ATB financial prepares Alberta focused crowdfunding platform

MHz

Time Out
Mar 16, 2007
41,030
43
48
Red Deer AB
Great, put an ad on Kijiji asking for donations to help send a Judge to jail would probably pull in enough you would need an accountant at the end of the year. Post the name and all the ones he sent to jail would be the first donators to the cause. Now to get around that 2 ads per e-mail thingy, . . . .

Now the 'Last Ride Water Park and Crematorium' is finally a vision worth chasing. Hope this doesn't raise the price of swamp land. (you have to cross some og that to get to the 12 Sq Mi of south facing riverbank.
 

Northboy

Electoral Member
Scammers, Open Season on the Ignorant & Naive.

Report Crowdfunding Scams


There will be scammers, but Alberta has taken the route of "institutionalizing" portal. I'm working on a portal for BC called www.investlocalbc.ca and the process that I'm setting up will have a standard of due diligence attached to it. It won't be the Wild West like it has in the States.


Portals are being regulated under provincial jurisdiction and there are requirements.
 

MHz

Time Out
Mar 16, 2007
41,030
43
48
Red Deer AB
With cloud being the storage place for the applications I'm thing the best one get scooped and the bad one. get something and then become the 'problem child' for the Media.
 

MHz

Time Out
Mar 16, 2007
41,030
43
48
Red Deer AB
Who monitors them? Some of the oldest charity services is a cash cow for the organizers, not so much for the intended clients.

Probe Reveals Red Cross Raised $500M for Haiti but Built Only 6 Homes / Sputnik International
After raising nearly half a billion dollars for emergency disaster relief after the 2010 Haitian earthquake - including $170 million earmarked for 'shelter relief' - the American Red Cross has built a grand total of six houses, according to a new report.An investigation by Propublica and NPR has shown a pattern of highly inefficient spending, management troubles, and a lack of local expertise which has resulted in very little concrete relief to the people of Haiti, despite massive outpouring of donations to one of the US' most prominent charities.
Costly, Inexpert Foreigners Prioritized Over Haitians
One major barrier to effective relief has been a reliance on foreigners who came to the country with little or no knowledge of local culture or language, while dismissing or disparaging Haitians, the report finds. Though the American Red Cross (ARC) says that 90% of the employees in the Haiti program are Haitians, they would not provide a breakdown of nationalities in top positions, and the Propublica investigation found very few made it to top slots.

 

Northboy

Electoral Member
Who monitors them? Some of the oldest charity services is a cash cow for the organizers, not so much for the intended clients.

Probe Reveals Red Cross Raised $500M for Haiti but Built Only 6 Homes / Sputnik International
After raising nearly half a billion dollars for emergency disaster relief after the 2010 Haitian earthquake - including $170 million earmarked for 'shelter relief' - the American Red Cross has built a grand total of six houses, according to a new report.An investigation by Propublica and NPR has shown a pattern of highly inefficient spending, management troubles, and a lack of local expertise which has resulted in very little concrete relief to the people of Haiti, despite massive outpouring of donations to one of the US' most prominent charities.
Costly, Inexpert Foreigners Prioritized Over Haitians
One major barrier to effective relief has been a reliance on foreigners who came to the country with little or no knowledge of local culture or language, while dismissing or disparaging Haitians, the report finds. Though the American Red Cross (ARC) says that 90% of the employees in the Haiti program are Haitians, they would not provide a breakdown of nationalities in top positions, and the Propublica investigation found very few made it to top slots.



As is the case now media would be the watchdog for how charities spend their money.


This has little in common with crowdfunding practice for small business. The portals are responsible for the "quality" of the investment offers. There is a portal operating in New Zealand that does a lot of due diligence and insists on certain standards for every campaign. They've operated for a couple of years and believe or not have a 100% campaign success rate. Unheard of, but they have high standards that their investors insist upon.


I think the 6 provinces that have adopted a crowdfunding exemption to their security laws have developed some reasonable guidelines for operating a portal. Our requirements will be a little stiffer than the usual due to our background in business finance and counseling.