@report {1104966,
	title = {Prodigy Network: Democratizing Real Estate Design and Financing},
	year = {2015},
	month = {2015/3/13},
	institution = {Harvard Business School},
	type = {Teaching Note},
	abstract = {<p>Teaching Note for HBS Case 614-064.</p><p>This case follows Rodrigo Nino, founder and CEO of commercial real estate development company Prodigy Network, as he develops an equity-based crowdfunding model for small investors to access commercial real estate in Colombia, then tries out the model in the U.S. U.S. regulations, starting with the Securities Act of 1933, effectively barred sponsors from soliciting small investors for large commercial real estate. However, the JOBS Act of 2013 loosened U.S. restrictions on equity crowdfunding. Nino believes that crowdfunding will democratize real estate development by providing a new asset class for small investors, revolutionizing the industry. The case also follows Nino{\textquoteright}s development of an online platform to crowdsource design for his crowdfunded buildings, maximizing shared value throughout the development process. Nino faces many challenges as he attempts to crowdfund an extended stay hotel in Manhattan, New York. For example, crowdfunded real estate faces resistance from industry leaders, especially in regards to the concern of fraud, and SEC regulations on crowdfunding remain undetermined at the time of the case.</p>},
	isbn = {615-045},
	url = {https://cb.hbsp.harvard.edu/cbmp/product/614064-PDF-ENG},
	author = {Lakhani, Karim R. and Friar, Greta}
}
