Can I test the waters and collect soft commitments before filing my Form C?

Yes. Regulation Crowdfunding includes a “testing the waters” provision that lets you gauge investor interest before you file your Form C with the SEC. As soon as your pitch page on Invown is ready, you can start publicizing your raise and collecting non-binding indications of interest, sometimes called soft commitments.

What a soft commitment is, and isn’t

During testing the waters, an indication of interest involves no obligation or commitment of any kind, on either side. You cannot solicit or accept money or any other consideration, and no part of the purchase price can be accepted until your Form C is filed, and then only through Invown’s platform. Treat soft commitments as a signal of demand, not as funds raised.

The rules you must follow

• Include the required disclosure language in every communication about the offering. The exact wording is on Advertising your raise; for character-limited posts you can instead use a short disclosure that links to Invown’s testing-the-waters legal disclosure.
• Keep records of every communication about the offering. You will need to file your testing-the-waters materials with your Form C.
• Leave out the terms of your offering. Do not mention the price, type, or number of securities, the closing date, your planned use of funds, or your progress toward your funding target. You can talk about your company, your mission, and objective metrics of past success, and every advertisement must link to your pitch on Invown.
• Avoid hyperbole and never make statements that are not factual.

Why this matters

Testing the waters helps you judge whether your raise has an audience before you commit to a filing, but it guarantees nothing: indications of interest are non-binding, and the people who express interest are free to walk away. Your Invown pitch page must remain the single source of truth for your offering.

If you are unsure whether a specific message is allowed, reach out through Invown support before you send it, or talk to your legal counsel.