Equity crowdfunding is opening up the exclusive world of early-stage startup investment.

“Nowadays the smart money is in private companies,” OurCrowd founder and CEO Jonathan Medved tells the audience at WIRED Money 2016. If you’d put money into Microsoft went it first went public in 1986, your investment would be worth 600 times that amount now, but now that rate of increase is very rarely seen on the public market.