FedDev Ontario is Helping Early-Stage Businesses by Supporting an Angel Investor Network in Peterborough
October 18, 2016 – Peterborough, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Innovative early-stage businesses are getting the tools they need to become more competitive and successful, thanks to a Government of Canada investment in the Peterborough Region Angel Network.
This investment of up to $300,000 will help the Peterborough Region Angel Network attract and retain angel investor members, which will help increase the pool of available angel investment funds. It will also support the development of tracking and measurement tools, and improve mentoring support available to early-stage, high-growth companies in southern Ontario.
This non-repayable contribution, provided through FedDev Ontario's Investing in Business Innovation initiative, was announced today by the Honourable Maryam Monsef, Minister of Democratic Institutions and Member of Parliament for Peterborough–Kawartha, on behalf of 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. This investment in the Peterborough Region Angel Network is helping to foster an entrepreneurial and creative society, and grow companies, which are two key pillars of the Innovation Agenda.
"Angel investors play an important role in not only financing, but also in mentoring and coaching entrepreneurs. Our Government is proud to invest in angel networks, like the Peterborough Region Angel Network, so they can build a larger and more diverse network of investors, which in turn helps early-stage businesses grow and create jobs for southern Ontario."– The Honourable Maryam Monsef, Minister of Democratic Institutions and Member of Parliament for Peterborough–Kawartha
"The Government of Canada is partnering with angel networks, like the Peterborough Region Angel Network, to help foster an entrepreneurial and creative society, and grow companies. This investment will provide more opportunities for early-stage businesses to access much needed capital and mentorship, which helps them to be competitive and spurs economic growth in the region."– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
"FedDev Ontario funding, in addition to membership fees, enables the Peterborough Region Angel Network to pursue its mission of facilitating innovation, research and economic development. It does this through mentorship, business counsel and investment capital in early-stage regional growth companies. Importantly as well, FedDev Ontario funding has enabled the network to support and solidify a close relationship with the Greater Peterborough Innovation Cluster, leading to greater outreach, visibility and more efficient resource utilization."– Yves Lafortune, Executive Director, Peterborough Region Angel Network
- The Peterborough Region Angel Network, established in 2008, is a not-for-profit angel network that connects investors from the Peterborough area with early-stage companies that are commercializing innovative technologies.
- With this FedDev Ontario funding, the network expects to attract up to 25 new angel investors, as well as up to $2.25 million in new investment for up to nine early-stage businesses.
- The Peterborough Region Angel Network previously received $275,000 in funding through FedDev Ontario's Investing in Business Innovation initiative, which helped the network grow its membership by 13 registered accredited investors.
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