Authorized by the JOBS Act and implemented in 2015, Regulation A+ provides companies with an easier route to raise funding – up to $75 million. This can be achieved through either a private or public offering. Unlike Regulation D, private offerings under Reg A+ can raise funds from all Americans, not just large accredited investors. Similarly, IPOs under Reg A+ (sometimes called "Mini IPOs") typically rely on more individual investors, and have lower fees and regulatory requirements than standard IPOs. Another key advantage is that companies can first test the waters with widespread publicity campaigns before committing to an offering. They are still required to file a version of a preliminary prospectus with the SEC under form 1-A. While many smaller companies choose to go it alone, boutique investment banks (e.g. Tripoint Global) and law firms have entered the niche space. Consumer brands and consumer-facing tech companies have been early adopters of Reg A+, since they can turn a large customer base into an investor base. However, there are obvious downsides to allowing all investors to make venture-stage investments in startups, while at the same time lowering their regulatory requirements. Caveat emptor.