Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Fintech Interviews and Podcasts
[CBC Radio]: Crowdfunding Primer with NCFA Ambassador, Christopher Charlesworth (HiveWire)
CBC Radio | Superior Morning Show | June 12, 2014
NCFA Ambassador, Christopher Charlesworth, co-founder, HiveWire delivers a Crowdfunding primer on CBC Radio.
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NCFA Canada Crowdfunding Ambassadors are recognized leaders, educators, supporters, and advocates of the Canadian crowdfunding industry within regional communities across the country.
- Circles of influence and ‘go to resources’ to learn, connect and participate with a local, national and rapidly growing global crowdfunding movement.
- Inclusive, broad-based, and active crowdfunding specialists striving to make a difference in their communities every day.
- Stay plugged in and get access to educational resources and thought leadership. Share your passion and voice and help shape the direction and future of Crowdfunding in Canada.
View launch post or Contact Us to learn more about participating in the Crowdfunding Ambassador Program today…
Lawyer John Wires Talks Crowdfunding Laws In Canada
Crowdmapped | Darryl Burma | June 13, 2014
Can you please tell us a bit about Wires Law and why you became a crowdfunding lawyer?
Sure, Wires Law is a corporate law firm. We deliver legal services across Canada to start-ups and medium sized businesses. We also work on behalf of investors in private companies. I got into the crowdfunding space in order to help my clients have another avenue to access capital and finance their business. We have been advocating for equity crowdfunding in Canada really since 2011 just before the US crowdfunding legislation was passed.
Being that crowdfunding laws are still forming in Canada and the industry is so new, what approaches do you use to help educate others on crowdfund investing?
I have been speaking publically on the topic for a couple of years, but more than anything I have been educating clients and keeping them informed on the proposed crowdfunding exemptions in Ontario. The National Crowdfunding Association of Canada, of which I am an advisor, is doing some great work in the education space. Educating investors will be essential for reducing and detecting fraud and mismanagement in crowdfunding companies.
As a crowdfunding lawyer what are some common questions you often get asked?
At the moment, most of the questions are around how the proposed equity crowdfunding exemptions will work. There is a lot of emphasis on the Crowdfunding Offering Document which will likely be required by the Ontario Securities Commission.
From a legal perspective, what advice would you give those looking to raise capital through crowdfunding when it comes to planning & preparation ahead of time?
Its not a legal perspective or legal advice, but I would say make sure you are ahead of the curve. Stay informed on when the proposed crowdfunding exemption goes live and start making the right connections in the industry now. There is a lot of work that will go along with properly preparing for crowdfunding. For example, ensuring your crowdfunding offering document that I just mentioned is prepared properly.
In your opinion, what type of legal hurdles should entrepreneurs be aware of before planning an equity crowdfunding campaign?
Equity crowdfunding certainly will not be for all companies. Entrepreneurs should be aware that there will be huge challenges with managing a company with a large number of investors. They should also be aware that, in some sense, it will take small private companies and make a lot of their information (financial info, business plans, salaries etc.) public. For some companies that will be a deal breaker.
As a crowdfunding lawyer who’s been involved in the industry since its inception, what are some of the biggest ways equity crowdfunding has evolved in Canada during the past couple of years?
Certainly on the rewards based crowdfunding side companies like Kickstarter and Indiegogo have catered to the Canadian market more. Indiegogo recognized that Canada made up a sizable portion of its users and overall market. It’s great to see them attending conference and even hosting their own events across Canada now.
On the equity side, over the past couple years, the discussion has really gone form, are we going to do it to when and how are we going to do it. I think a lot of people were surprised at how fast the Ontario Securities Commission has been working given the considerable scope of the changes on the table.
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Crowdfunding: Dot-com 3.0
Globe Advisor | Ivor Tossell | March 28, 2014
Investing in start-ups, with all its risks and rewards, has been limited to accredited investors. Crowdfunding is about to change that
Before it became the poster child for crowdfunding success, the Pebble Smartwatch struggled to get financial backing. A svelte, wearable computer that stole a march on Apple and Samsung, the wristwatch has an e-paper display, runs apps and does neat tricks like controlling nearby smartphones.
But the idea didn't connect with seed funders, so the Pebble's creator, Eric Migicovsky, turned to Kickstarter. He posted a video on the crowdfunding site asking for donations. In return, anyone who pitched in $115 or more would get a Pebble of his or her own. On a campaign to raise $100,000, the Silicon Valley company walked away with $10 million in donations and orders.
Runaway successes like this are the exception, but crowdfunding can be a good way to gauge public interest in a product. Still, traditional crowdfunding has always had one sharp limitation: The public can be offered almost anything in return for their money - except an actual stake in the company. Securities regulations in Canada and the U.S., designed to keep small-time investors from being taken to the cleaners, have prevented entrepreneurs from selling equity in their new ventures. Investing in start-ups, with all its risks and rewards, has been limited to accredited investors only - in other words, people with piles of money, who regulators are confident are capable of looking after themselves in the open marketplace.
Related:
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Two equity crowdfunding specific exemptions taking hold in Canada
- Equity Crowdfunding Frequently Asked Questions
That's about to change. For what might be the first time anyone's ever been stoked about securities regulations, authorities in the U.S. and Canada are looking to open the floodgates for start-ups to sell stakes in themselves to you, me and most anyone else. "What we'll start seeing is an armchair Dragons' Den - people who want to manage their own portfolios," says Craig Asano, the executive director of the National Crowdfunding Association of Canada. "It will democratize the capital flow."
In the U.S., the new Securities and Exchange Commission rules, which are currently being circulated for comment, would still put tight restrictions on would-be dot-com moguls: Investments would be limited to about $2,000 a year for investors at the low end of the income scale, growing to $100,000 a year for millionaires. Start-ups, for their part, would be limited to raising $1 million a year in equity and, for the first time, will have to cough up information about their plans and revenues (such as they may be) before making an offering.
Similar changes, with roughly comparable caps, are being mulled in Ontario, and the public could get a look at the proposals as early as March. Saskatchewan, for one, has already signed off on small-scale crowdfunding. Canada is a bit more complicated than the States, where securities are regulated federally, rather than province-by-province. But Canada's regulators may well be co-ordinating behind the scenes. "Do not be surprised if it rolls out all the way across Canada at the same time as Ontario, or shortly thereafter," says Alixe Cormick, the owner of Venture Law, a Vancouver-based corporate securities firm.
View: Saskatchewan approves equity crowdfunding!
In some parts of the world, equity crowdfunding is already a reality: Australia, the United Kingdom and Sweden have allowed it for years; their experiences suggest it has helped the tech industry, if not revolutionized it. But it's the powerhouse of America, with its vast reserves of talent, capital and hundreds of millions of consumers with an unparalleled appetite for getting rich, that's really waiting to get uncorked.
The promise of equity crowdfunding is several fold. Bret Conkin, chief marketing officer of FundRazr, one of Canada's largest home-grown crowdfunding sites (it has raised $37 million in donations in 20 countries), thinks equity will become part of a crowdfunding ladder for start-ups. "You might use donations at the idea stage," he says, "then, you run a perks-based campaign to run a preorder." Afterward, start-ups might use equity crowdfunding to supplant a seed round, where larger investors would have stepped in. Instead of five big funders, a start-up might attract a few hundred small ones. "We view it as a continuum of funding."
The new rules will bring sweeping change to an already-volatile sector - or create an entirely new one. All of a sudden, people who've been reading about the start-up boom from a safe remove will be able to place bets with their own money. From a regulatory perspective, this will put pressure on the portals - the Kickstarters, Indiegogos and Fund- Razrs of the world - to keep their sites clear of fraud and stay neutral, so as not to act as "stock pickers." The finer points of how this will be achieved are of some concern to portal operators. "We hope they'll have the sense to adjust the regulations so that it will be workable for entrepreneurs to raise money in this fashion," says Conkin.
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One country has been doing equity crowdfunding for 8 years. Here’s what they learned
VentureBeat by David Drake | January 22, 2014
Even before crowdfunding became a global phenomenon on the rise, investors in Australia had already been funding startups through equity investments that work a lot like crowdfunding.
And they’ve been doing it for almost eight years: long enough to learn quite a lot about what works.
ASSOB (Australia Small Scale Offering Board) has been funding startups through equity investments, limited to only 20 unaccredited investors. This may not be entirely the same as the equity crowdfunding that is now shaking the 80-year-old securities law in the U.S., but needless to say, ASSOB has made great and impressive strides in the last eight years since taking its approach to crowdfunding online.
Related: Equity Crowdfunding Takes Shape in Canada
I was down there early last year to speak in several conferences, and I have met with ASSOB to discuss developments in Australia. I was fortunate to catch up again this time with Paul Niederer, CEO of ASSOB. From years of offline equity funding to the digital leap made in 2005, we can learn lessons from the ASSOB experience that will be useful as the rest of the world maps out its road to equity crowdfunding success.
While you may dispute that Kylie Minogue is the best thing that ever happened to the Australian music industry, you will have to agree that the pioneering ASSOB is the best lesson that ever happened to equity-based crowdfunding.
Related: Crowdfunding Seen Providing $65 Billion Boost to the Global Economy in 2014 (Infographic)
The following interview with Paul provides rich insights on the keys to a successful equity crowdfunding platform. Experience is still the best teacher, and ASSOB has loads of it.
David Drake: You are the longest running crowdfunding for equity platform there is. What can you tell us about the history of ASSOB?
Paul Niederer: In 2005 we decided to take an offline unaccredited and accredited capital raising business online. Eight years later over 300 raises have been handled with over 2,500 investors having invested. Only equity transactions are handled, and nearly $140 million has been raised to date. The smallest raise is $55,000 and the largest $3.5 million.
David: What are three of the strengths of ASSOB?
Paul: 1) Internal legal monitors [for] people, entity and offering compliance. 2) Handholding through the process by ASSOB Partners and ASSOB. 3) Templated process to make it easier for capital raisers.
David: What were three of the weaknesses in the past?
Paul: 1) Not having oversight of the issuers share registry. 2) Thinking it could be all done online. 3) Expecting issuers could manage large parts of the process themselves.
David: How is ASSOB going to operate in the US now with your new investors, and what are the synergies you see?
Paul: ASSOB has licensed the platform to Offerboard.com. They will be using the ASSOB capital raising engine, but their implementation will be different than ASSOB’s — understandably so, as Title III (unaccredited investors) will not have access to the platform until part way through 2014
David: ASSOB platform exemption only allows 20 investors, so how do you engage the crowd and the crowdfunding in this limitation?
Paul: Every raising builds its own crowd. Some raises have hundreds in their crowd, others have thousands. In this respect it does not differ from the majority of reward crowdfunding platforms. Unlimited accredited and overseas investors can exist, but only 20 unaccredited investors per annum. This is strictly monitored. Issuers need to ensure that when they accept investment from unaccredited investors, they choose the 20 largest suitable applications and return the funds for the others.
David: What do the Aussies have that the U.S. doesn’t? You have been on this longer than we have.
Paul: There is more emphasis in the Australian legislation on putting the onus of responsibility on the investor. If they have acknowledged the warnings that they may very well lose all their money, then provided the offer has been marketed compliantly, the onus is on the investor.
David: Tell us about a success story — in your eyes — in one of the investments.
Paul: We have had mining companies go from an ASSOB raise to international stock exchanges. Other companies have exited through trade sales.
David: What are three things you advise investors to take away?
Paul: The relationship is always between the issuer and the investor. We purposely do not give advice. However, we do suggest they take independent advice. If they have doubts, they have 10 days to seek a refund, and they should thoroughly do their own research as there is a chance they could lose all their money.
David: What are three things you advise issuers to take away?
Paul: Teamwork is required to raise the capital you need. You need a good story, team, followers, and an aggregating platform that keeps your raise compliant and is proven to raise capital. Only make promises you can deliver on.
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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada crowdfunding hub providing education, advocacy and networking opportunities in the rapidly evolving crowdfunding industry. NCFA Canada is a community-based, membership-driven entity that was formed at the grass roots level to fill a national need in the market place. Join our growing network of industry stakeholders, fundraisers and investors. Increase your organization’s profile and gain access to a dynamic group of industry front runners. Learn more About Us |Prezi or contact us at casano@ncfacanada.org.
NCFA Ambassador in the News: Hafiz Mitha
The OGM | Hafiz Mitha, COO, Joi Media | December 9, 2013
Chief Operating Officer, JOI Media
Hafiz Mitha was born and raised in Calgary after his parents arrived from East African in the late 1970’s. Earning a Bachelor of Arts, Political Science degree from the University of Calgary, Hafiz’s natural route was Law School, however his entrepreneurial blood moved him towards co-founding JOI Media in 2008. A software development firm, his company brings web experiences people are used with consumer apps to the enterprise. Always examining business objectives, the web based applications aim to create an engaging user experience while creating a valuable ROI for the enterprise. Hafiz, alongside business partners Brock Murray and Pheak Meas operate JOI Media and also recently launched a white-label, enterprise crowdfunding platform that allows companies to showcase and fund employee and company projects, a mandate for many communications and corporate social responsibility teams. Katipult was a fitting platform to build as Hafiz and his team spearheaded their own community initiative since the inception of his company in 2008. JOI to the World, a gift box campaign that with the help of clients, and the local community, provides local non-profit organizations with basic necessities often taken for granted. To date, JOI to the World has raised almost $500,000 in necessities and online donations.
As Chief Operating Officer, Hafiz has developed an effective approach for client relations including managing expectations, project documentation and execution, and contractual negotiations. He combines his project management experience with customer service, to ensure JOI Media is an easy company to work with in all of our dealings. Being part of a team that strives to disrupt conventional practices, you can find Hafiz in boardrooms across North America working on innovate enterprise software solutions.
We asked Hafiz:
The OGM: What does sustainability mean to you?
Hafiz: Being sustainable is having the ability to make decisions that impact the longevity of whatever you are involved with. Having a team of individuals that respect eachother, adapting to changing trends and an open line of communication are key ingredients to sustainability.
The OGM: Have you had a mentor?
Hafiz: I have had the opportunity to work with some great mentors. Going on the old adage of “you don’t have time to make all the mistakes in the world” I try to learn as much as I can from people that we respect in all areas. Putting a board of advisors was one of the first things we did when JOI Media was launched. Business coaching, sales expertise, and industry approaches are all things that we look for and aren’t afraid to ask advice on.
The OGM: What does success mean to you?
Hafiz: Success is about enjoying the ride and not a final destination. Success to me is being able to look back and know that everyday you are moving forward, towards something that you can be proud of. We are most proud when we have positively affected the people we work with and have made an impact on their business. Therefore, adding value and success go hand in hand.
The OGM: If you were to describe your career in three words what would they be?
Hafiz: Relationships are everything!
The OGM: What advice would you give to someone looking for a career in the energy industry?
Hafiz: Some advice that I give to students and other prospects looking to get into the industry is to have a solid LinkedIn profile. This is extremely important, as this is usually the first point of real contact. Also, don’t be afraid to pick up the phone and ask to buy someone you respect coffee. You would be surprised at the results of a genuine reach out for advice.
The OGM: Describe a milestone in your career?
Hafiz: One of the most memorable events in my career was when we won the Emerging Enterprise of the Year award in 2011. Launching Katipult, earning the business of some great companies and reaching our goal for JOI to the World were contributing factors, and winning validated what we as a team were doing and felt like a great reward for the hard work to get to that point.
The OGM: Describe a challenge you faced in your career?
Hafiz: A challenge that we, and many other companies faced, was finding our identity. Figuring out not only what you are best at, but what really turns your crank are things that take time. When JOI Media made the decision to only focus on digital technology, we lost many great employees and had to turn down business…both very difficult things to do but necessary to be the best in one field versus good in many.
The OGM: What impact does technology have on your career?
Hafiz: Technology impacts my day-to-day operations more than anything else. Having the right tools to communicate with my team on a daily basis and managing projects are all done on a variety of applications that have become a indispensible part of my role.
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ProfitGuide PodCast: Crowdfunding TV Made for Entrepreneurs
ProfitGuide.com | Andrew Brown & Robert Gold | November 21, 2013
Paul Chato explains why he thinks business owners will find his web series hilarious, and why he's funding it all on Kickstarter
Paul Chato, CEO at Your Web Department, thinks he may have the next generation of John Cleese business training videos on his hands. Cleese, best known for his role in Monty Python, produced a series of educational videos in 2012 (among them, Meetings Bloody Meetings). Now, Chato is producing a comedic web series for entrepreneurs he says is the first of its kind. The GUNI Show (Global Universal Netwrokers International) is a show for the LinkedIn generation, says Chato. "It's for the people who have lost their jobs and are trying to create a new experience. It's for the small business owner who knows how difficult it is to make payroll and manage the business."
How will he fund the first nine episodes of the online show? Online, of course. Chato launched a Kickstarter campaign just over a week ago. So far, he's raised $13,000 of his $50,000 goal. Perks for those willing to support the project range from being among the first to see the GUNI episodes ($10) to being an extra on the show ($1,000).
Why would someone like Chato, already a brand name in the Canadian entertainment scene, choose a fundraising model popular mostly with penniless startups? "I was really intrigued to learn what Kickstarter is all about," he explains. "I think the future [of television] is crowdsourced funding—YouTube and Netflix are going to be taking away a lot the cable networks' power; we have a whole new world and I wanted to be an expert in it."
View: How a B.C. tech company beat the Kickstarter odds
Plus, if you're successful in Kickstarter, then you've got a built-in audience, says Chato.
But if you're not successful, you may have irrevocably tainted your project for other funding. "That's entirely true," concedes Chato. "Also, the big stories on Kickstarter are few and far between." There's also the question of whether you taint the project just by going on a crowdfunded venue. "Does it make you look lowgrade compared to getting your money from the network?" muses Chato. "There are all sorts of pros and cons."
Listen to Paul Chato on Profit Business Cast Now --> 16mins
You can also listen to a previous episode of the PROFIT BusinessCast, in which Gold and Brown interview Murray McKercher, a board advisor for the National Crowdfunding Association of Canada (NCFA) (read more)
RTÉ Radio 1: “The Late Debate Podcast” Crowdfunding
RTÉ Radio 1 | Douglas Cumming | November 25, 2013
Broadcaster Audrey Carville presents RTÉ Radio 1’s late night political and current affairs programme, Late Debate.
The Late Debate, provides lively discussion and analysis of politics and current affairs with politicians, commentators and the country's key political and parliamentary correspondents.
The Late Debate 20th Nov - Gender Equality & Crowdfunding
This evening Audrey is joined by Labour TD Joanna Tuffy, Fiona Buckely lecturer in Government UCC and Journalist and broadcaster Margaret E Ward to discuss Gender balance in Politics.
The panel are then joined by Conor MC Aleese Director of Linked Finance, a crowd funding website and Dr. Douglas Cumming expert in crowdfunding from York University in Toronto to discuss crowdfunding.
Listen to the 19mins podcast now...
Source: RTÉ Radio 1
The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada crowdfunding hub providing education, advocacy and networking opportunities in the rapidly evolving crowdfunding industry. NCFA Canada is a community-based, membership-driven entity that was formed at the grass roots level to fill a national need in the market place. Join our growing network of industry stakeholders, fundraisers and investors. Increase your organization’s profile and gain access to a dynamic group of industry front runners. Learn more eBrochure | Prezi or contact us at casano@ncfacanada.org.
