In keeping with its mounting support of economic development through business startups, the city of Bellevue is exploring the feasibility of creating a crowdfunding marketplace where investors can be almost anyone.

“I think it’s a great idea, but we really need to look at it from all angles,” said Bellevue Councilmember Lynne Robinson, adding no other city in the nation has ever done something like this before.

The state Department of Financial Institutions recently published its regulations for Senator-elect Cyrus Habib’s legislation passed last session that opens up crowdfunding opportunities for Washingtonians in a market previously reserved for wealthy, accredited investors — that amounted to about 3 percent of the state’s population, said Brayden Olson, who helped Habib draft House Bill 2023 or the Washington JOBS (Jumpstart Our Business Startups) Act.

“What we did last year was we made it legal for the other 97 percent of Washingtonians to participate,” said Olson, CEO of Wilhelm Enterprises, which has launched the for-profit Washington Security Exchange in Kirkland.

Startup companies account for a huge portion of job growth in the state, Olson said, but many have been unable to acquire the capital needed to succeed, which is where this new law fills that void rather than letting startups “die on the vine.”

“We’ve lost a lot of significant companies over the past couple years because they want to move to a better financial climate,” he said, adding the new legislation essentially opens up another $30 billion in potential investor capital that didn’t exist before.

Regulations state DFI must vet startup companies seeking crowdfunding, requiring a number of business and financial disclosures. Once approved, investors can view details of a company and decide how much they want to invest, buying ownership in that company.

People making less than $40,000 annually are capped at $2,000 in investments, while those making more than $40,000 can invest up to 5 percent of their gross income. Those making $100,000 or more can invest up to 10 percent, while those making $200,000 or more can continue to make investments to whatever tune they wish, Olson said.

“Most of the companies will fail, but if you put a dollar in and the company is successful, you may get $100 back,” he said, adding the return will depend on the investment. Some companies may get sold or go public. “The real question is, where in this state are these companies going to call home?”

Bellevue would be the preference, said Robinson, and the city is already working to make it a startup destination — more so than it already is. The city opened up its Lincoln Center office space to Impact Hub last month, followed close behind by extraSlice’s Smart Space. These business incubators provide office space, mentorship, networking opportunities and connections to investment capital, but there are still more local investors not investing in local businesses, Robinson said.

A consultant is expected to report back to the City Council early next year with results of a feasibility study examining whether the city should consider creating its own investment portal for local startups that would be supported by local investors, Robinson said. The city is already developing a website to support Bellevue startups, with information regarding startup events, networking, mentorship and investor opportunities.

Olson said Texas passed its own crowdfunding legislation four months after Washington, which means the Evergreen state needs to move fast. With the right brokers license, private and commercial crowdfunding sites should be going online in early 2015.

“(Texas is) coming, but we still have the opportunity to be the leader for the country,” Olson said. “If we have a city like Bellevue come on board, this could accelerate this whole thing by years.”