CATA starts online petition to legalize crowdfunding

A day after releasing an open letter urging the federal government to provide a support framework for crowdfunding, the Canadian Advanced Technology Alliance (CATA) has started a petition to bolster the case for legalizing the fundraising practice in Canada.

In a statement today promoting the online petition, CATA president JohnReid reiterated his message that Canada risks falling further behind ingiving tech startups access to capital now that crowdfunding has beenlegalized in the U.S., U.K. and Australia.

“Innovation is declining in Canada; we need to change more rapidly tobecome a more intelligent nation. Crowdfunding investing can help makethat transformation happen,” Reid said.

“If you would like to accelerate the arrival of crowdfunding investing,we would welcome the addition of your strength to our cause,” he added.

Legalizing equity crowdfunding would require legislation to be passedbyeach province because securities regulation is a provincially ratherthan federally governed responsibility. CATA and other groups are nowlobbying provincial governments across Canada to introducelaws makingthis type of fundraising legal.

Dozens of people have already signed the petition,which was created jointly with i-Canada, a subgroup of CATAlobbying to position Canada as an “intelligent nation.” According to anote posted online alongside the petition, i-Canada is “asking (its)executive circle members to pledge a $1,000 contribution towards the$350,000 pool of funds we will use to set up i-Canada town hallmeetings with mayors and to help develop and deploy i-Canadacommunication materials.”

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