6213001EQ0012_Crowdfunding_PWS_Rev1.pdf

RESEARCH ON

CROWDFUNDING AS CAPITAL SOURCE

Performance Work Statement

Location of Work: To be completed by the contractor off-site (not at SBA headquarters)

Time to Complete the Work:

Task A – to be completed not more than four months from the date of award Task B – if option period is exercised, to be completed not more than twelve months from the date of the award

Clearance Required: None

1. Introduction The National Women’s Business Council (NWBC) is a nonpartisan federal advisory council created to serve as an independent source of advice and counsel to the President, Congress, and the U.S. Small Business Administration on economic issues of importance to women business owners. The NWBC was established via the Women’s Business Ownership Act of 1988 (HR.

5050), a landmark piece of legislation that eliminated individual state laws that required women to have a male relative cosign a business loan. Members of the Council are prominent women business owners and leaders of women’s business organizations. For more information on NWBC, see www.nwbc.gov.

The Council is committed to sustaining the potential that women entrepreneurs present. The policy recommendations made by the Council are grounded in a data-driven understanding of the needs of women in, or in pursuit of, business ventures. As the government’s only independent voice for women entrepreneurs, our mission is two-fold: to support and conduct groundbreaking research that provides insight into women’s business enterprises from startup to success, and to share the findings to ultimately incite constructive action and policies.

2. Background In October 2015, the Securities and Exchange Commission (SEC) adopted rules for equity crowdfunding designed to “assist smaller companies with capital formation and provide investors with additional protections.” This recent decision is anticipated to have a strong influence on the current crowdfunding landscape, which was estimated to have a market value of $34.5 billion in 2015.

Women have been historically underserved by financial institutions, and frequently report challenges in securing financing through traditional means. However, research suggests that crowdfunding may be a particularly effective method for women entrepreneurs to build capital;

for example, Indiegogo has reported that 42 percent of its crowdfunding campaigns are run by women—and that women raise more funds than men both in terms of the number of contributions, and the amount of money. The changing rules governing crowdfunding may, http://www.nwbc.gov/ therefore, have particular impact on women in business – and on the opportunity for women to serve as investors.

It is critical to understand the extent to which the opportunity to raise capital through crowdfunding influences entrepreneurs’ early business decisions and later success. Deeper knowledge of the opportunities that crowdfunding affords women entrepreneurs will allow policymakers to identify promising techniques to encourage female entrepreneurship and business ownership. Through this Performance Work Statement, NWBC seeks to obtain a contractor to examine this topic in greater detail.

For current NWBC research, see: http://www.nwbc.gov/issues-and-research.

3. Scope The NWBC seeks to contract for research that will provide insight into crowdfunding— particularly equity crowdfunding—at the national level. Possible discussion points or recommendations associated with this research include a description of platform elements that best support women in search of crowdfunded finance.

Such research should:

• Document available demographic and other descriptive quantitative information available about crowdfunding—particularly equity crowdfunding;

• Describe differences between male and female business owners seeking crowdfunding, or their crowdfunding campaigns, in terms of industry, goals, investors, platforms used, and success.

• Document existing policies that may support or hinder women’s participation in crowdfunding campaigns;

• Offer new information relevant to women seeking to raise capital through crowdfunding campaigns; and

• Recommend action items that support this population.

This project may also examine additional factors, not discussed, relevant to the research inquiry.

TASK A:

Conduct a literature review and descriptive data analysis.

• The offeror shall conduct a detailed literature review and environmental scan that:

o Synthesizes existing research related to crowdfunding as capital source, with a focus on women-run crowdfunding campaigns; and o Documents existing policies that may affect crowdfunding campaigns.

• The offeror shall incorporate high-quality sources of available data to describe crowdfunding as capital source, as defined through the literature review and environmental scan. Ideal sources will be reliable and representative, and analysis should convey:

o Racial, ethnic, age, and other demographic characteristics; and o Characteristics of their businesses, including industry.

Develop a methodology for future inquiry.

o The offeror shall develop an innovative research methodology that reflects Council interests and meaningfully extends existing knowledge of crowdfunding as capital http://www.nwbc.gov/issues-and-research source. It is important that the technical methodology report describe, as fully as possible, the study design and all procedures used to complete the research proposal.

TASK B:

Execute methodology.

• The offeror shall conduct original research, as outlined in the methodology developed, with Council guidance, in Task A. Execution shall require the offeror to:

o Provide a revised timeline for the implementation and completion of project for discussion at the project’s initial meeting. The timeline should take into account possible delays due to OMB approval of survey instrument (if applicable);

o Prepare and maintain a Project Management Plan including master project schedule, milestones, and performance measures; and o Participate in status calls and provide regular status updates. The offeror shall provide proposed solutions for any challenges that emerge throughout the duration of the project. Team lead and other key researchers must attend all status calls.

Prepare a Final report.

• The offeror shall compile a comprehensive written report detailing the results and policy directives derived from the research. This report shall include policies and other recommendations for stakeholders, influencers, and policymakers. Components of final paper shall be discussed and modified upon option exercise, but must incorporate at least two rounds of revision based on feedback from the NWBC. The offeror is responsible for obtaining peer review from at least two additional sources.

In addition to complete Performance Work Statement (SOW) and other documents incorporated into the contract, the contractor’s complete research proposal will be incorporated by reference into the research contract.

This is a non-personal services contract to provide services as detailed herein and in the contractor’s complete research proposal. The contractor shall provide all personnel, equipment, supplies, facilities, transportation, tools, materials, supervision, and other items and non-personal services necessary to perform this service as defined in this SOW. The contractor shall perform to the standards identified in this contract.

The NWBC will work closely with the vendor throughout the project, and reserves the right to tailor or amend the research throughout the process, without change to the scope. The contractor shall complete the research on behalf of the NWBC and cannot share or distribute the report in any way without the express written permission of the Council. The contractor shall list the NWBC as a client and will receive full credit for the report, but the contractor’s name and logo possibly shall not appear on the cover.

The NWBC will retain the exclusive ownership of all intellectual property, materials, including without limitation, methodological ideas, concepts, diagrams, text, or that are otherwise developed by or for such purposes of the Performance Work Statement. The NWBC can use this methodology/report for internal research or future contracts. The NWBC reserves the right to conduct future projects on this topic with a different contractor.

Other information of relevance:

• Special Access Data and Data Rights. Some data sources require special access due to privacy concerns or for other reasons. Offers must document the proposed process for acquiring access to any data proposed for use under this award. All costs associated with the contractor’s acquisition of this data shall be inclusive of the offered fixed price for the service. Rights in Data under FAR 52.227-14-15 shall apply, see also detailed Performance Requirements.

4. Performance Requirements The analysis is expected to fully document the issues related to crowdfunding as a capital source for women. Factors that will favorably impact the ratings of a proposal include: Soundness of recommended avenues for research or initial hypotheses, demonstrated preliminary knowledge of the relevant literature, familiarity with small business research and relevant data sources, novelty of the ideas put forth, and quality and use of data. See the “Background” and “Scope” sections above for further expectations for this research.

For other details on the final products, see the “Deliverables” and “Performance Requirement Summary” sections that follow.

5. Deliverables Specific deliverables and a deliverable schedule shall be finalized following the award of the contract and shall be mutually agreed upon by the Contractor, Contracting Officer, and Contracting Officer Representative at the Kick-off meeting for the contract. The deliverables and deliverable schedule shall be based on the milestones identified in this section, the accepted proposal, and the specific term of the contract upon award, including specific due dates within the contract term. The final deliverable schedule shall be formally amended to the contract through a modification.

Deliverables and Meetings

Due Date Format For Written Submissions

Transition Method

Transmitted to Whom

Task A: Subject to modification pending post award conference meeting Post Award Conference Meeting

Within 10 business days after award

N/A – Phone Conference

NA CO and COR

Bi-weekly Progress Report, to include summary of data analysis and annotated bibliography for literature review

3rd business day of the month and 13th business day the month following initial award and each month thereafter

Microsoft Word document template provided by

NWBC

Via Email COR

Quarterly Report and Presentation

Once per quarter Microsoft Word or Power-point

Documents shared via email, presentation

COR, NWBC

team, and NWBC Council conducted via webinar or teleconference

Preliminary Draft of Literature Review and Data Analysis

Month 3 of the contract term

Microsoft Word documents (no Adobe Acrobat PDF files)

Via Email COR

Peer Review (Two)

Month 3 of the contract term

Microsoft Word documents (no Adobe Acrobat PDF files)

Via Email COR

Preliminary Methodology

Month 3 of the contract term

Microsoft Word documents (no Adobe Acrobat PDF files)

Via Email COR

Final Submission of Task A Documents

Month 4 of the contract term

Microsoft Word documents (no Adobe Acrobat PDF files)

Via Email COR

Task B: Subject to modification pending methodology proposal and option exercise Post Award Conference Meeting

Within 10 business days after award

N/A – Phone Conference

NA CO and COR

Bi-weekly Progress Report

3rd business day of the month and 13th business day the month following initial award and each month thereafter

Microsoft Word document template provided by

NWBC

Via Email COR

Quarterly Report and Presentation

Once per quarter Microsoft Word or Power-point

NA COR, NWBC

team, and NWBC Council

Summary of Preliminary Results

2 – 3 months from exercise of Task B.

Microsoft Word document (no Adobe Acrobat PDF files)

Via Email COR

Draft Report 6-7 months from exercise of Task B

Microsoft Word document (no Adobe Acrobat PDF files)

Via Email COR

Peer Review (Two)

7 months from exercise of Task B

Microsoft Word document (no Adobe Acrobat

Via Email COR

PDF files) Final Version of the Research Report

8 months from exercise of Task B

Microsoft Word document (no Adobe Acrobat PDF files)

Via Email COR

Final version of a PowerPoint summary deck

8 months from exercise of Task B

Microsoft PowerPoint

Via Email COR

*All deliverables are subject to the minimum acceptable quality level (AQL) of “good” or “excellent.” Items subject or review are: spelling/typographical, organization, and content.

Additional quality level will be determined based on response and incorporation of feedback, innovation, and deadlines/timeliness. Final products must meet “excellent” criteria of little to no error.

The Contractor is expected to work with the NWBC on line and draft edits of report as deemed necessary by the NWBC.

Deliverables that do not meet the AQL of “good” or “excellent” are subject to rejection and must be revised and resubmitted to the NWBC within two business weeks. This could result in delays of the deliverable timeline which is the responsibility of the contractor to rectify.

6. Performance Requirement Summary Contractors must adhere to the following when submitting drafts and the final report, with the final version completed not more than one year from the date of award:

• Adherence to Contract Terms. All submissions will be presented by the prescribed timelines; presented under the prescribed methodology; in the prescribed format to the contracting officer’s representative (COR). Documents shall be clearly annotated and/or identified as either a draft or a final document.

• Deliverables. The contractor will provide the National Women’s Business Council with an electronic version of the final report within twelve months from the contract start date. The research is expected to progress along the timeline and benchmarks as noted in the Deliverables section.

• Changes in Contract Team. Contractors must seek prior written approval from the contracting officer and COR before any changes are implemented among the key personnel and other staff listed in the proposal. Individuals that the contractor proposes to use as replacements for those listed in the proposal shall satisfy the personnel experience requirements contained in the solicitation and the contractor must provide resumes for each proposed replacement as part of its request for prior written approval.

• Paperwork Reduction Act Requirements. When surveys or new information collections are necessary, contractors must meet the requirements of the Paperwork Reduction Act where applicable. In order to do so, the contractor will need to anticipate within the performance term the required public notice and OMB review for information collections under the PRA. The creation of a new information collection will require the contractor to develop survey procedures; identify appropriate respondents; provide clarification of the collection process; provide realistic estimates of the response rates; and work to develop an appropriate survey instrument (see http://www.whitehouse.gov/omb/inforeg_infocoll). It is the contractor’s responsibility to prepare any materials necessary to obtain PRA clearances associated with the work to be performed.

• Data Quality and Transparency Requirements. All research and data projects are subject to the Office of Management and Budget Guidelines for Ensuring and Maximizing the Quality, Objectivity, Utility, and Integrity of Information Disseminated by Federal Agencies (http://www.whitehouse.gov/sites/default/files/omb/assets/omb/fedreg/reproducible2.pdf). Per these guidelines, data source disclosure and robustness checks will be required for any research or data project, including all data coding necessary to replicate findings and datasets derived through coding and query and used in support of analysis, unless otherwise limited by special access agreements. Peer review may range from internal National Women’s Business Council staff review to that of external reviewers in relevant fields such as academics or technical experts. Feedback from this process will be incorporated into subsequent drafts before the report can be finalized for release.

• Data Rights. Rights in Data under FAR 52.227-14-15 shall apply.

• Editing and Proofreading Requirements. The documented submissions related to the post award service, including the final report and all intervening deliverables, must be thoroughly edited and of high professional quality before submission to the COR. These high professional quality drafts and reports should include professional language, presentation, and citations commensurate with published research in academic journals in the relevant subject matter field and should be free of typographical and grammatical errors.

• Style Requirements. The final report must contain an executive summary and table of contents. It must conform to the current version of one of the major style guides, such as the University of Chicago Manual of Style or the American Psychological Association (APA) Style Manual, in terms of grammar, style, and organization. In particular, each table and figure must have a source specified on the page; references, footnotes and bibliographies shall be formatted consistent with a major style guide; and all pages shall have page numbers, including tables and figures.

• ADA Section 508 Requirements. All government agency electronic and information technology (EIT) is required to comply with the Americans with Disabilities Act of 1990 (ADA). Section 508 of the ADA’s 1998 amendments requires the electronic documents posted by Federal agencies to be accessible to employees and members of the public with disabilities to the extent that it does not pose an “undue burden.” To comply with this mandate, the final report must be formatted in accordance with Section 508 requirements.

The National Women’s Business Council will provide guidance to achieve 508 compatibility at the time of award; however, it is ultimately the contractor’s responsibility to provide all deliverables in accordance with the legal requirements for section 508 compliance. Per the guidelines, written descriptions of all figures and charts in the final report must be provided in a separate document. More information may be found at http://www.section508.gov/.

• Formatting Requirements. Final reports must be double-spaced. The format of the electronic version must be a native word processing software format. An Acrobat (PDF) file is not acceptable. All tables, graphics, and charts must be supplied in an editable software format. The font size used in the document will be no smaller than 12 point for manuscript text; 10 point for tables, graphics and charts; and 9 point for footnotes.

• Disclaimer. The National Women’s Business Council will prepare a cover page carrying the following disclaimer, "The statements, findings, conclusions, and recommendations found in http://www.whitehouse.gov/omb/inforeg_infocoll http://www.whitehouse.gov/sites/default/files/omb/assets/omb/fedreg/reproducible2.pdf http://www.section508.gov/ this study are those of the authors and do not necessarily reflect the views of the National Women’s Business Council, the United States Small Business Administration, or the United States Government.”

• Product Release. If the contracted product is a complete publishable report, following approval and acceptance of the final report, the National Women’s Business Council will assign a date for public release of the report. Upon release, an electronic final report, along with a National Women’s Business Council-prepared research summary, will be posted on the NWBC's web site, http://www.nwbc.gov.

• Definition of Small Business. The definition of small businesses should be the same as that of the proposal and should be consistent with definition of small business established by the U.S. Small Business Administration’s Office of Size Standards.

• Future Publication and Attribution. The National Women’s Business Council encourages contractors to publish their findings in professional journals, if possible, but they can do so only after completing the contract. Prior to publication the Contractor must approach the Contracting Officer Representative regarding attribution to the National Women’s Business Council.

7. Invoicing

INVOICING INSTRUCTIONS:

When submitting invoice(s), the following information is required on every invoice:

-Business Name and Address -Business DUNS -Invoice Date -Invoice Number -Contract/Purchase Order Number

- Requisition Number -Amount Billed for Specified Work Accomplished

- Total Contract Value

- Cumulative Billed

- Narrative of Performance Sufficient to Justify the Invoice

FAILURE TO CITE THIS INFORMATION WILL RESULT IN NON-PAYMENT OF

INVOICE.

Partial Payments are permitted and invoices shall not be submitted more than monthly. Payments on invoices shall be based on deliverables provided in accordance with the attached Performance Work Statement (SOW).

The final invoice for this contract/order (base and any options), shall be distinctly marked on its face as “FINAL INVOICE” and signed by the contractor. This final signed invoice will serve as a Release of Claims. An extra signature field for the signature of the Contractor Officer will also be required.

http://www.nwbc.gov/