The opportunity to use crowdfunding to start up a new venture now exists in B.C.
With the British Columbia Securities Commission (BCSC) giving the green light to use crowdfunding to raise money through issuing securities, local portal InvestLocalBC.ca is relying on a dealer registration exemption through the BCSC to offer small startups this alternative way to raise funding.
InvestLocalBC is a crowdfunding platform that aims to secure funding for projects in local communities.
“Community Futures offices across the province are endorsing this initiative that also supports crowdfunding platforms for non-profit and arts and culture organizations,” said Community Futures East Kootenay general manager Sean Campbell in an email.
“Community Futures is committed to exploring and promoting new and innovative opportunities for entrepreneurs (that help them) access the capital needed to start and grow their businesses,” said Keri Sanderman, the investment fund manager at Community Futures East Kootenay in Cranbrook, by email. “Working to safely connect local businesses and local investors is one more way that Community Futures is helping to foster diverse and healthy economies in rural BC communities.”
In addition, InvestLocalBC has partnered with a crowdfunding pioneer known as FundRazer to increase the size of an audience that can be reached.
“We are pleased to support the innovative program from InvestLocalBC for encouraging entrepreneurship in communities across the province,” said Daryl Hatton, founder and CEO of FundRazr, in a recent press release. “Their approach of pairing locally-based crowdfunding sites powered by our world-class FundRazr technology with government programs and sponsorship is unique. It shows a commitment to break new ground and find effective new ways to support BC companies in this growing, technology-enabled economy.”
The InvestLocalBC portal went live in December. For more information and to learn how to start a campaign, visit www.investlocalbc.ca.
“Crowdfunding is an incredibly powerful community development tool that can increase awareness and supercharge stakeholder engagement by aligning financial and social goals to help bring community projects to realization,” said National Crowd Funding Association of Canada founder and executive director Craig Asano, in the release.
