69% of Canadian Entrepreneurs Have Considered Using Crowdfunding for Their Startups

by Knowlton Thomas | Research

Ideavibes founder Paul Dombowsky and Canadian Advanced Technology Alliance CEO John Reid today released the results of a survey they collaborated on to understand Canadians’ attitudes towards crowdfunding and their willingness to participate.

87% of Canadians in the survey were familiar with the term "crowdfunding," but only 15% had provided funding and only 13% had sought funding, according to the research. Among entrepreneurs, 69% have considered crowdfunding to raise money for their startup but less than 8% have actually taken the leap. 

Paul says that “the results of the survey show that there is both a desire and need for startups to access crowdfunding for startup funds. The lack of a Canadian friendly platform has been getting in the way.”

John noted that "the delta between awareness of crowdfunding and actual participation is fairly strong.”

“Canada is out of step with Europe, and with the US, in its recent move to legalize equity based crowdfunding to enable businesses to raise up to $1 million via online funding portals," Paul affirms. "We need to adopt crowdfund investing to allow the nation’s emerging, small and medium sized companies to keep up with the pace of change. Canadian startups are simply locked out of this funding source.” 

It's worth noting that the survey respondents skew towards the high-tech and business community and that the sponsors admit "overall awareness of crowdfunding and the challenges for startups in Canada to use it as a funding source is likely to be much lower." So this can't really be taken as a scientifically sound study. Still, it does offer fresh, Canadian-focused insight into one of the hottest emerging trends in technology today.

Canadian Advanced Technology Alliance (CATA)
Ottawa, Ontario, Canada

The Canadian Advanced Technology Alliance grows the revenues of its 28,000 members by creating a collaborative edge -- a chain of expanding value that ripples across Canada’s Innovators, Commercializers, Users, and Professionals. The largest high-tech association in Canada, CATAAlliance matches businesses with opportunities across almost every sector, so that we can all do business together.... more

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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes and author of Tempest Bound. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys hiking, tennis, and martial arts. more

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