Hey SN friends! Next Monday evening (May 30th) The DMZ is hosting Ian Lucey from the Lucey Fund for a cozy chat. This is a huge global fund focused on early stage ventures - it'll be a great chance to pick the brain of a seasoned investor and gain perspective on what he's seen (and what he sees coming). See you there! ... See MoreSee Less
The Lucey Fund is leading a new wave of very early stage angel investing and have invested in over 80+ startups over the past 3 years. In 2015 they made 30 investments and plan to do 50 in 2016. They currently have offices in Los Angeles, Dublin, London, Spain, Poland and the Ukraine. Lucey Fund are...
"only 25% of job success is attributed to intelligence and technical skills"
"Seventy-five percent of long-term job success is predicted not by intelligence and technical skills, which is normally how we hire, educate, and train, but it’s predicted by three other umbrella categories. It’s optimism (which is the belief that your behaviour matters in the midst of challenge), your social connection (whether or not you have depth and breadth in your social relationships), and the way that you perceive stress." ... See MoreSee Less
A study of Harvard graduates showed that a person’s approach to setbacks in life is the single greatest predictor of success. This is interesting considering that companies tend to hire based on technical skill and intelligence. However, only 25% of
Hiten Shah just hunted Fortay.co on Product Hunt! www.producthunt.com/tech/ & Search for Fortay. Fortay is your perfect app if you're rapidly growing, culture focused, need to improve hiring efficiency or to keep your team culturally aligned. ... See MoreSee Less
David BerglasOur story wouldn't complete without a shoutout to Ben Zifkin. Ben's been our biggest fan from day 1. He supported us before we were even a thing and is still one of our closest advisors. We're proud Hubba alums and grateful for everything we learned there!
Well it's been a crazy few weeks. We launched Final Wish, we were featured in 4 Newspapers (including my hometown newspaper) and discussed on a major Radio Station. So far the feedback from our Users has been overwhelmingly positive and we have made some great connections and friends. I just wanted to thank Startup North and the other Start Up Communities for their support. We are changing people's lives with Final Wish and we are very happy to do so. ... See MoreSee Less
Welcome to Final Wish a secure website that stores information you want shared at the time of your passing. Some key benefits include choosing what type of celebration or service you want, if any? Who do you want to care for your pets? Decide how you want to be remembered on social media sites like…
Cassandra JowettInfluitive's dev/design team is also having a meet 'n greet just before the meetup tonight. If anyone is curious about working at Influitive and wants some time to chat with our team in a smaller group setting, you can stop by a little early (5:30-6:30).
OMERS Ventures is often associated with later stage deals. On a $ basis, I'm sure most of their capital goes there. But Managing Director Jim Orlando has crunched some numbers and most of their deals are actually early stage at the time of the first cheque ... See MoreSee Less
John RuffoloCorrect. Many people confuse late stage investors with life cycle investors. A late stage investor (such as the outstanding investors Insight) has a very focused strategy around Series B and later and do it exceptionally well. OMERS Ventures, as a lifecycle investor, wants to FIRST fund at the seed or Series A timeframe but have enough dry powder to keep on funding right through an ultimate exit or liquidity event so that a company is able to scale throughout their entire lifecycle.
Tom WilliamsTotally second Leif's feedback here. Don't work with outside consultants. Get your financials prepared by any accountant and do the application internally.
22 hours ago · 2
Adarsh PallianWe used www.revenueservices.ca 2 years in a row and both times we got our SRED money in less than a month. They seem to have the best reputation with the CRA and won't take you on as a client unless you qualify. They also claim to have a 100% success rate. May be worth talking to them.
Mark MacLeodCRA is cracking down - especially on web apps. For that reason alone, the right consultant can be helpful. The Flow Ventures team has a great track record here. I can intro you www.flowventures.com/
Jevon MacDonaldWe (founders) need to shift our SR&ED thinking from competitive must-have to nice-to-have. SR&ED consultancies are rent seekers who do not have your companies' best interest at heart.
There are founders who disagree with me (I've seen Allen Lau beautifully articulate how to use SR&ED as an advantage) but for me it's just too much cognitive dissonance to focus resources on early in the life of a company. Instead I think of SR&ED as a growth-powering tool, not a seed-startup funding strategy. For that reason I spend time getting to know the local NRC team and make sure they know what we are doing and the challenges we are tackling.
20% fee + lost time (consultants reduce complexity but I've rarely seen them effectively remove the management burden) + increased risk of an audit = not worth it to me.
Ian Andrew BellI think that the risks of IRAP are overblown in general, as in practise NRC has never intervened in a company exit (or even a move) despite their rights. They don't want to be seen as impeding companies.
However, SR&ED is the least understood and therefore the most manipulated of these programs. I myself lost a company on the rocks of a ruthless SR&ED audit, and where ultimately we appealed the decision, which cost us 80% of a $300,000.00 SR&ED claim, the CRA acted as judge/jury/executioner and wilfully killed us despite our obvious innovations.
EBC is pretty easy-going in British Columbia, as well.. and is always undersubscribed. It's not a well-understood program but from the government's perspective seems to be largely fire-and-forget.
SR&ED needs to be reformed and defined under law, or scrapped. I agree it is massively abused, but the audits more frequently punish vulnerable startups than they catch culprits.
20 hours ago · 1
Ted GrahamI'd like to hear where you net out this since I'm actively looking at our own approach.
20 hours ago
Peter McMathWe've always used our accounting firm. They take a % of what we get back, and they take nothing if our claim does not get approved.
20 hours ago
Aram MelkoumovWe use KPMG, and submitted out claim a month ago and got approved last week. Having our FTACS next week. Didn't pay KPMG anything upfront, just a percentage if we get a return approved. Great and very smooth experience.
18 hours ago
Aram MelkoumovI've heard good things about Flow Ventures as well but never worked with them directly.
18 hours ago
Dominic BortolussiWe've used and loved working with Alexei and Khalid at MobileCapital , there is always the option to use a bit of help and file it with your accounting team. We've been audited and it worked out fine in the end... Just took awhile.
15 hours ago · 1
Ryan LazanisHi Heather, I'm the founder of Xen Accounting, a Canadian online accounting firm. We have partnered with Flow Ventures (recommended above) as we feel that there are 2 parts to a successful SR&ED claim (the technical writing and the financial/tax component). Flow handles one aspect, we handle the other. Flow have an excellent reputation. Feel free to PM me with any questions :)
4 hours ago · 1
Richard ReinerHonestly, if you can read and follow simple instructions and can write a couple of pages of text, there is no reason you can't write your own SRED claim. I've done it about a dozen times in my various companies. All were paid out in full. One was audited (a 1.5 day visit to talk through the claim and look at some documentation) before they paid. This is not rocket science, folks, nor is it very time-consuming -- you can, and perhaps should, do it yourself.