By Myles Harding, Managing Director, Inline Reference Check
There was a time when the only way to verify a candidate's ID was for recruiters to meet with candidates in-person. Thankfully technology has evolved this process in recent years, but what you may not know is that not all verification methods are created equally. Today we’ll be discussing what you need to know about the most popular methods for verifying your candidates’ IDs online.
Textbook – Human Resources Management in Canada – Published by Pearson Canada
The thirteenth Edition of the Human Resources Management in Canada textbook demonstrates how human resources are among the most important assets in organizations today.
Contributing to the Expert Opinion Industry Viewpoint boxes, Myles Harding (Managing Driector – Inline Reference Check) is among practitioners including the President of Unifor, Executives from Loblaw and Labatt, HR representatives from the Government of Yukon, and other small business owners. Providing readers with valuable insight regarding critical issues according to industry experts, and first hand knowledge in terms of how these issues impact Canadian workplaces.
Toronto Event (Jun 17, 2014): National Crowdfunding Association Networking Night
Date/Time: June 17, 2014 from 6:00PM – 9:00PM
Venue: O Resto Lounge Restaurant & Bar & Cafe
Address: 7 King St E, Toronto, ON M5C 3C5 (map)
Registration and ticket prices
$15 Members – Early Bird (limited number)
$20 Members – Standard price
$25 Non-Members (consider joining NCFA Canada today here)
CBC: the current – Kickstarter meets Bay Street: Selling shares through crowdfunding
Online pleas to crowdfund money comes from thousands looking to make a film or start a business. Now, seven Canadian securities commissions want to take that idea, to let companies sell shares to potential investors through crowdfunding portals.
Canadian Small Businesses Eagerly Await Crowdfunding Regulation
For cash-strapped small businesses, a new funding option in the works could mean a substantial and dramatic improvement for their access to capital.
Crowdfunding, more typically a platform for raising donations, is now letting business owners offer investors a stake in their companies in exchange for capital.
The contentious solution is being hotly debated between small business owners, industry advocates, and securities regulators.
Equity crowdfunding is a boon for new startups that don’t have the size or structure to raise money by going public with an initial public offering, advocates argue. Critics warn of the risks: Investors may end up with illiquid assets, negative returns or unsuitable investments for their risk profile.
The Ontario Securities Commission is getting ready to expand equity crowdfunding in the province. Currently, only accredited investors can buy shares of new companies, in what’s called an exemption under the OSC regulations. In a move first hinted at in August, the Commission said in early December that it plans to enact a new rule to allow more investors interested in startups to get in on the ground floor via a crowdfunding portal. The new exemption will be subject to a 90-day comment period and include a registration framework for crowdfunding websites. Once enshrined, it will give more investors first crack at stakes in startups.
That could be a dramatic shift. Under the current exemption, only 3 per cent of the Canadian population qualifies as an accredited investor — high-net worth individuals deemed to be sufficiently knowledgeable of investment matters and don’t need the protection of securities legislation.
Industry stakeholders agree that it all comes down to the creation of a regulatory framework that makes equity crowdfunding possible for entrepreneurs, while minimizing the attendant risks for investors.
Expanding the scope of Canadian crowdfunding will help businesses get off the ground by allowing access to a new source of capital to fill a critical funding gap in an efficient, transparent and cost effective way, says Myles Harding, an advisor of the National Crowdfunding Association of Canada (NCFA Canada), a cross-Canada crowdfunding advocacy group based in Toronto.
“Small business owners seeking early stage seed capital or growth capital recognize that there is a limited availability of investment capital for those purposes,” he says.
Some of the existing alternatives to crowdfunding include debt financing, provided by banks and asset-based lenders; angel investors, who are affluent individuals or groups who provide financial backing for startups in exchange for part-ownership; and venture capital, a form of private equity that usually comes when a business has proven its potential for exponential growth. However, these options may not be available to a fledgling business unable to offer compelling proof of growth penitential or assets that lenders can use as collaterals.
“As a result, they are generally in favour of crowdfunding as a potential source of capital,” Harding says.
According to NCFA Canada’s Crowdfunding Directory, there are over 65 crowdfunding portals and 14 providers across Canada as of December 2013.
Most of these portals are based on donation or on reward, where people might receive the product down the road in return for money upfront. However, there are a few equity-crowdfunding-based portals such as SeedUps Canada, Optimize Capital Markets and the Social Venture Exchange that currently operate under existing prospectus exemptions and target accredited investors.
One of the most vocal proponents of crowdfunding in Canada is Sandi Gilbert, founder and CEO of SeedUps Canada, a platform that facilitates equity investments from accredited, eligible and ordinary investors into small to emerging businesses.
“Equity crowdfunding is needed in Canada,” says Gilbert. “By tapping the mass affluent — those investors outside the 3 per cent of high-net-worth individuals — small business will be able to thrive and prosper.”
The regulators, she adds, should look at a balanced approach, tailored to the three players involved: Companies that need to raise money without the burden of onerous disclosure documents; ordinary investors interested in early-stage companies; and the investment platform or portal that needs to facilitate the sale of securities.
However, Harding cautions that creating a regulatory framework that is fair to all participants could be tricky and the process slow.
“The crowdfunding opportunity represents a real challenge for regulators who are charged not only with creating a positive environment for investment but with the protection of investors as well,” he says. “In most cases, a company must prepare a prospectus or full disclosure document. Regulators recognize preparing such a document can represent a significant financial burden on small companies.”
And while a crowdfunding exemption will reduce issuer cost, it does not relieve regulators’ concerns about potential fraud perpetrated by so-called “bad actors,” Harding warns.
– See more at: http://www.starbusinessclub.ca/money/small-businesses-eagerly-await-crowdfunding-regulation/
Exit Interviews: Why Exit Interviews Can Help Corporate Managers Do a Better Job
– TLOMA Today – A publication of The Law Office Management Association
Myles Harding (President) discusses the benefits of exit interviews, the real costs of turnover, and how to learn from those that are departing.
Inline Reference Check is a proud member of TechConnex
TechConnex is a technology community leader providing learning and networking opportunities to help you grow and succeed in your technology business. Join with other entrepreneurs, innovators, and service providers in making a sustained economic impact throughout the GTA.
Cost of a Bad Hire – Courtesy of www.MindFlash.com
Your company is growing rapidly, and you’re desperately looking to fill in the gaps as quickly as possible. However, putting the wrong people in those positions could ultimately end up costing even more.
TORONTO, Jan 13, 2014 /CNW/ – The National Crowdfunding Association of Canada (NCFA Canada) today announced that Myles Harding, CEO/President of Inline Reference Check has joined the Association’s Board of Advisors.
Myles Harding is the CEO/President of Inline Reference Check, the premier pre-employment screening and background checking company in Canada. Formed in 1997, and with over 35,000 completed files, Inline Reference Check’s veteran staff perform in depth, professional, reference, retention, exit interviews and due diligence at the highest level of service. Inline Reference Check specializes in Reference Interviews, Criminal Record Checks, Credit Inquiries, Education Verification, and Employment Verification throughout North America.
While in its infancy, the growth and impact of equity crowdfunding is steadily advancing in Canada, the U.S. and many international jurisdictions, and is bound to have a significant impact on how small-to-midsize-businesses (SMEs) raise early rounds of seed and expansion capital resulting in a new pipeline of crowdfunded ventures.
On December 6, 2013, the Financial Consumer Affairs Authority (FCAA) approved Canada’s first equity crowdfunding specific exemption in the province of Saskatchewan legally permitting SMEs the ability to raise small amounts of capital (up to $300,000 annually) from non-accredited investors via online equity crowdfunding portals. 
The Ontario Securities Commission (OSC) announced on December 4th, that they will publish a proposed equity crowdfunding exemption including a framework for portal registration for public comment by the end of Q1-2014.
“Performing cost effective and appropriate levels of background checks and due diligence on equity crowdfunding transactions is key to ensuring a sustainable and robust industry long term, and we look forward to the valuable perspective that Inline Reference Check can provide NCFA Canada members in this regard” said Craig Asano, Executive Director, NCFA Canada.
“We believe that crowdfunding will have a transformational effect on the ability of emerging technology companies to grow their businesses, said Harding. NCFA Canada is working tirelessly to build and nurture the crowdfunding community in Canada and Inline Reference Check is excited to be a part of that effort”.
Myles Harding, President of Inline Reference Check Joins National Crowdfunding Association of Canada Advisory Board
About Inline Reference Check
Based in Toronto, Inline Reference Check is Canada’s most experienced background checking company. Inline enables knowledge-based companies to make better decisions about their workplace environment. Inline provides management with timely and actionable information sourced from reference and background checks as well as exit and retention interviews. www.inlinereferencecheck.com.
About the National Crowdfunding Association of Canada
As Canada’s crowdfunding advocate, NCFA Canada works closely with industry, government and academia to build support for Canada’s rapidly growing Crowdfunding community by providing education, advocacy and networking opportunities to a national membership base of 600+ industry stakeholders, small businesses, and investors. NCFA Canada is community-based, membership-driven entity that was formed at a grass-roots level to fill a national need in the market place. For more information please visit www.ncfacanada.org.