the low end, $100, on the site. at the high end, they give guidance on compliance. one of the advantages is they ve got templates for term sheets. entrepreneurs go term sheets, no clue. there are examples that you can use. this is such an interesting idea. we talk so much on the show about getting friends and family to invest. but what this does, it creates a way to do it that makes sense. and it s formal and legal and it does a good job. profunder.com. thank you very much, bruce, appreciate it. we recently met dozens of small business owners at the national association of music merchants in california. we brought a unique product to our elevator to see if he can strike a chord with our panel. hi, i m bob mcnally. hey, bob. i designed the strum stick for people who don t play anything. i ve been designing instruments for 30 years, and i made the strum stick so learning could be easy and fun.
i wanted to dig into more of how you can use a host of web sites to raise money for your business. bruce elderlily is president of the moolala, and author of why smart people do dumb things with their money and what you can do about it. it s great to see you. what is the term crowd funding? i keep hearing the term. a little money from lots of people. you could go to the bank, now you can turn to friends and family in a way that utilizes the internet and get friends of friends and strange force support your business. it s a different way of thinking about it. you say a little money. you don t have to say, okay, i need $20,000 from you. you can go to you and say i need $500, and you $100 you don t have to hold out the basket at your cousin s wedding. you don t have to do the family faux pas. you can ask through the internet, for a loan. you can ask for a donation. sites encourage you to donate to a cause that you believe in. the third model, the one we re