Since the adoption of the initial set of crowdfunding rules by the Texas State Securities Board (the “Board”) in February 2015, the use of crowdfunding portals to raise capital within Texas has not reached the levels seen elsewhere. Confusion over the rules and regulations, competition from other states and national portals like Kickstarter and Indiegogo, and a general lack of critical mass have all contributed to the problem. As of October 2016, eleven crowdfunding portals were registered