Event Review: Professor Jeffrey MacIntosh on Promoting Innovation in Canada

Professor Jeffrey MacIntosh
Professor Jeffrey MacIntosh

As part of the ongoing series of events focusing on entrepreneurship in Canada, the Canadian Securities Exchange (CSE) and the University of Calgary’s Faculty of Law co-sponsored an event in Calgary on January 15th, 2015 on promoting innovation in Canada.

The sold out event, entitled “Frugal Fare, Intellectual Feast”, featured University of Toronto Law Professor Jeffrey MacIntosh, B.Sc. LL.B. LL.M., a leading voice in the evolving Canadian innovation policy landscape. As part of his presentation, MacIntosh offered his perspectives on the current state of funding for the Scientific Research and Experimental Development (SR&ED) tax credit and the impact to small firms of recent cuts to the SR&ED program.

MacIntosh’s presentation focused on the findings of a Review of Federal Support to Research and Development, and the importance of relying on market decisions rather than bureaucrats in deciding how to allocate funds to technology companies.

At its core, he believes the Federal Government’s decision to pursue a “direct assistance” model rather than  “indirect” funding from the SR&ED tax credit program unfairly burdens typically cash-starved smaller firms and start-ups.  Further, the kinds of ventures favoured by the direct assistance model are typically ‘lower-risk’ whereas the path towards innovation often requires companies prepared to take on greater risk.  Thus, according to MacIntosh, the direct assistance model can actually slow down the pace of innovation.

The Value of Indirect Assistance

MacIntosh insists indirect assistance through deductions, tax credits and flow-through shares, remains a viable funding framework for small cap firms. This structure, he argues, removes the issues of political bias and regional preferences. It also reduces government’s overall administrative costs, while providing cost certainty for young, cash-starved business.

The reduction of paperwork and quicker access to liquidity are vital efficiencies for any small firm. The SR&ED tax credit program offers structured assistance and calendar certainty for cash strapped start-ups.

Accessing Capital Key to Innovation

Presentations such as these are crucial to the dialogue on the role of public policy in shaping innovation in public markets. According to Western Canada Advisor for the CSE, Mark Francis:

“The CSE believes that being an exchange is also about creating a meeting place for ideas and discussion about the capital markets. Different and potentially controversial points of view are critical to testing worthiness not just of investment theses but also of policies and structures that affect access to capital.”

Given the interest in the event, it is clear that funding for small and medium sized firms remains an important component to supporting innovation.

As the Exchange for Entrepreneurs, the CSE is actively working to improve access to capital for innovative firms as well as reduce the administrative burden associated with operating as a public entity. Ultimately, the CSE believes, this enables entrepreneurs more opportunities to focus time and resources on growing their business.

For additional reading on Jeffrey MacIntosh’s perspectives on innovation in Canada and other related readings on the subject, the following links may interest you:

Why Cut Innovation?

Implications of the Recommendations of the Expert Panel on Federal Support to Research and Development

An Entrepreneurial Perspective

Federal SR&ED legislative proposals status

Innovation Canada: A Call to Action (Summary)

Photos from the CSE Pavilion at VRIC 2015

We are happy to share photos from the CSE Pavilion at VRIC 2015 in the gallery below.

Thank you to American Potash Corp. (CSE:AMP), MGX Minerals Inc. (CSE:XMG), Pasinex Resources Limited (CSE:PSE), and Newlox Gold Ventures Corp. (CSE:LUX) for co-hosting the CSE Pavilion at the Vancouver Resource Investment Conference! Also a big thank you to Davidson & Company LLP for co-hosting this year’s Championship Sunday Reception.

Finally, congrats to Cambridge House International for hosting their 20th VRIC – we are looking forward to many more ahead.

Photos from the show below:

Frugal Fare, Intellectual Feast: Challenges to Innovation for Small Cap Firms with Jeffrey MacIntosh

Professor Jeffrey MacIntosh, Toronto Stock Exchange Chair in Capital Markets Law at the University of Toronto

Innovation is a key component of a competitive economy. Often, however, that innovation also requires taking risks. Many small cap firms take on the challenge and risk of finding innovative solutions to problems facing the world today and in the process help raise the wealth and well-being of their host country. What then, is the appropriate role for Government to play in facilitating innovation from entrepreneurs, especially against the current challenging environment for public small cap firms?

This and other fascinating issues related to innovation in Canada will be discussed at an event (now sold out) co-sponsored by the Canadian Securities Exchange and the University of Calgary’s Faculty of Law. Entitled “Frugal Fare, Intellectual Feast” the session will certainly provide both. The keynote speaker, Professor Jeffrey MacIntosh, is the Toronto Stock Exchange Chair in Capital Markets Law at the University of Toronto and is a thought leader in the conversation on innovation policy within Canada.

In particular, MacIntosh’s talk will highlight the Federal Government’s 2011 report Innovation Canada: A Call to Action and the impact to small cap firms of Government policy shifts regarding the Scientific Research & Experimental Design (SR&ED) tax credit program.

The event will take place at the Metropolitan Centre in Calgary on January 15th from 11:45am to 1:15pm.

For additional reading on MacIntosh’s perspectives on innovation in Canada and SR&EDs, the following links may be of interest.

Eurotour 2014 – Photos from CSE’s European Investment Roadshow

Way back in November 2014 the Canadian Securities Exchange (CSE), along with Zimtu Capital and several CSE-listed companies embarked on a 7-day, 4-city investment roadshow spanning two countries, 900+ kms and copious amounts of schnitzel. “Eurotour 2014” (as it was dubbed) was a collaboration between the CSE and Zimtu for the first time.

By all accounts (some better recollected than others) the trip was a great success. New contacts were made, business opportunities furthered, and the CSE opened new doors for the exchange abroad. Most importantly (thanks to Zimtu) much of this work was documented in photos that we have shared and linked below:

Much credit goes to Zimtu Capital Corp. who organized and documented the investment roadshow in a series of photos posted to their Flickr page, you can see them all in the following links, organized by city:

Eurotour 2014 Investment Roadshow Pictures

The CSE looks forward to it’s next investment roadshow abroad and thanks our hosts for their wonderful hospitality during Eurotour 2014!

CSE & Zimtu 2014 European Investment Roadshow

CSE hosting pavilion at the 20th Vancouver Resource Investment Conference

The CSE and Issuers are excited to host a Pavilion at VRIC 2015 in Vancouver this Sunday, January 18th through Monday, January 19th at the Vancouver Convention Centre West. The “CSE Pavilion” will be located at booth #1825 to #1837.

Additionally, four CSE issuers will also call the CSE Pavilion their home during the conference including:

Pasinex Resources Limited (CSE:PSE)
MGX Minerals Inc. (CSE:XMG)
American Potash Corp. (CSE:AMP)
Newlox Gold Ventures Corp. (CSE:LUX)

As described by Cambridge House (the conference organizers):

“The Vancouver Resource Investment Conference is the world’s largest resource investment conference dedicated on resource exploration and the largest of all annual trade shows held in Vancouver, Canada. Hear from investment thought leaders and wealth influencers. Speak one-on-one with executive members from companies covering every corner of the mineral exploration sector along with metals dealers, oil & gas, renewable energy, media and financial services companies. This is a must-see for investors and stakeholders in the global mining industry. ”

For more information about the event, including registration details and agenda please visit the event website at: http://cambridgehouse.com/event/33/20th-anniversary-vancouver-resource-investment-conference-2015

We look forward to seeing you there!

Eurotour 2014 – CSE Heads to Europe for Whirlwind Investor Roadshow

With the suds and sizzle of Oktoberfest now a distant (and potentially fuzzy) memory, business is back on the agenda in Munich, Germany. The city, which hosts the annual two-week long beer and sausage festival, will now entertain one of the continent’s premier resource shows: the Internationale Edelmetall & Rohstoffmess.

This year, however, “München” as well as several other European cities will also welcome some special guests from Canada.

Life on the Road

CSE_Eurotrip_2014A delegation including representatives from the CSE, Zimtu Capital and several CSE-listed companies are touching down in Europe for a 7-day, 4-city investment roadshow spanning two countries, 900+ kms and countless beer tastings.

Beginning in Frankfurt on November 5th, the roadshow will then head to Munich, for the above mentioned precious metals and commodities show for November 7th and 8th.  From Germany, it’s off to Switzerland with stops in Zurich on November 10th  and Geneva on November 12th.

Why Europe and Why Now?

CSE CEO Richard Carleton believes the roadshow offers a unique opportunity to build new relationships and promote the CSE to an interested audience.

“We’ve been encouraged many times to take our message to key financial hubs overseas whose investors have historically participated in Canadian capital markets” said Carleton.

Canadian capital markets have often benefited from overseas investments and, according to Carleton, the opportunity to generate growth is there for the CSE and its issuers.  European investors, as it turns out, appear to have a particular appetite for Canadian-listed securities.

Carleton will also serve as a featured speaker in all four cities, discussing key issues shaping Canadian and global securities markets and explaining opportunities the exchange provides for both investors and prospective issuers.

Meet the Team

Other speakers joining the tour include Chris Berry of House Mountain Partners LLC and noted analyst Dr. Hans Bocker.

Participating from the CSE are SecureCom Mobile Inc. (CSE:SCE), Pasinex Resources Ltd. (CSE:PSE) and Biomark Diagnostics Inc. (CSE:BUX).  Also accompanying this group will be Urban Barn Foods Inc. and True Leaf Medicine Inc.

It is estimated that the four events will attract attendees numbering close to 8,000.

Keep Track of the Roadshow Highlights

As a special feature, CSE representatives will be sharing their experiences and chronicling the journey from Frankfurt to Geneva as well as places in between on the CSE blog.  Be sure to tune in to the best and ‘wurst’ of the trip!

Click here for the detailed EuroTrip schedule

Upcoming Event: TakeStock! Alberta

The CSE is proud to be a sponsor of the second TakeStock! AB Investor Forum in Calgary on Nov. 5th.

TakeStock! AB is being hosted at the Ramada Hotel Downtown, 708 -8 Ave SW, Calgary from 8:30 am to 6:00 pm.

This growing event provides investors with an opportunity to connect with a diverse range of emerging companies – with a focus on technology and other sectors outside of oil and gas.

In the organizer’s own words:

[TakeStock! AB is] The ideal investor forum for connecting with Alberta investors and investment professionals. The show features senior company management from a diversified selection of  public and private companies.

For further details and registration, please visit the the TakeStock website here.



Upcoming Event: Small-Cap Conference Vancouver – Fall 2014

The Canadian Securities Exchange will once again be attending and co-sponsoring the fall edition of the Small-Cap Conference in Vancouver.

Along with insightful analyst presentations, the evening conference will also feature company presentations from a number of small-cap firms, including CSE-listed Newlox Gold Ventures (LUX).

The event is free to attend and will also include refreshments, prize draws as well as the opportunity to meet and greet fellow investors and company representatives.

For more details on the event and to register, click here.

Event Details: Fall 2014 Small-Cap Conference Vancouver

Date: November 6, 2014

Time: 6pm – 9pm PT

Location: Vancouver Convention Centre – Rooms 118-120, West Building


CSE Presents: Ten Keys to a Successful Investor Road Show – Vancouver

How, when and where a company presents its story can spell the difference between attracting investment capital or watching it go elsewhere.

To help empower companies to create effective presentations and make better choices with their marketing and investor relations budgets, the CSE, in partnership with Market Motion Media, will be sponsoring an exclusive workshop on how to plan and deliver a successful investor roadshow.

Join the CSE on Thursday October 30th from 9am to 1pm in downtown Vancouver to learn about tips, tools and best practices industry leaders use when taking their story on the road.

Included in the session are:

  • Public speaking tips for best presenting your company story
  • How to create compelling presentation decks
  • Key elements investors look for in corporate presentations

For more information, or to register for this event, click here. RSVP REQUIRED, SPACE LIMITED!


The CSE is Exhibiting and Speaking at Upcoming Canvest 2014 in Toronto

The Canadian Securities Exchange (CSE) is pleased to announce that it will be exhibiting at the upcoming Canadian Investor Conference in Toronto (Canvest) on September 25-26. This show will be a slight shift from the usually scheduled Toronto Resource Investment Conference as it will be broadening the scope of the show across the resource and technology sectors.

The CSE is scheduled to be housed at exhibit booth #809. We applaud the organizers at Cambridge House International for organizing a show that presents investment opportunities across several sectors as this is certainly tailoring the show to the appetites of today’s investment community in Toronto.

Richard_Carleton_canvestAdditionally, CSE CEO Richard Carleton will be participating on the panel titled, “Alternative Financing Methods” along with OTC Markets Group CEO Cromwell Coulson – we are looking forward to hearing their insight regarding the evolution of North American capital markets.

Mark your calendars for this show and we will be sure to see you there. Pre-registration is now open by following the link here.

See you in September!