The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has provided funding to the Peterborough Region Angel Network, an incorporated not-for-profit network of individuals based in Peterborough, Ontario. FedDev provided $75,000 to the angel organization, which will use the money in part to double its membership base to a projected 34 angel investors active in local early-stage, entrepreneurial companies.
Government of Canada Encourages Private Investment in Peterborough Region Start-Up Businesses
PETERBOROUGH, ONTARIO–(Marketwired – April 22, 2013) – The Peterborough Region Angel Network (PRAN) will be able to connect more angel investors with promising new start-up businesses in the Peterborough area, thanks to a $75,000 Government of Canada investment announced today by Dean Del Mastro, Member of Parliament for Peterborough, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
“The Government of Canada is committed to creating jobs, growth and long-term prosperity for southern Ontario by investing in business innovation,” said MP Del Mastro. “By encouraging greater angel investment in the innovations of entrepreneurs in our region, we are strengthening relationships between start-up companies, investors and our government, and equipping businesses with the tools they need to succeed.”
The Peterborough Region Angel Network is an incorporated not-for-profit network of individuals based in Peterborough, Ontario. The group aims to double its membership base to a projected 34 active angel investors to respond to the funding needs of early-stage, entrepreneurial companies in the Greater Peterborough region that are working to bring new technologies to market.
The investment through FedDev Ontario’s Investing in Business Innovation initiative will allow the Network to expand its membership base and increase its pool of angel investors through outreach activities such as recruiting and training seminars and other promotional tools. It will also allow the group to provide advisory services for entrepreneurs, and help it put in place new monitoring and reporting systems.
“Growing the number of angel investors does two things: It increases the pool of capital, and provides greater access to experienced mentoring and advisory group collaboration,” said Bill Lockington, chair of PRAN. “These are essential to creating business entities to commercialize research and innovation. This is an important strategy.”
Investing in Business Innovation is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region’s strengths and creating opportunities for jobs and economic growth. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014, including $200 million over five years for a new Advanced Manufacturing Fund in Ontario, as well as the extension of the Eastern Ontario Development Program. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.
Office of the Honourable Gary Goodyear
Media Relations Office
Photo courtesy of Shutterstock.
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