Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Entrepreneurs, Start-ups, Small Businesses
To Pivot or Not to Pivot?
Mercury | Jun 23, 2023
Image: Unsplash/Peggy Sue Zinn
A successful pivot is more than a simple course correction—it is a profound transformation that requires careful consideration, resolute decision-making, and the ability to adapt to new circumstances while staying true to the company's mission and values.
- How do you know when it’s time to pivot?
- Recognizing the time to pivot typically involves identifying a problem with interest, adoption, or sales, and evaluating product-market fit.
- Successful pivots often involve focusing on features that work, like Max's previous company did with instant messaging, or aligning business goals with market needs, as Hillary did with her healthcare startup, Curio.
- Immad, co-founder of Hayzap, warns against sticking with the initial plan for too long, advocating for adaptability and taking advantage of market trends.
- Recognizing the time to pivot typically involves identifying a problem with interest, adoption, or sales, and evaluating product-market fit.
See: Aquanow: Stablecoins and Gauging Market Sentiment
- How to manage your team during a pivot?
- Transparency and honesty during a pivot can inspire confidence within the team. Immad suggests letting the team in on the challenges and the plan to overcome them, as an authentic approach will generate more support than trying to conceal the issues.
- Assessing the resources available, including capital, team skills, and learnings from past experiments, is crucial after deciding to pivot.
- As Max points out, understanding what you have and how it can help you towards the new direction is essential.
- Hillary also emphasizes the importance of keeping the team lean and motivated, which requires a compelling reason and narrative for the pivot.
- Communicating with your investors
- Startups should practice honesty and authenticity with their investors, particularly when planning a pivot. A transparent approach, rather than only presenting a positive picture, fosters trust and prevents sudden surprises.
- Open communication with investors isn't just about maintaining their trust; it's also a chance to gain support during a pivot. Leveraging their experience and inviting them to collaborate can yield valuable insights and aid in planning future outcomes.
See: 11 C’s of Soft Leadership and Emotional Intelligence
- Should you pivot to a new hype cycle or stay the course?
- Startups should be mindful when considering jumping on hype cycles such as AI, focusing on the utility and alignment of the new technology with their mission rather than merely following trends. Incorporating such technology should provide value to their business and customers.
- Capitalizing on hype cycles can be strategic, as it may attract more interest from investors and customers. It can also expedite product testing and iteration due to increased attention. However, founders should have a unique insight into the technology and be prepared to commit to it long-term, even after the hype subsides.
View more --> here
The 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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Canada’s First-Ever Tech Talent Strategy: Unpacking Canada’s Groundbreaking Immigration Announcement
Immigration, Refugees and Citizenship Canada | Release | Jun 27, 2023
Image: Unsplash/Ksenia Makagonova
Canada's Minister of Immigration, Refugees and Citizenship, Sean Fraser, has unveiled the country's first-ever Tech Talent Strategy at Collision 2023, a leading North American tech conference.
The strategy includes aggressive measures designed to attract top tech talent and fuel innovation in Canada's high-growth industries, thus fostering job creation and future growth.
Key measures include:
- Creation of an open work permit stream for visa holders (for US H-1B specialty occupation visa holders), along with study or work permit options for their family members.
- Development of an Innovation Stream under the International Mobility Program, allowing highly talented individuals to receive employer-specific or open work permits for up to five years.
- Return to the 14-day service standard for work permits under the Global Skills Strategy.
- Promotion of Canada as a destination for digital nomads.
- Creation of a STEM-specific draw under category-based selection in the Express Entry program.
- Significant enhancements to the Start-up Visa Program, including more spots, extended duration work permits, and prioritizing applications backed by venture capital, angel investor groups, and business incubators.
See: Welcome to the third largest tech-hub in North America
The Innovation Stream will be launched by year's end
The new H1-B specialty occupation visa holder work permit will be available from July 16, 2023.
Changes to the Start-up Visa Program will also be implemented later this year.
Canada's tech sector, which employed nearly 720,000 Canadians and accounted for over 44% of all private R&D spending in 2021, is poised to benefit from this strategy. The country's attractiveness to immigrant entrepreneurs and its robust tech talent growth have been globally recognized, reflecting the strategic intent of Canada's Tech Talent Strategy.
Read the press release --> here
The 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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Are we headed towards Meta-Banking?
Deloitte | Jun 27, 2023
Image: Deloitte report
The new digital frontier. Banks and fintechs need to adapt to the changing landscape, offering immersive virtual services alongside traditional banking.
What is the metaverse opportunity for financial services?
- The Metaverse presents a significant opportunity for banks to engage with customers in new and immersive ways. This includes the potential to offer traditional banking services in virtual environments, such as virtual branches and immersive advisory services.
- The Metaverse also opens up possibilities for banks to provide solutions for virtual transactions, such as virtual purchases, peer-to-peer exchanges, and digital asset ownership.
- Banks can leverage these opportunities to enhance customer experience, improve operational processes, and increase brand awareness.
- A few examples of companies taking a leading meta-banking position:
- JP Morgan has announced plans to open a shop in the Decentraland platform
- Allied Bank has opened a virtual branch accessible with VR technology
- Kookmin Bank has launched a VR Branch Testbed
FFCON23 On-demand video: Rebuilding trust in Web3: Role for custodians and banks
How should banks and fintechs prepare?
- Banks and fintechs should prepare for the Metaverse by developing strategies that blend real and virtual services, offering products for both the real world and the Metaverse.
- They should also consider partnerships with tech companies to leverage emerging technologies.
- The risks involved include potential disintermediation by "Meta-Fintechs" (fintechs competing in the Metaverse), the challenge of adapting to new technologies, and the need to balance real-world services with virtual offerings. Additionally, there are potential security and regulatory risks associated with virtual transactions and digital asset ownership.
The Metaverse is more than just a trend; it's the next step in the evolution of banking.
Download the 19 page PDF report --> here
The 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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Do All Companies Provide Paystubs?
June 27, 2023
Image: Freepik, rawpixel.com
Running a business can be a stressful task as there is so much that needs to be done. Being a team leader or business owner also means that you’re surrounded by paperwork and important documents, which can get in the way of the main tasks of the day.
Not all of these documents need to be handled by the team leader or even need to be in circulation at all. However, one document should never be misplaced, provided late, or inaccurate, no matter what kind of business you run – paystubs.
What Are Paystubs?
A paystub is a document that is given to employees at the end of every pay period. Most companies operate with monthly salaries, which means paystubs will be provided at the end of every month to all workers.
Also referred to as pay cheques, cheque stubs, or payslips, this document showcases how much an employee has earned during this pay period, as well as important details regarding their tax and insurance deductions.
Due to the information provided by a paystub, employees require them along with every wage they receive from a company, so they know what they have earned and how much they will be taking home following deductions. Similarly, all companies need to have a record of employee paystubs to show outgoings as well as relevant tax information for staff.
Should I Provide Paystubs?
All companies should provide some form of paystub to their employees along with their salary payments.
A paystub is a record of earnings and is expected to be provided on a regular basis, along with ongoing payments for work.
Every employee working for your company will require their own paystub, as each has unique information relating to the specific person. Likewise, your company will also need to keep a record of all paystubs and payments.
No matter the size of the company or how many people you employ, some form of payslip should be provided.
This is a task that many companies leave to HR, but if you have a smaller team, then it may also fall into the responsibility of the manager. Paystubs should be created every month and be provided at the same time or on the same day as salary payments are made.
How To Make Paystubs
If you do not have a dedicated HR team that can work on payroll processing, then you may struggle to get paystubs done on time.
Many companies that do have a dedicated human resources department still struggle to manage payroll because of everything else they have to do.
With this in mind, there is a smarter solution to payroll processing, and that is using online software. A paystub generator can handle all the processing tasks for you; all you have to do is enter company information.
See: Seven Incredibly Useful SaaS Tips for Small Businesses
Paystubs can be generated instantly, ensuring your employees get their documents as expected without causing issues elsewhere in the company.
This process can be automated for easier processing in the future.
The 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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The Power of Synergy: Uniting Technology and Expertise for Breakthrough Results at HiLine
June 22, 2023
Automation in accounting is a hot topic right now - and for a good reason. More and more accounting service providers, including us here at Hiline, are turning to technology to enhance client results.
While some may view technology as a potentially disruptive force, we choose to recognize it as an evolutionary tool rather than a threat to accountants. In fact, modern software unlocks the full potential of accountants and finance teams, enabling them to move beyond tedious tasks and become trusted, impactful business partners.
In this post, we will explore six reasons why startup accounting services are leveraging technology more to fast-track their work and client results. Let’s dive in!
Automate client on-boarding process
The onboarding process plays a crucial role in enhancing client satisfaction, yet many accounting service providers often overlook it. Below are a few practical technology tips for smoother onboarding:
- Start with a welcome email, followed by an automated engagement document that outlines the next steps for new clients. You can then share this document with your team to get them up to speed.
- Assign a dedicated team of accounting and onboarding experts to handle new accounts to help foster trust between the client and your team.
- Provide dedicated communication platforms for clients to reach out whenever they need assistance.
Streamline customer communications
How effectively you communicate with your clients can truly make or break your company. After all, when discussing their private financial details, the last thing you want is to risk any miscommunication.
Luckily, there’s no shortage of tech tools to help with streamlining communication:
- First, you can use conversational AI tools like chatbots that offer 24/7 customer service or allow clients to record their queries more conveniently.
- Besides, make it a priority to promptly address customer inquiries, where possible within 24 hours.
- Encourage self-service by including a comprehensive FAQ section on your website. This empowers clients to find answers to common questions independently, thereby reducing the number of support tickets your team handles.
Present data better
Your clients may not clearly know where their money is going, which is why you need to present this information in the most appealing way possible. Today, you can use data visualization tools to help clients effortlessly comprehend and extract valuable insights from their financial data.
Here are two simple tips to incorporate these tools into your accounting process:
- Use interactive dashboards to present client information such as budget, forecasts, and financial statements. This not only makes the information appear more interesting, but also enhances the overall user experience.
- Move beyond conventional bar charts and explore chart visualizations that add insightful metrics. For instance, you can present the growth of different product lines alongside their corresponding profit margins to give a holistic view of performance.
Systemize all automatable accounting processes
Spreadsheets and similar tools are rapidly losing their appeal, especially among millennials. This kind of shift underscores the need for accountants to embrace a more efficient and modern approach.
A good place to start is to integrate accounting tools into both your front and back-office operations. The goal here is to streamline tasks, eliminate manual errors, and enhance overall efficiency.
Additionally, you can employ accounting and collaboration software tools to create a client-friendly environment for billing, invoicing, and file sharing. This will significantly reduce the hassle of paper submissions and the frustration of searching for misplaced emails.
While at it, you need to set clear expectations within your team regarding the learning curve and implementation time required for adopting new technologies.
Give a more holistic view of your client finances
You can differentiate your accounting service from the competition by offering a comprehensive perspective on finances.
For example, you can take traditional accounting services up a notch by assisting clients with extra services like cost and revenue management. This way, you’ll be able to help businesses optimize their expenses—a common challenge for small and medium-sized enterprises (SMEs).
Here are some practical tips to help your clients gain a better understanding of cost and revenue management:
- Dig into payroll and expense data to identify areas for possible cost reduction or budget adjustments.
- Employ business intelligence tools to analyze costs and revenues. Consider using models like total cost of ownership or activity-based costing to explore the various factors affecting each aspect.
- Assess costs and revenues in relation to your clients' initiatives, product lines, and departments.
Conclusion
By this point, it’s clear that technology is a must-have for any accounting service that seeks to increase its performance and deliver outstanding client results.
See: CPAs Are Seeing Fintech Innovation Across Many Canadian Provinces
Accounting automation not only saves you precious time, but also prevents costly errors and streamlines other processes like customer onboarding and data presentation.
Not sure where to begin? Consider outsourcing your accounting tasks to a proven service provider like Hiline so you can focus on what you do best.
The 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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How Much Can I Realistically Raise?
Antler | Alan Poensgen | Jun 1, 2023
Image: Antler
In the volatile landscape of startup funding, two dimensions that significantly influence early-stage fundraising are "Founder Pedigree" and "Traction."
- The pedigree of a founder becomes crucial when a startup is in its infancy and lacks traction.
- Investors lean on the founders' past accomplishments to predict their future success, reducing perceived execution risk.
- This assessment can be subjective, as founders who don't fit the stereotypical successful entrepreneur mold can often be overlooked.
- Traction can overtake pedigree in importance. When a startup displays more than just an idea, its ability to raise funding can dramatically increase.
- This enables founders without a "classic" background to succeed, though they may need to prove more initially.
- "Levelling up cheats" and "Handicaps" can shift a founder's position in this fundraising game. For instance, certain prerequisites like fundraising skills and market attractiveness can make or break a founder's ability to raise funds, irrespective of their pedigree or traction.
See: Formula for Building Fintech Companies with Resilient Valuations
- Other learnings:
- Valuations are typically a function of capital raised, with a 15-25% dilution assumed regardless of the raised amount.
- Interestingly, a founder's LinkedIn profile may play a more critical role in the earliest stages of fundraising than the pitch deck itself.
- These are general guidelines and exceptions exist, especially in diverse ecosystems. These insights are mostly applicable to software startups, with different rules for biotech and hardware companies. Startups mimicking successful business models also face unique challenges, with funding tending to be binary based on their timing and team experience.
Continue to the full article --> here
The 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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Driving Fintech Growth: The Role of Video in Communicating Your Value Proposition
Veed | Jun 20, 2023
Image: Unsplash/William Bayreuther
Video editing has become a crucial tool for small businesses and financial technology companies looking to enhance their marketing outreach and impact.
Incorporating videos into your marketing strategy can significantly enhance your small business’s visibility and engagement.
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- According to a report by Wyzowl, 86% of businesses used video as a marketing tool in 2021.
- 93% of these businesses reported acquiring a new customer due to a video on social media.
- In fact, studies show that 74% of users who watched an explainer video about a product subsequently bought it.
- Moreover, Google reports that 6 out of 10 people would rather watch online videos than television, making it an optimal platform for businesses to reach potential customers.
Videos can significantly enhance a fintech's value proposition in several ways:
- Simplifying Complex Concepts: Fintech deals with intricate topics like banking, investments, and insurance that can be difficult to grasp for the average customer. Videos can distill these complex concepts into digestible content, using animations, graphics, and straightforward language. This helps customers understand how your service works and the value it provides.
- Building Trust: Trust is paramount in the financial industry. Videos can humanize your brand and provide a sense of transparency by showcasing real team members, customer testimonials, or explaining your security measures. This can help build trust and credibility with your audience.
- Demonstrating Ease of Use: Fintech often involves simplifying traditional financial processes through technology. Through product demos or tutorials, videos can show customers how easy it is to use your platform or app. This helps communicate the practical benefits and value of your fintech solution.
- Engaging Storytelling: Videos allow you to tell a compelling story about your brand. You can share the problems you're trying to solve, the inspiration behind your company, and your vision for the future. A strong narrative can help you connect emotionally with your audience and reinforce your unique value proposition.
- Highlighting Unique Features: With videos, you can showcase the unique features of your product or service that set you apart from the competition. For instance, if your fintech app offers a unique tool for budgeting or investing, a video can effectively highlight these features.
- Increasing Visibility: Videos are highly shareable and can be spread across social media, your website, email newsletters, and more. They can increase your brand visibility and reach, driving more potential customers to your fintech product.
- Customer Support: Instructional videos can also serve as a valuable customer support tool, helping users navigate your platform and resolve common issues independently. This not only enhances the user experience but can also reduce the burden on your customer support team.
Veed, a popular UK-based online video maker service
- Known for its easy-to-use interface and flexible templates, Veed's AI Video Generator offers users access to millions of stock media files and a good number of features even on the free account. Users are given a range of subscription options, with more powerful tools accessible at higher tiers.
- Even with the free tier, users can benefit from a built-in screen recorder, live streaming privileges, tools such as GIF compressor or mp4 file size reducer and a decent selection of templates, though videos are watermarked and have limitations on resolution and project length.
- Higher subscription tiers provide additional features like clean audio, text-to-speech tools, watermark-free videos, and the ability to create videos up to 25 minutes long in full HD.
- Veed's templates are a key asset, with a broad selection designed to work in multiple formats. They are fully customizable and can save users considerable time, particularly those on the free tier.
By incorporating video content into your marketing strategy, you can effectively communicate your fintech's value proposition, making it easier for potential customers to understand and appreciate the unique value your product or service offers.
The 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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