May 19, 2020

Angel investing big in Canada - What are other options for other regions?

Canadian business
entrepreneurs
small business
Finance
qqtqtqt etqt
3 min
Angel investing big in Canada - What are other options for other regions?

When it comes to starting a business, you need funding, right? After all, if you don’t have money to get started, then how do you actually expect to, you know, get started?

Luckily enough, there are a variety of ways to go about obtaining investments for your business. Of course, depending on the specific type of company you plan on starting could determine the course of action you take.

RELATED TOPIC: Calling all angels: The biggest angel investing trends in Canada  

Currently, angel investing is quite popular throughout Canada. Specifically, the Northern Ontario Angels have been named the top angel investment group in the country by the National Angel Capital Organization. Originally reported by CBC News, this data comes from a survey that was conducted last year.

Speaking for the Northern Ontario Angels, executive director Mary Long-Irwin believes that the group has done well due to the fact that investors in the region feel it’s their duty to reach out to others.

“They understand and they believe that it’s their responsibility to help grow the north and help support the north, where they made the money.”

RELATED TOPIC: The pros and cons of working with professional investors

Interestingly enough, it’s been noted that the majority of investment deals have been made in the technology and manufacturing sectors—indicating that these fields are doing well in Canada.

However, while angel investing is big in Canada, what about other regions of the world. For example, what are some different and popular funding options for the United States?

Crowdfunding

You’re most likely familiar with this term, having heard of the different options that include Kickstarter, Go Fund Me and Indiegogo. These selections are rather easy to access and allow for many different types of donations. In fact, anyone who is interested in contributing, despite how much he or she can actually give, will be allowed to donate. Due to the fact that the opportunity to have more investors is present, crowdfunding is quite big in the United States.

Government funding   

Grants and loans from the United States are still available—even if some opt to steer clear of this option. However, it’s still vital to remember that this specific type of funding can be accessed and utilized. Of course, grants are more sought after because that money doesn’t have to be paid back. The only downside is that grants can often be hard to obtain; you really need to have a specific niche and then find particular programs that support that niche. And we all know the downside of loans: they have to be paid back with interest.

RELATED TOPIC: How to fund your new startup venture

Personal savings account

Who better to support your business than you? If you’re disciplined and are good about saving money, then you may be able to simply rely on yourself to get your new company started. Of course, you do run the risk of sinking everything into your company and then losing everything—but if you’re passionate enough about this dream and you believe in this business, then you just may need to take such a risk. After all, if you don’t whole heartedly believe in your company, how do you expect to get someone else to?

Don’t forget to visit our sister brand Business Review USA.

RELATED TOPIC: Why Canadian small businesses should consider the United States market

[SOURCE: CBC News]

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Jun 8, 2021

Six issues at the top of tax and finance leaders’ agenda

Tax
Compliance
financeleaders
Deloitte
Kate Birch
4 min
As businesses accelerate their transformation journeys, tax leaders are under increasing pressure to add strategic value. Deloitte reveals six tax trends

New Deloitte research reveals that tax leaders are under increasing pressure to add strategic value as companies accelerate business model transformation, from undergoing digital transformations to rethinking their supply chains or investing in green initiatives.

According to Phil Mills, Deloitte Global Tax & Legal Leader, to “truly deliver value to the business, the tax function needs to rethink its resourcing model and transform its technology infrastructure to create capacity and control costs”.

And the good news, according to Mills, is that tax and business leaders have more options at their disposal to achieve this.

Reflecting the insights of global tax and finance executives at global companies, Deloitte’s Tax Operations in Focus study reveals the six issues at the top of tax and finance leaders’ agenda.

Trend 1: Businesses seek more strategic counsel from tax

Companies are being pushed to develop new digital products and distribution channels and accelerate sustainable transformation and this is taking them into uncharted tax territory. Tax leaders say their teams must have the resources and skills to give deeper advisory support on digital business models (65%), supply chain restructuring (49%) and sustainability (48%) over the next two years. This means redrawing the boundaries of what tax professionals focus on, and accelerating adoption of advanced technologies and lower-cost resourcing models to meet compliance requirements and free up time.

According to Joanne Walker, Group Tax Director, BT Group PLC, "There’s still a heavy compliance load today, but the vision for the future would be that much of that falls away, and tax people become subject matter experts who help program the machine, ensure quality control, and redirect their time to advisory activity.”

Trend 2: Tipping point for resourcing models

Business partnering demands in the tax department are on the rise, but 93% of tax leaders say their department’s budget is remaining flat or falling. To ensure that the tax function can redefine itself as a strategic function at the pace that is required, leaders are choosing to move increasing amounts of compliance and reporting to a combination of shared service centers, finance departments, and outsourcing providers that have invested in best-in-class technology.

Trend 3: Digital tax administration is moving faster than expected

in addition to the rising focus of the corporate tax department partnering with their business counterparts, transformative changes to the way companies share tax information with revenue authorities is also creating an imperative to modernize operations at a faster pace. Nine in 10 (92%) respondents say that shifting revenue authority demands on digital tax administration will have a moderate or high impact on tax operations and resources over the next five years—and several heads of tax said the trend is moving faster than expected.

"It’s really stepped up in the last couple of years," says Anna Elphick, VP Tax, Unilever. "Tax authorities don't just want a faster turnaround for compliance but access into a company’s systems. It's not unreasonable to think that in a much shorter time than we expect, compliance will be about companies reviewing a return that's been drafted by the tax authorities."

Trend 4: Data simplification and lower-cost resourcing are top priorities

Tax leaders said that simplifying data management (53%) and moving to lower-cost resourcing models (51%) must be prioritized if tax is to become more proactive at delivering strategic insights to the business. Many tax teams are ensuring that they have a seat at the table as ERP systems are overhauled, which is paying dividends: 56% of those that have introduced NextGen ERP systems are now highly effective at supporting the business with scenario-modeling insights. Only 35% of those with moderate to low use of NextGen ERP systems said the same.

At Stryker, “we automated the source P&L process for transfer pricing which took a huge burden off of the divisions," says David Furgason, Vice President Tax. "Then we created a transfer price database to deposit and retrieve data so we have limited impact on the divisions. We are moving to a single ERP platform which will help us make take the next step with robotics.”

Trend 5: Skillsets are shifting

Embedding a new data infrastructure and redesigning processes are critical for the future tax vision. Tax leaders are aligned — data skills (45%) and technology process experience (43%) are ‘must have’ skills in a tax department of the future, but more traditional tax specialist knowledge also remains key (40%). The trick to success will be in tax leaders facilitating the way these professionals, with their different backgrounds, can work together collectively to unlock lasting value.

Take Infineon Technologies, which formed a VAT technology and governance group "that has the right knowledge about how to change the system to ensure it generates the right reports", according to Matthias Schubert, Global Head of Tax. "Involving them early was key as we took a greenfield approach, so we could think about what the optimal processes would look like and how more intelligent systems could make an impact 

Trend 6: 2020 brought productivity improvements

Improved productivity (50%) and accelerating shifts to remote working (48%) were cited as the biggest operational benefits to emerge from COVID-19-driven disruption. But, as 78% of leaders now plan to embed either hybrid or fully remote models in the tax function long term, 34% say maintaining productivity benefits is a top concern. And, as leaders think about building their talent pipeline and strengthening advisory skill sets, 47% say they must prioritize new approaches to talent recognition and career development over the next two years, while 36% say new processes for involving tax in business strategy decisions must be established.

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