Interactive Ontario (IO) is urging the Ontario Securities Commission (OSC) to approve proposed exemptions for raising capital in the province via crowdfunding. IO says it supports the exemptions as a means to increasing the available pool of capital for Canadian digital media companies. Crowdfunding empowers creators to raise public funds by publicizing their project using the Internet and social media sites.
Last April U.S. president Barack Obama announced the JOBS Act officially opening up crowdfunding as a new source of funding for small companies and startups. There participants can raise as much as $1 million a year without having to do a public offering, but final regulations are not yet in place. IO believes that if the OSC moves quickly enough to approve the exemptions, it would provide Canadian companies with a competitive edge.
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