(Following is the abstract of the paper; below the abstract is the link to download the full document)
A paradigm shift in the financial industry: Harmonizing Crowdfunding within Canada
By Lisa Boucher and Cliff Pavlovic, Ph.D.
In Canada, we currently have a number of entrepreneurs and dedicated inventors who do not have access to sufficient start-up capital, thus stifling innovation and economic growth. By analyzing global trends over the last few years, crowdfunding has been shown to make a huge impact in entrepreneurial and even business needs.
An overview of the state of global crowdfunding shows that it is growing and has the ability to impact multiple industries. As for the current situation of crowdfunding in Canada, it is nascent with potential for growth. Now the role it can play in economic development is important, especially for entrepreneurship: a sector that had the most crowdfunding volume worldwide, nearly US$7 billion (in 2014).
To allow Canada to benefit from the power of crowdfunding and its ability to help entrepreneurs, Canadian crowdfunding portals must have access to a nationwide market, via a harmonized regulatory framework. This would have a beneficial impact on national economic growth, job creation and thus contribute to a strong Canadian economy.