Category Archives: Voices

How Crowdfunding Has Influenced Start-Ups

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HuffingtonPost | By Julee Morrison, Contributor | Oct. 2, 2017

You have a great idea that you would like to bring to the market. However, you have little to no capital in kick-starting product development. Furthermore, you don’t really have the business acumen and the research and development needed to make a solid business presentation to a group of investors.

So, how do you go about finding the seed funding you need to start turning your idea into a reality? Many entrepreneurs in recent years have turned to crowdfunding as a way to reach a large audience to fund product ideas and business models.

What Is Crowdfunding?

Crowdfunding is an alternative way for businesses, and especially start-ups, to source capital for a new venture from a number of people online, primarily through connecting investors and entrepreneurs on crowdfunding websites and social media.

This differs from traditional ways of collecting capital when entrepreneurs pitch a business plan to a limited number of wealthy businessmen or companies. Crowdfunding allows someone to pitch their business plan to a much larger pool of venture capitalists, instead of the traditional players.

See: A Guide to Building an Audience for Crowdfunding

How It Works

Crowdfunding websites such as Kickstarter and Indiegogo act as platforms for entrepreneurs to present their business ideas and products in front of a large audience of potential investors. These websites are then able to make a profit by taking a percentage of the funds raised for each idea.

An entrepreneur signs up to one of these websites to start a campaign, explain an idea or product, which is then spread mainly through social media platforms such as Facebook and Twitter to gain the attention of potential investors.

There is no limit to the types of products that can be presented on these crowdfunding platforms, with ideas ranging from an alternative to Apple’s smartwatch to a new potato salad recipe.

See: What 10,000 Kickstarter projects reveal about Canads entrepreneurs

Types Of Crowdfunding

There are three types of crowdfunding: donation or reward, debt, and equity. In donation or reward crowdfunding, people chose to invest in an idea or a person without an expectation to receive anything tangible in return.

What they might receive in reward crowdfunding are acknowledgements in a book, free gifts, tickets to a concert and so on. Crowdfunding websites such as Kickstart and Indigogo fall under this category.

In debt crowdfunding, also known as peer-to-peer lending, investors can recoup their money with interest as with traditional investments. The only difference is that traditional lenders such as banks are not involved. Platforms such as Prosper, Funding Circle, and Lending Club offer debt crowdfunding.

Another category of crowdfunding is equity crowdfunding in which investors receive equity in return. Equity can come in the form of shares or a stake in the company, project, or venture. Similar to other forms of equity, the value of the company fluctuates depending on how successful it is. Examples of portals offering such services are OfferBoard, CircleUp, and OurCrowd.

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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both investment and social crowdfunding, blockchain ICO, alternative finance, fintech, P2P and online investing stakeholders across the country.  NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a vibrant and innovative online financing industry in Canada.  Learn more About Us or visit www.ncfacanada.org.

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5 Deal-Breaking Mistakes to Avoid When Pitching for Money

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NCFA Guest post | Gloria Kopp | Sep 14, 2017

When you're trying to fund a project with invested money, you need to ensure you're doing everything you can to enlist the most help from the most donors so that your project gets the funding it needs and can proceed on time as planned. Deficiencies in funding can significantly impact how quickly something is completed, and a lack of funding can totally kill projects in some cases. When you steer clear of these deal-breaking mistakes in your fundraising appeal letter, you'll give yourself the best chances of reaching your fundraising goals.

Not naming your contributors as the difference-makers

You may be organizing the project, but the backers (donors or investors) are the ones who are financing it and making it possible, so it's essential that you acknowledge that in your letter. If they're regular contributors, make sure they know you've noticed that. Something as simple as thanking them for their support since the (specific) day they made their first contribution can let them know that you're grateful for their help. You'll also want to make them aware of what their current donation will be put towards. When you let them know what they've already helped to accomplish and what they're currently helping with, they are instilled with a sense of fulfillment and pride.

“Emphasis the 'you' in your letter – leave yourself and what your own organization's part out of it for the most part. Of course, without financial contributions, your fundraising project would go nowhere, so they truly are the difference-makers” – says Fred Davis, an Operation Manager at State of Writing.

Using fear to sell them on contributing

Don't focus on the negative, or what will happen if you aren't able to pull together the funding for your project. If you start doing that, your potential donors could be hesitant about contributing because they may not have confidence in you to reach those goals. Instead, focus on all of the good that will come once the target fundraising amount has been reached – write your letter with the tone that reaching your goal is not out of reach.

See:  Crowdsourcing – A Powerful Marketing Tool for Startups

Painting a bleak picture of a negative outcome does nothing to inspire donors to join your cause. You want people to feel excited about the possibilities that lie ahead, not scared about what might happen.

Not getting to the point

If you're asking someone to contribute money to your cause, there's a good chance that others are doing the same. For this reason, you'll want to keep your fundraising appeal letter short and to the point, because they typically won't have the time to dedicate to reading a lengthy letter. James Atchison, a PR Manager and a contributing author at Huffingtonpost shares the opinion:

“Not only that, but they may lose interest in it before they reach the end. Be mindful of the busy schedules your contributors may be keeping by sending them a short letter that gets right to the heart of the matter.”

Assuming familiarity

Of course, you yourself should be well versed on the topic you're asking to be funded. But, there's no reason why your contributors should know anything about it, especially not from the first letter they receive. Assuming a certain level of familiarity with an issue or project can lead to miscommunication and information just going over your donor's heads. In a fundraising letter to build a new youth center, you probably don't want to introduce the concept by talking about the specifics of the building. You'll want to instead talk briefly about the need for the youth center to begin with. Specifics are great, but not to someone who has no knowledge of the cause to begin with. “To start with, the basics are great, and if there's interest you can provide more information after. The goal is to get them interested and excited, not to leave them scratching their heads and dismissing you” – comments Valentina Tighe, an Outreach Manager at Academized.

Leaving out the essentials

A well composed fundraising letter has four key components. Having all of these in your letter helps increase your chances of seeing success in your fundraising efforts. These include a single, concise message; facts that can support anything you've said; an inspirational factor that drives donors to get involved; and a clear and straightforward call to action.

See:  Hacking the Startup Fundraising Matrix

A good fundraising letter versus a bad one can have an enormous impact on the financing your project ultimately receives. Avoid these deal-breaking mistakes and help boost your chances of fundraising success.

"Gloria Kopp is an elearning consultant and a content manager at Big Assignments. She loves sharing her professional advice in her posts at HuffingtonPost and Paper Fellows blog. Besides, Gloria writes Studydemic educational blog for students and educators."


The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at www.ncfacanada.org.

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Understanding the Differences Between Crowdfunding Investing & Traditional Canadian Investments

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NCFA guest post | Aug 23, 2017

The success of crowdfunding since its early beginnings in Canada when regulators approved its use has been a surprise to the broader investment community that felt it might be a fad. Early adopters around the world have shown that the interest in crowdfunding is only growing with small investors and affluent investors alike able to tap into equity and lending opportunities that formerly they couldn’t hope to gain access to.

Because of this popularity, it’s useful to take a step back to appreciate the fundamental differences between investing via crowdfunding and traditional Canadian investments.

The Different Risks of Crowdfunding

The risk profile of crowdfunded investments is entirely different to buying into the Canadian bond market or purchasing some ETFs to index the entire Canadian stock market. Quite often, the businesses are new and unproven. In other cases, established businesses are looking for funding outside of the banking sector to complete their expansion plans.

It is difficult for people without proper industry experience to appreciate the type and amount of risk when investing in a specific sector. For instance, only when having worked in real estate is it possible to fully understand what an investment in a commercial building entails. You can become better educated on the risks, but in many cases, there is no substitute for experience in that industry.

Income & Return of Capital Differences

For many crowdfunding investments, the return of capital comes when the business is sold, equity bought out or the company is listed on a public market. Income from earnings is not necessarily part of a crowdfunding investment model. Investors understand this aspect of capital investing into startups but it’s worth noting as a fundamental difference.

See: 

With public equities, investing in pipelines, utilities, gold mines, timberland holdings, real estate in the form of REITs, and other operating companies often involves the receipt of a cash dividend. This steady income stream is available to investors to cover current expenses and avoid the need to sell shares during a market downturn when the income is sufficiently high enough. The cash flow tends to be a substantial and visible component of the investment return received by the investor.

Getting to Know the Company’s Management

Access to a company’s management is restricted to business contacts, suppliers, brokers, and institutional investors with billions on the line. Unlike this situation, with crowdfunded investments, smaller investors have greater access to ask questions directly of the management and to see how they respond. Many of these leaders with a bachelors in management have had lifelong careers in business management. Their comments often provide key insights to understand their businesses’ better than through the quarterly company calls of public companies where questions are restricted to approved brokers only. For curious crowdfunding investors, access to management is a considerable plus.

There is clearly a place for a mix of traditional and crowdfunding investments in people’s portfolios. Certainly, for companies that wish to invest in smaller startups without taking a significant stake early on, crowdfunding is an interesting opportunity for their businesses too.


The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at www.ncfacanada.org.

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Sherwood Neiss, General Partner, Crowdfund Capital Advisors LLC, Joins National Crowdfunding Association of Canada’s Advisory Group

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NCFA Canada | Craig Asano | Aug 1, 2017

Sherwood Neiss, Advisor, Global Crowdfunding Markets

TORONTO, AUG 1, 2017 – The National Crowdfunding Association of Canada (NCFA) today announced that Sherwood (Woodie) Neiss, General Partner at Crowdfund Capital Advisors LLC, has joined the Association as Advisor, Global Crowdfunding Markets.

Mr. Sherwood Neiss co-authored the “Crowdfunding Exemption Framework” which became the basis of Title III of the U.S. JOBS Act to legalize equity and lending-based crowdfunding. He is in the forefront of the crowdfunding industry, as the co-founder of Crowdfund Capital Advisors (“CCA”). CCA is a consulting firm serving certain governments and multi-lateral organizations including Inter-American Development Bank, the World Bank, governments of Chile, Malaysia, Israel, and the UAE, professional investors, crowdfunding professionals and the entrepreneurial community. Mr. Neiss co-authored the World Bank’s research report “Crowdfunding’s Potential for the Developing World” as well as the MIF report “Creating a Crowdfunding Ecosystem in Chile.” Mr. Neiss serves on the advisory boards of several crowdfunding companies. He is a co-founder and former-board member of the Crowdfunding Professional Association and the Crowdfunding Intermediary Regulatory Advocates. Mr. Neiss was selected as a recipient of the Crowdfunding Visionary Award. VentureBeat listed Mr. Neiss as one of the most influential thought leaders in crowdfunding. Prior to CCA, Mr. Neiss co-founded FLAVORx, Inc., acted as its chief financial officer, won Ernst & Young’s Entrepreneur of the Year award, as well as the Inc. 500 award three years in a row.

“As we’ve seen with the intersection of the Web with many other industries, it isn’t a matter of IF Securities-based Crowdfunding and online finance comes online but when. Now that data is available to start showing the logical flow of capital from investors to promising community-based businesses via securities that match both entrepreneur and investor needs, governments are playing fast follower. There will be a time when online fundraising is the norm and it won’t be a matter of decades but years. The time is now for Canada to join the rest of the world.” -- Sherwood Neiss, General Partner, Crowdfund Capital Advisors LLC

“Sherwood (AKA Woodie) has been coined the grandfather of the co-investing movement in the U.S. for a reason - he wrote the book and genuinely believes in the sustainable impact and power that online crowdfunding can make to the bottom line of companies, investors and government the world over.  He understands that to tap the benefits of crowdfunding for all, there needs to be greater education, investor confidence (data standards), tax incentives and wide public and government support.  We welcome Sherwood's vast experience in Canada and join his efforts to make crowdfunding a tangible and equitable economic growth engine for local communities which transcends 'for profit only mentality' and is opening up doors for start-ups and seasoned businesses in support of the entrepreneurial spirit and new economy.” -- Craig Asano, Executive Director, NCFA Canada

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About National Crowdfunding Association of Canada

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support and networking opportunities to over 1500+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. For more information please visit: www.ncfacanada.org.

MEDIA CONTACT:
Craig Asano
casano@ncfacanada.org
416 618 0254

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Sherwood Neiss, Advisor, Global Crowdfunding Markets

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Sherwood Neiss, Advisor, Global Markets

Mr. Sherwood Neiss co-authored the “Crowdfunding Exemption Framework” which became the basis of Title III of the U.S. JOBS Act to legalize equity and lending-based crowdfunding.

He is in the forefront of the crowdfunding industry, as the co-founder of Crowdfund Capital Advisors (“CCA”). CCA is a consulting firm serving certain governments and multi-lateral organizations including Inter-American Development Bank, the World Bank, governments of Chile, Malaysia, Israel, and the UAE, professional investors, crowdfunding professionals and the entrepreneurial community. Mr. Neiss co-authored the World Bank’s research report “Crowdfunding’s Potential for the Developing World” as well as the MIF report “Creating a Crowdfunding Ecosystem in Chile.”

Mr. Neiss serves on the advisory boards of several crowdfunding companies. He is a co-founder and former-board member of the Crowdfunding Professional Association and the Crowdfunding Intermediary Regulatory Advocates.  Mr. Neiss was selected as a recipient of the Crowdfunding Visionary Award. VentureBeat listed Mr. Neiss as one of the most influential thought leaders in crowdfunding.

Prior to CCA, Mr. Neiss co-founded FLAVORx, Inc., acted as its chief financial officer, won Ernst & Young’s Entrepreneur of the Year award, as well as the Inc. 500 award three years in a row.

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5 Real-Life Lessons About Crowdfunding

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VictoriaEcommerce | Guest Post by Victoria Greene | July 28, 2017

Image credit: unsplash

Crowdfunding is a fantastic way to get a business noticed by potentially millions of people. With a successful crowdfunding campaign you can build anticipation for a new product launch, promote a good cause and spread awareness of societal issues, and advertise a company’s existing offerings to bring in more publicity and sales. There are thousands of companies that owe everything to the crowdfunding campaign that started them off. Here are five real-life lessons about crowdfunding learned from the successes of others.

How To Demonstrate Market Value

The rise in popularity of sites like AngelList have brought crowdfunding to the mainstream. In fact, many angel investors and venture capitalists see a notable crowdfunding campaign as evidence that a product has value in the eyes of the general public.

Initially, businesses like CareGuide attracted a lot of public attention on equity crowdfunding sites because the service provided a lot of value to people looking for carers. By opening up to equity crowdfunding, founder John Philip Green could attract further investment from smaller investors looking to put in sums from $25,000 to $50,000.

In an interview, Green told Globe and Mail that equity crowdfunding democratizes the investment process, giving smaller investors and companies the means to grow faster.

How To Bypass Conventional Lenders

If you have a great idea for an invention or business venture, but no previous experience in running a successful business, it can be very hard to approach conventional banks for the funding you need to get your ideas off the ground.

Jamil Kahn, founder of Smart Parka, invented a coat with gloves and a scarf attached. But he faced the very same problem when trying to secure conventional routes of funding from banks. With no previous trading history, lenders saw his business idea as too much of a risk.

However, by uploading a video of his friends modeling the coat, he was able to raise over $3.28 million through crowdfunding sites.

As one of the most successful crowdfunding campaigns of all time, he was able to pre-sell many of his Smart Parkas for $300 each.

See:  Crowdfunding raises a roof:  Tips for newbie Crowdfunders

How To Attract Masses Of Media Attention

Crowdfunding platforms allow brands to promote their products before going to launch, attracting lots of attention before going to market.

Within 16 days of starting her KickStarter campaign for her luxury lingerie brand, Stefanie Mnayarji had exceeded her initial target of raising $10,000 by 220%. In fact, her brand Luxxie Boston attracted a huge following among women who were looking for high quality, supportive underwear. Thanks to the site, she was able to raise enough money to continue business operations for the next few years, allowing her to concentrate on building publicity.

How To Maximize Business Expansion When The Time Is Right

In its decision to sell 5.5 million business shares, Ottawa-based company Shopify has become one of Canada’s most successful companies, worth over $1 billion since its launch in 2006.

The site shows you how to open a online store and manage much of it yourself with little previous experience. To promote rapid business growth, its company bosses decided earlier this year to sell a record number of shares. This allowed them to invest in marketing and new business acquisitions to keep the brand name strong. In fact, Shopify’s Head of Investor Relations, Katie Keita, revealed that this attempt to strengthen their balance sheet will result in the company returning to profitable status towards the end of 2017.

How To Build A Better Local Community

Small businesses form the backbone of a society’s prosperity. As smaller businesses grow, they provide jobs, acquire new assets, and eventually start investing in other small businesses.

From a nonprofit perspective too, crowdfunding allows the public to take more of an interest in local community development and invest in projects that mean a lot to them. In Liverpool, UK, civic crowdfunding platform Spacehive raised £40,000 to pay for a park to be built on an abandoned flyover in the city center.

Related: Cities Using Crowdfunding For Community Projects

Crowdfunding is quickly becoming a business funding favorite for company bosses who may be looking to plug the gaps in their working capital. Your ability to successfully raise money through a Fintech platform hinges on your ability to market your brand effectively.

For businesses that are just starting out, who may not be in the position to approach conventional lenders, equity crowdfunding provides a great alternative. In some cases, crowdfunding can provide you with unimaginable figures of investment funds for growth.

Victoria Greene is a freelance writer and brand consultant. She blogs at VictoriaEcommerce and loves to share tips for growing businesses looking to make the most out of the digital marketplace.

 


The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at www.ncfacanada.org.

 

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Commissioner Piwowar Shares Insight into Securities Rulemaking, Fintech & SEC Direction on Capital Formation

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Crowdfund Insider | | July 20, 2017

Commissioner Michael Piwowar, who was Acting Chair of the Securities and Exchange Commission (SEC) until the successful appointment of Jay Clayton, visited with David Burton of the Heritage Foundation earlier this week providing a unique glimpse into the world of the SEC.

Burton, who is a Senior Fellow in Economic Policy focusing on entrepreneurship, securities law and more, told Crowdfund Insider after the presentation by Piwowar he was encouraged by the exchange (note that Piwowar was speaking on his own accord and not on behalf of the SEC);

“Commissioner Piwowar’s remarks were cause for optimism,” said Burton. “The SEC appears poised to take steps to improve the regulatory environment for entrepreneurs, to democratize access to high return investments and to enable Fintech innovation. I am glad to see that the SEC is thinking seriously about how it can remove regulatory impediments to financial innovation, entrepreneurial capital formation and economic growth”

So what did Commissioner Piwowar say?

Regarding the newly appointed Chair of the Commission, Jay Clayton, Piwowar explained;

“It is awesome working with our new Chairman Jay Clayton,” stated Piwowar.”Think back to before the election and we had a Chair who thought about enforcement first and the Dodd-Frank death march second. We have a new Chairman who has come in, chosen by the President, to have an agenda that remembers we have a threefold mission which is not only to protect investors and maintain fair and orderly markets but to also promote capital formation.”

Piwowar said that one of the things the Commission would like to do is to create a capital formation agenda. There is much the SEC can do without legislation. There are even things that can be done at the staff level, without a Commission vote.

Asked about the definition of an Accredited Investor (a rule that blocks most individuals from participating in private securities offerings) versus a sophistication qualification and whether the SEC is open to updating this outdated rule?

“I for one have a question even to the premise of having an Accredited versus non-Accredited Investors definition,” said Piwowar.

The rationale is that somehow the SEC is protecting investors. What they are, in fact doing, is protecting investors from risky yet higher return investments. Piwowar said that main street investors are not sharing in the returns being captured by Silicon Valley types.

“The average investor is being prohibited from investing in these securities,” stated Piwowar.

Check out:  Crowdfunding proponents blame regulators for slow growth

Are they too risky perhaps?

“As a former finance professor what we teach is the benefit of portfolio diversification and a lot of these securities would provide diversification for investors in their existing portfolios… this is something I have been pressing the attorneys at the SEC to think about. The SEC is mostly a lawyer driven agency and for historical reasons we have been thinking about risks of an individual security offer … I have been trying to get people to think more broadly. Look, it is not just the risk of that security in isolation but it is risk with a portfolio a [consumer] already has.”

Piwowar questioned having these “artificial” distinctions that disenfranchises the majority of the investing population.

This differential between Accredited and non-Accredited investors has been exacerbated by the fact that promising young companies are staying private for as long as possible. So what can we do to make it more likely that a company goes public? As the number of IPOs have tanked…

“I still think there are things we can do,” stated Piwowar. “Look at the JOBS Act.”

Piwowar said that under the Emerging Growth Companies provision, there were about 80 biotech companies that went public the very first year. Little changes can have a huge impact. Piwowar said the SEC Staff is very interested in being more collaborative with people interested in boosting capital formation. The change in tone at the top is helping to push this along.

See:  Competition Bureau suggests Canadian FinTech sector’s slow growth due to regulation, consumer complacency

An Avalanche of Information

Burton pointed to cumbersome disclosure requirements that add little value for an investor nor the firm. Think of the conflict minerals disclosure, a regulatory act that did more damage than good. Scaled disclosure and outright exemptions for smaller companies could help ease the crushing regulatory burden on the economy.

Disclosure documents have become so immense they now obfuscate instead of inform. Information should be accessible but not overwhelming. A 10-K today is not the same thing from years ago. Piwowar shared an experience of reviewing the document for when Wal-Mart went public. It was 28 pages long. And one of those pages was blank.

Should smaller companies be granted a Blue Sky exemption and not have to seek approval of each state securities regulator? Piwowar said this is something the SEC is working on with state securities regulators.

Speaking about Title III, Reg CF crowdfunding, Burton called this exemption a disappointment. According to Burton, Title III has just about every regulatory burden you can imagine.

Piwowar agreed.

“I agree with you that not only has it been a disappointment but it is also not a surprise. In fact, when it came time for us to finalize the rulemaking I actually dissented and voted no. As you mentioned, there are a lot of things that are prescriptive for the funding portals and the limitations on how much could be raised. A lot of that is statutory unfortunately. When the JOBS Act was working its way through Congress the House passed a sensible crowdfunding [Reg CF] provision for the JOBS Act which basically left a lot of flexibility for the SEC to set the regulatory regime and adjust as necessary. When the JOBS Act went over to the Senate Harry Reid decided to skip it through Committee and let it go to the floor directory and allowed only one amendment and that was the Crowdfunding amendment. The Merkley-Brown amendment was substituted in … which is highly prescriptive and does not give us very much flexibility at all in terms of allowing for a framework that works. That was proven challenging. The reason I dissented was not only because it was prescriptive but then the majority of the Commission at that time decided to make it even more difficult.”

Piwowar said the Commission could go back and try to change some of these provisions but he believes Congress should move first. Piwowar mentioned specifically the Financial Choice Act (currently navigating Congress) which includes capital formation provisions.

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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1500+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at www.ncfacanada.org.

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