6th Annual Summer Kickoff Mixer July 14 at SPACES, Toronto

Category Archives: Entrepreneurs and Start-ups

Economist Webinar (May 24): Bank or Pay? Digital Competition in the Fintech Ecosystem

Economist | May 9, 2022

Bank or pay virtual round table - Economist Webinar (May 24):  Bank or Pay?  Digital Competition in the Fintech Ecosystem

Covid-19 has been a trigger for digital acceleration in almost every industry. Technology has forced financial institutions—under mounting pressure from new competitors such as fintechs and large tech companies—to make or propose regulatory, operational and customer-centric changes.  Bankers echoed that sentiment in a recent EIU survey, where they were most likely to name payment platforms such as PayPal, Alipay and Apple Pay as the non-traditional industry entrants that represented their biggest competition.

See:  Economist Spotlight: Imagining a world without banks

While tech firms have clearly eroded some of banking’s traditional functions, what’s less clear is how bankers plan to respond. Are they altering offers, entering new lines of business, buying technology, lobbying regulators, partnering with potential competitors, or innovating their own technology? How fierce is the competition for talent between banks and tech giants?

On-line Webinar:  (free registration)

Tuesday, May 24 at 10:00AM EDT

Questions we will address include:

  • What challenges and obstacles do they face in innovating their systems and strategies?

  • Does tech play a bigger role now for bank leadership or are they seeing tech more as a competitor than a partner in the post-covid world?
  • What are the main areas where the banking industry is most concerned by digital competition?
  • How can well-established financial institutions rethink their products and services and collaborate across the industry ecosystem to improve the customer experience?

See:  4 Digital Transformation Lessons that Banks Need to Learn from Covid-19

  • What are the implications for the structure of the banking market?
  • What factors should be considered when banks choose between buying or collaborating with fintechs? And what can financial institutions learn from fintechs and neobanks?

Register for this webinar --> here


NCFA Jan 2018 resize - Economist Webinar (May 24):  Bank or Pay?  Digital Competition in the Fintech EcosystemThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Blockchain-based replacement for traditional crowdfunding: DAOs

Cointelegraph | Okonkwo Chinonso  | May 2, 2022

DAO funding - Blockchain-based replacement for traditional crowdfunding:  DAOsDecentralized autonomous organizations are providing relief from some of the problems that plague fundraising.

One of the most out-of-the-blue crypto headlines of 2021 is probably ConstitutionDAO. A hurriedly assembled group of United States constitution-loving crypto believers. The group raised more than $47 million in Ether (ETH) to purchase an original copy of the United States constitution at auction. The group ultimately fell short in its bid but the audacity of that endeavor brought DAOs power to crowdfund to mainstream attention.

See:  Decentralizing Venture Capital: DAO

The ingenuity of that move and what it nearly accomplished provides a template for how traditional crowdfunding could be better managed. ConstitutionDAO got tens of thousands of addresses to donate $47 million without a marketing team or a dedicated growth director.

DAOs are next on the ladder of modern crowdfunding

Digitalized crowdfunding in the form of DAOs has eliminated some traditional limits of the financing form. The simplicity makes it a disruptive force to traditional crowdfunding methods.

Blockchain technology allows for more reach: One perk of blockchain technology is that it is censorship-proof. This makes all applications built on blockchains censorship-proof as well. This removes restrictions that traditional crowdfunding sites might otherwise impose on individuals or businesses. In the United States, businesses are not allowed to raise more than $5 million in a year from crowdfunding websites. 

See:  Arca Report: DAOs – Institutional Guide to Decentralized Governance

High flexibility and low regulation:  DAOs are highly flexible and so far have minimal regulations from authorities. Every member that joins the DAO shares the risk among themselves (depending on their financial contributions) should the purpose of the DAO fail to materialize. The members of the aforementioned ConstitutionDAO who requested refunds received their money back, although gas fees were lost.

It’s feeless (mostly) and leaderless:  Using conventional crowdfunding platforms exposes you to fees that vary by platform and can be a fraction of whatever amount you submit for a project. With a modern ecosystem and cryptocurrency protocols, you can send money across borders without paying neck-breaking transaction fees.  DAOs also encourage public participation in a project as it leaves all decision-making processes to be made by all participants.

The decentralized nature of crowdfunding has made DAOs more popular over the years. As of April 2022, there were over 6,000 DAOs with a valuation of $10 billion in liquidity.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Blockchain-based replacement for traditional crowdfunding:  DAOsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Dan Breznitz: Unless we change Canadian business, our kids will have a worse life than us

The Logic via National Post | Murad Hemmadi  | Apr 19, 2022

Dan Breznitz - Dan Breznitz: Unless we change Canadian business, our kids will have a worse life than usA prominent political economist and a frequent, vocal critic of federal innovation policy, Breznitz had spent years warning that declining productivity and business investment imperiled Canada’s long-term prosperity. Now Finance Minister Chrystia Freeland was standing in the House of Commons and announcing billions to fix the problems he’d identified.

For three decades in Canada, “we have been telling a story for ourselves that we’re great,” Breznitz says as we look over the menus. “We’re not.”

See:  Nov 20, 2017: NCFA Canada Welcomes Competition Bureau’s recommendations to encourage competition and innovation in Canada’s financial services sector

To hear him tell it, Canada has created the world’s most educated workforce and its best research infrastructure, but our businesses’ investment in R&D and adoption of new technology have lagged ever further behind the pack. “How could that happen in exactly the same period?”

The numbers back up the hand gesture. A larger share of Canadians hold a post-secondary credential than elsewhere in the OECD, and our higher-education institutions do more research. Meanwhile, our businesses spend far less on R&D and invest less in information and communications technology, while workers’ wages have grown slower.

“Our kids will have a worse life than us, unless we change Canadian business,” says Breznitz, who has two children. And “unless we do significant structural and systemic changes, it’s not clear how we are going to become a green economy without becoming poor.”

Breznitz is blunt about who he thinks is at fault for Canada’s economic woes.

Big business has become the problem,” he says, through its failure to innovate or adopt new technology.

Until very recently, economic growth was not in the top agenda of [the finance department],” Breznitz agrees. But that’s changed, and the private sector hasn’t. “Big business need to start engaging with new technology and innovation, and stop just complaining and bitching non-stop.

See:  Is productivity, wealth creation and competition at the forefront of Canada’s growth agenda?

Ottawa needs to kick-start this process of experimentation and discovery.  What I think it really means is a final realization that growth really matters for our futures.  It’s been years since someone in Freeland’s job talked about Canada’s productivity problem.

Continue to the full article --> here


NCFA Jan 2018 resize - Dan Breznitz: Unless we change Canadian business, our kids will have a worse life than usThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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FitFi and Web3: Step App launches on ‘move2earn’ protocol

Business News | Shawn Johnson | May 3, 2022

Step App move2earn - FitFi and Web3:  Step App launches on 'move2earn' protocol

Step App creating new ways to incorporate NFTs with 'move2earn' protocol

Similarly with Vista’s uniquely placed metaverse comes yet another example of innovation in space.

Step App is the first application on “move2earn” protocol. A blockchain-based game that lets users buy NFT sneakers, and skins, to start playing (walking). When users play the game, the app tracks their movement via GPS on their mobile phone and rewards them with an in-app token called KCAL.

See:  NFTs and The Metaverse for Marketers

These tokens can later be traded for other senior crypto assets, allowing users to realize their earnings. Effectively you will be able to earn money by doing workouts.

“Last year’s biggest performing assets fit into these sectors. FitFi is in a cross-section of making the physical and the digital; It is the culmination of a very physical experience (fitness) within the metaverse through the use of NFTs and geo-location technology.”

Continue to the full article --> here

See more info on DAO Maker --> here

 


NCFA Jan 2018 resize - FitFi and Web3:  Step App launches on 'move2earn' protocolThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Board Diversity and Inclusion: 50-30 Challenge

Global Compact Network Canada | May 2, 2022

50 30 challenge - Board Diversity and Inclusion: 50-30 Challenge

Beginning of February 2022, the UN Global Compact Network Canada received funding through the Department of Innovation, Science and Economic Development Canada (ISED) as an Ecosystem Partner supporting the 50-30 Challenge. The 50-30 Challenge addresses the need to implement effective diversity and inclusion strategies to help organizations expand their talent pool, retain staff, and overcome skills gaps in a changing economy. Challenge participants have committed to the following representation goals for board and executive positions: 50% women and 30% diverse representation with particular attention on racialized people, Indigenous peoples, those with disabilities, and members of the LGBTQI2S+ community.

See:  Culture and Diversity Leadership: Tale of Two Doors

As an Ecosystem Partner, the UN Global Compact Network Canada is implementing a three-year project to support organizations in meeting the 50-30 Challenge representation goals. This project is designed to provide all Canadian participants of the 50-30 Challenge with the tools, training, resources, knowledge and networking opportunities to achieve ambitious targets as well as foster greater capacity for diversity, equity, and inclusion efforts in the future. To cultivate long-term growth, the UN Global Compact Network Canada will be employing a framework in accordance with the Sustainable Development Goals (SDGs) – specifically SDG 5 and SDG 10 – which focus on achieving gender equality and reducing inequality within and between countries.

This project builds on the 2018 amendments to the Canadian Business Corporation Act that requires distributing corporations to report on their boards and senior management.

Activities and Timeline

Beginning in February 2022, the UN Global Compact Network Canada’s project, “The Future is Equal: Enabling Ecosystems of Support in Canada” will run until March 2024, when the final project deliverables and resources will be made publicly available. The project is divided into the following phases and activities:

Phase I: Series of Capacity Building Workshops: Summer 2022 – December 2023
Phase II: Development of Case Studies: April 2023- October 2023
Phase III: Multi-stakeholder Event: March 2024

See:  CVCA Report: Diversity improving but inclusion gap threatens progress

Who can participate?

The 50-30 Challenge is open to large companies, small and medium enterprises, post-secondary institutions, not-for-profit organizations (including hospitals), charities and agencies boards and commissions. Access to the UN Global Compact Network Canada’s project activities will be available to all Challenge participants and organizations interested in learning about meeting representation targets.
For more information on the 50-30 Challenge, visit the 50-30 Challenge website.

Continue to the full article --> here


NCFA Jan 2018 resize - Board Diversity and Inclusion: 50-30 ChallengeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Vancouver Proptech Startup addy Launches Canada’s First Crowdfunded Real Estate Investing App

Techouver | Apr 21, 2022

Addy real estate app - Vancouver Proptech Startup addy Launches Canada’s First Crowdfunded Real Estate Investing AppVancouver proptech startup addy  has launched Canada’s first crowdfunded real estate investing mobile iOS app.

addy believes in real estate for everyone with a crowdfunding platform that breaks down traditional barriers to real estate investment.

As an addy member, you can invest in institutional-grade commercial real estate (e.g., entire apartment buildings, commercial complexes and business parks) across Canada for as little as $1, enjoying fractional ownership without any work and a possible return on your investment.

See:  How Proptech is changing the real estate industry

Using the addy app, Canadians get notified when a new property drops, connect with their growing community on Discord, and unlock the new addyverse – a digital twin of all of your addy investments.

Micheal Stephenson, CEO and co-founder of addy:

“We wanted to bring the accessible investing experience we’re known for closer to our members through a mobile app.  From your palm, you can now invest in a commercial complex, business park, or apartment building alongside thousands of other community members. We are thrilled to offer Canadians a simple and fun way to start building their financial future with real estate.”

addy’s real estate deals are generally not available to the average Canadian, they simply trade from one wealthy individual to another and are never listed publicly.

See:  Should I invest in real estate crowdfunding in Canada?

addy has listed 25 properties and counting on the addy platform and has raised over $10 million from thousands of Canadians, with a total asset value of nearly $500 million. Residents of Alberta, British Columbia, Ontario and Quebec over the age of the majority can become an addy member for $25/year.

Continue to the full article --> here


NCFA Jan 2018 resize - Vancouver Proptech Startup addy Launches Canada’s First Crowdfunded Real Estate Investing AppThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Billionaire Plaid co-founder launches new nationally chartered banking venture

CoverageR | Avi Ben-Hutta | Apr 21, 2022

Column develeper infrastructure bank - Billionaire Plaid co-founder launches new nationally chartered banking venture

Today, after three years of building, Plaid's co-founder and former-CTO/President, William Hockey, announces Column, a nationally chartered bank “built from the ground up” for developers and anyone creating new financial products.

“I’ve spent time with (literally) thousands of companies building in financial services and it is painfully obvious that the biggest bottleneck to their growth and innovation is the underlying banks they rely on. Financial services needs to be consumer, developer and internet first; however, in order to do this it needs a new backbone.” – William Hockey.

Column describes itself as the developer infrastructure bank, helping new financial companies avoid “expensive middleware providers” that power legacy sponsor banks. The company says that it built its own core, ledger, and data model to power unique use cases at any scale.  Column offers a range of products including bank accounts, ACH, card programs, and lending. According to its site, it powers startups such as Brex, Plaid, Point, and others.

See:  Why Apple Acquired An ‘Open Banking’ Fintech

To get their hands on a bank charter, Column bought Northern California National Bank, a community bank with one physical branch in Chico, California for approximately $50 million.

Continue to the full article --> here


NCFA Jan 2018 resize - Billionaire Plaid co-founder launches new nationally chartered banking ventureThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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