( CNN ) -- The Jumpstart our Business Startups , or JOBS Act , is a win for entrepreneurship as well as bipartisan politics , and given economic hardship , unemployment and political bickering , it 's time for a win . Next step : Declare victory and unleash an economic winning streak . On Thursday , President Barack Obama signed the JOBS Act with overwhelming bipartisan support . The bill makes it easier for startups to raise money , to stay private when they need to and to go public when the time is right . Overall , it promotes a pro-entrepreneurship agenda . What impact will the JOBS Act have ? The bill 's `` crowdfunding '' provision is getting the most attention . It allows entrepreneurs to raise small amounts of capital from large pools of individual investors . The Internet provides a tool for private citizens to form new marketplaces as social networks evolve to become more than just networks of friends . Web-based platforms such as Kickstarter and IndieGogo allow entrepreneurs to raise up to $ 1 million annually , as sanctioned by the new legislation . This provides a funding source for startups that might otherwise have never made it past the business plan stage . Many entrepreneurs finance their fledgling businesses with their own lines of credit , sometimes backed by the value of their homes . With the recent recession , lines of credit have been difficult to obtain , and the value of many homes has decreased . Crowdfunding opens a new source of capital , especially for underserved communities . Crowdfunding could invigorate local economies outside of Silicon Valley and other entrepreneurial centers . Further , the JOBS Act allows companies to stay private longer , which gives entrepreneurs the flexibility to decide how and when it 's best to go public . Previously , companies with more than 500 investors were mandated to file with the Securities and Exchange Commission . The JOBS Act raises this number to 2,000 investors and excludes employees as shareholders in that number . This enables private companies to build revenue and develop sophistication before entering the capital markets . When the time is right , the JOBS Act makes it easier for a new class of `` emerging growth companies '' to go public . For businesses with less than $ 1 billion in revenue , the number of audited financial statements required is reduced . Young , high-growth firms are allowed up to five years to comply with certain Sarbanes-Oxley Act disclosures . Sarbanes-Oxley compliance is much more onerous for smaller companies than it is for larger entities such as General Electric , Johnson & Johnson or IBM . The JOBS Act helps smaller companies conserve resources . It also provides an `` IPO On-Ramp '' during which time emerging growth companies can protect sensitive information and competitive trade secrets . Of course , there is concern about the potential for financial fraud . Will there be scams ? There always are . Will Uncle Ned lose his shirt chasing the latest crowdfunded investment idea ? To protect investors , the JOBS Act includes an amendment that mandates companies to provide basic financial information to investors before seeking crowdfunding . It also requires third-party intermediaries , in the form of websites managing crowdfunding shares , to register with the SEC . The amendment also sets limits on the amount of money an individual can invest to prevent investors from taking too much risk . Individuals with an annual income or net worth of less than $ 100,000 , for example , would be limited to investing 5 % of their income in crowdfunding . In addition , Obama called on the Treasury Department , Small Business Association and Justice Department to monitor the new legislation closely and report regularly on their findings . Certainly , the JOBS Act is a win for entrepreneurs in America . But it is only a first step . The bill will help innovators reduce burdensome regulation and gain faster access to capital to grow their startup businesses . But we need to do more . We need to overhaul immigration to welcome foreign-born founders . According to a December study by the National Foundation for American Policy , immigrants founded or co-founded almost half of the 50 top venture-backed companies in the United States , and on average these companies created 150 jobs . We must enhance commercialization of research out of U.S. universities . One way to do this is to adopt a standardized licensing agreement for spinoffs . Another way is to make open-technology licensing a condition for universities to receive federal research dollars . Currently , the Bayh-Dole Act of 1980 requires faculty innovators to work through their own university technology licensing offices . This creates significant delays . To catalyze our innovation economy , we need to increase collaboration between startups and larger corporations . One such example is the NYSE Big StartUp initiative that partners large companies with small businesses to provide corporate assistance with accounting support , legal services , marketing infrastructure and financial training . Small companies often lack resources to take their business to scale . Corporate America can help catapult fledgling entrepreneurs to the next level . America 's competitive position in the world will increasingly depend on our entrepreneurs . The JOBS Act provides momentum . Let 's not stop here . The opinions expressed in this commentary are solely those of Amy M. Wilkinson .
Jennifer Wilkinson says JOBS Act is a win for small business , innovation , economic growth . ` ` ' '' allows startups to raise small amounts of money from many sources , she says . Wilkinson : Business owners have more flexibility to decide when to go public , less red tape . We need more foreign - born entrepreneurs , she says , and small- and big - business leaders .