A survey conducted by the Canadian Advanced Technology Alliance and Ideavibes revealed that 69 per cent of the respondents did not realize that crowd funding is illegal in Canada. Interestingly, exactly 69 per cent of the people that took the online survey also stated that they were interesting in using crowd funding and social media sites to get money for their start-ups and future endeavours.
The survey by CATAAlliance and Ottawa based Ideavibes was taken by a random group in which 61.5 per cent of respondents were either currently the founders of a start up or had been in the past. Given those statistics, it is surprising that almost 70 per cent of the survey parties did not realize that Canadian laws did not permit crowd funding like those of the the UK or US do.
The data gathered from the survey also had some other interesting highlights worth noting. 87 per cent of the those surveyed had a basic understanding of the crowd funding concept as well as its various uses. Furthermore, 84 per cent of the participants stated that they would consider using the method to raise equity for their own venture with 82 per cent stated they would participate in crowd funding to contribute funds to the ventures of others.
43.6 per cent of people surveyed also believed that equity gained from online methods should not have more regulations than more standard methods of investment. Although several people have argued that since crowd funding is done online and identities can be hidden rules and laws should be stricter to protect investors, the survey showed that the majority of people think the regulations in place thus far have been sufficient.
Source: ITBusiness
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