4 ms·

It's Canada. This is standard operating procedure. EDIT: To clarify, I mean modestly wealthy individuals attempting to take advantage of hopeful entrepreneurs

It's Canada. This is standard operating procedure. EDIT: To clarify, I mean modestly wealthy individuals attempting to take advantage of hopeful entrepreneurs is SOP in Canada. I've seen it on the west coast first hand, and have reports from the east coast about similar things.

GuiA 14y ago
Really? $3k to pitch is standard procedure? I have a hard time believing it...
crabasa 14y ago
"Forget it, Jake. It's Chinatown." http://m.imdb.com/title/tt0071315/quotes?qt=qt0418900 http://m.imdb.com/title/tt0071315/quotes?qt=qt0418900
- zht 14y ago
  I've never seen the movie but that extended quote just seemed outright racist
macspoofing 14y ago
It is most certainly not the standard procedure. EDIT (for your edit): >To clarify, I mean modestly wealthy individuals attempting to take advantage of hopeful entrepreneurs is SOP in Canada. I've seen it on the west coast first hand, and have reports from the east coast about similar things. Again, this is NOT the standard operating procedure in Canada. I'm sure there are individuals who have no qualms about squeezing entrepreneurs, but I can't imagine this is any different from US. The one problem I found is that, though Canada (Ontario at least) has a wonderful Angel network, and phenomenal government programs (e.g. FedDev, SRED), there is a lack of Series A (and later) VC money.
- CanadianDude 14y ago
  I have first hand experience in your quoted excellent programs. I'm using a temporary username as I don't want to link my comments to past identifiable use of this website. SRED is a dirty game where consultants will elaborate on your less than applicable research to boost your chances of getting grant money. And hey, the consultant will get paid, the company will get paid and the tax-payer with the actual developer who's SIN and identity is used gets chucked on the hook for it. It's absurd. Both of the programs you have mentioned get people that I know very rich, tax-payers poorer and regular workers adding to it by paying on average 33% - 37% taxes. Sometimes, I wonder if playing by the rules without leeching off the system is worth my while. And as long as I have enough to keep a roof over my family's head, I just might stay on the right side of this debacle of a ruse.
  - tatsuke95 14y ago
    Having also gone through the SRED (as well as Arts grants) process, I concur. But, this is the "grant" game in Canada.
  - gruseom 14y ago
    I've been advised many times to pursue SRED rebates but have zero interest in spending my time on all that onerous paperwork. I suspect that a willingness to jump through government hoops to pursue government money is inversely correlated with being the kind of innovator the money is supposed to be for.
  - macspoofing 14y ago
    >SRED is a dirty game where consultants will elaborate on your less than applicable research to boost your chances of getting grant money. It's as dirty as you want it to be. If you want to lie and cheat, you can try, and you may be able to get away with it. Or you can honestly approach the process, and sleep better at night. >I wonder if playing by the rules without leeching off the system is worth my while Playing by the rules? These are federal and provincial programs. There's nothing shady or illegal about them. I think the startups that qualify do benefit from them immensely.
paulgb 14y ago
I've never heard of this. What's your experience raising money in Canada?
- davidcrow 14y ago
  I'm biased. Been a early team addition at a company that raised $500k from Celtic House in mid-00s. No fees on that raise. I have also raised from IAF, and from larger angel groups in the US. No fee as percentage of the transaction taken. Currently at a Canadian VC - we don't pay brokers for early stage deals.
  - paulgb 14y ago
    I don't doubt your experience, Dave, I was questioning spitfire's.
decasteve 14y ago
Not sure about the rest of Canada but definitely standard operating procedure for the Maritimes.
- jmacd 14y ago
  Not anymore it isn't.

GuiA 14y ago

Really? $3k to pitch is standard procedure? I have a hard time believing it...

crabasa 14y ago

"Forget it, Jake. It's Chinatown." http://m.imdb.com/title/tt0071315/quotes?qt=qt0418900 http://m.imdb.com/title/tt0071315/quotes?qt=qt0418900

zht 14y ago
I've never seen the movie but that extended quote just seemed outright racist

macspoofing 14y ago

It is most certainly not the standard procedure. EDIT (for your edit): >To clarify, I mean modestly wealthy individuals attempting to take advantage of hopeful entrepreneurs is SOP in Canada. I've seen it on the west coast first hand, and have reports from the east coast about similar things. Again, this is NOT the standard operating procedure in Canada. I'm sure there are individuals who have no qualms about squeezing entrepreneurs, but I can't imagine this is any different from US. The one problem I found is that, though Canada (Ontario at least) has a wonderful Angel network, and phenomenal government programs (e.g. FedDev, SRED), there is a lack of Series A (and later) VC money.

CanadianDude 14y ago
I have first hand experience in your quoted excellent programs. I'm using a temporary username as I don't want to link my comments to past identifiable use of this website. SRED is a dirty game where consultants will elaborate on your less than applicable research to boost your chances of getting grant money. And hey, the consultant will get paid, the company will get paid and the tax-payer with the actual developer who's SIN and identity is used gets chucked on the hook for it. It's absurd. Both of the programs you have mentioned get people that I know very rich, tax-payers poorer and regular workers adding to it by paying on average 33% - 37% taxes. Sometimes, I wonder if playing by the rules without leeching off the system is worth my while. And as long as I have enough to keep a roof over my family's head, I just might stay on the right side of this debacle of a ruse.
- tatsuke95 14y ago
  Having also gone through the SRED (as well as Arts grants) process, I concur. But, this is the "grant" game in Canada.
- gruseom 14y ago
  I've been advised many times to pursue SRED rebates but have zero interest in spending my time on all that onerous paperwork. I suspect that a willingness to jump through government hoops to pursue government money is inversely correlated with being the kind of innovator the money is supposed to be for.
- macspoofing 14y ago
  >SRED is a dirty game where consultants will elaborate on your less than applicable research to boost your chances of getting grant money. It's as dirty as you want it to be. If you want to lie and cheat, you can try, and you may be able to get away with it. Or you can honestly approach the process, and sleep better at night. >I wonder if playing by the rules without leeching off the system is worth my while Playing by the rules? These are federal and provincial programs. There's nothing shady or illegal about them. I think the startups that qualify do benefit from them immensely.

paulgb 14y ago

I've never heard of this. What's your experience raising money in Canada?

davidcrow 14y ago
I'm biased. Been a early team addition at a company that raised $500k from Celtic House in mid-00s. No fees on that raise. I have also raised from IAF, and from larger angel groups in the US. No fee as percentage of the transaction taken. Currently at a Canadian VC - we don't pay brokers for early stage deals.
- paulgb 14y ago
  I don't doubt your experience, Dave, I was questioning spitfire's.

decasteve 14y ago

Not sure about the rest of Canada but definitely standard operating procedure for the Maritimes.

jmacd 14y ago
Not anymore it isn't.