firms across the 28-nation European Union, changes are needed at the institutional level, according to the capital markets union plan unveiled last month.