After successfully mobilizing more than $29 million in Angel capital over three years for Ontarian early-stage companies, the National Angel Organization – Ontario welcomes the Investing in Business Innovation program by FedDev Ontario, an agency of the Government of Canada. According to FedDev Ontario:
Investing in Business Innovation provides funding to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and bring them to market. Funding is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds.
Up to $190 million has been allocated to this program from 2010 to 2014.
Organizations representing southern Ontario angel networks may request non-repayable funding of up to $2 million to support investment attraction activities, and FedDev Ontario will provide grants of up to $50,000 to support approved and newly forming Angel groups in Southern Ontario. In addition, start-up businesses in southern Ontario may request up to $1 million in repayable contributions from this program to accelerate the development of their products, processes or practices.
“FedDev Ontario’s Investing in Business Innovation program recognizes the importance of organized angels and angel networks in growing Canadian businesses from the earliest stages. As important as the capital invested is the senior level industry experience that angels contribute in a time when speed-to-market is critical. Angel networks bring scale and diversity to both sides.” said Patricia Lorenz, chair of NAO-Ontario.
NAO-Ontario President W. Daniel Mothersill stated,
“The Angel Network Program in Ontario has clearly demonstrated the importance of Angel capital in the commercialization ecosystem. We have also shown that a small amount of support for the Angel community can provide significant leverage in terms of capital invested in companies, which, in turn, results in job creation. With FedDev Ontario’s support, we expect that Ontario’s Angel community will continue to thrive and to grow more start-ups.”
Reposted from National Angel Capital Organization
Throughout his career, both in Canada and the UK, Bryan J. Watson has been a champion of entrepreneurship as a vector for the commercialization of advanced technologies. Upon his return to Canada in 2004, Bryan established his venture development consulting practice to help emerging-growth companies overcome the barriers to success they face in the Canadian commercialization ecosystem. Visit Bryan’s blog and the National Angel Capital Organization.
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