Southern Ontario Businesses to Benefit from FedDev Ontario Support for Maple Leaf Angels Corporation
News Release
September 21, 2016 – Toronto, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Early-stage businesses in the Greater Toronto Area and across southern Ontario will have greater access to capital, mentorship and advice as a result of Government of Canada support of up to $300,000 to Maple Leaf Angels Corporation.
This non-repayable federal contribution, provided through FedDev Ontario's Investing in Business Innovation initiative, was announced today by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
The Government's Innovation Agenda aims to make Canada a global centre for innovation — one that creates jobs, drives growth across all industries and improves the lives of all Canadians. Investing in Maple Leaf Angels Corporation, a not-for-profit angel network that connects investors with innovative early-stage technology companies, is helping to make that vision a reality.
This funding will help Maple Leaf Angels Corporation expand its angel investor membership, increase the pool of angel investment funds, and improve its investment and reporting tools as well as the mentoring support available to entrepreneurs.
Quotes
"The Government of Canada's Innovation Agenda is focused on fostering an entrepreneurial and creative society, and growing businesses. Investing in angel networks, like Maple Leaf Angels Corporation, is a great example of supporting these two key pillars, as it will provide more opportunities to connect investors with innovative companies and help them to secure the tools and capital required to scale up and be successful."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
"Our members seek out capable entrepreneurs to help turn their bright ideas into great Canadian companies. FedDev Ontario's capital injection provides a critical lever for us to connect more experienced investors with more great entrepreneurs."
– Probal Lala, Chair, Maple Leaf Angels Corporation
Quick Facts
- Maple Leaf Angels Corporation, established in 2007, has developed a network of accredited investors in Ontario, who have invested more than $17 million in over 30 companies.
- This project is expected to attract up to 60 new angel investors to Maple Leaf Angels Corporation, as well as up to $12 million in new investment for up to 30 early-stage businesses. The project will also support outreach, education and engagement activities for both investors and entrepreneurs.
- Maple Leaf Angels Corporation previously received $300,000 through FedDev Ontario's Investing in Business Innovation initiative, which helped the Corporation grow its membership from 12 to 74 accredited investors.
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Website: www.FedDevOntario.gc.ca
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