Government of Canada Supports Angels

The Government of Canada will be contributing up to $2,016,563 to four angel networks and two organizations representing angel networks across southern Ontario. These investments will allow four angel networks, located in Cambridge, Collingwood, Kingston and Toronto, to expand their membership bases. In addition, the Ontario and national organizations will receive contributions to develop their online resources and perform outreach activities that will help recruit new angel investors from Ontario and outside the province, including foreign investors.

PRESS RELEASE

Southern Ontario now has a stronger base of angel investment networks that will be able to connect more angel investors with the region’s promising new businesses thanks to an investment by the Government of Canada. The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced support for the angel investment community during a keynote address delivered at the 2011 National Angel Summit today.
“Our Government is working to support angels from coast to coast to coast,” said Minister Goodyear. “I think it’s clear that support for angel investors is a winning proposition: by unlocking investment capital, angels are helping us keep skilled workers and patents here, and helping to create sustained prosperity for our region and our country. This investment will attract new capital to our region, creating high-value jobs and long-term economic prosperity.”
The Government of Canada will be contributing up to $2,016,563 to four angel networks and two organizations representing angel networks across southern Ontario. These investments will allow four angel networks, located in Cambridge, Collingwood, Kingston and Toronto, to expand their membership bases. In addition, the Ontario and national organizations will receive contributions to develop their online resources and perform outreach activities that will help recruit new angel investors from Ontario and outside the province, including foreign investors.
“The angel community has risen to the challenge of funding southern Ontario’s most exciting growth-oriented companies during the recent economic turmoil,” said Bryan Watson, Executive Director of the National Angel Capital Organization, organizers of the 2011 National Angel Summit. “The investment in southern Ontario’s angel community by FedDev Ontario will help our region attract angels, local and foreign, and help them invest their dollars, expertise and networks in our next generation of growth companies.”
Investing in Business Innovation is a direct result of feedback from business leaders, academics and community leaders from across southern Ontario, who suggested FedDev Ontario take a leadership role in encouraging entrepreneurs and investors to take the risks necessary to put southern Ontario businesses on the map.
For more information, please refer to the backgrounder.
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. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region’s businesses and communities become more competitive, innovative and diversified.