For immediate release
May 14, 2012
Oakville, Ontario — Terence Young, Member of Parliament for Oakville, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), today announced a new Government of Canada investment for Angel One Investor Network that will help the organization connect more angel investors with promising new businesses in the region.
"The Government of Canada is committed to creating jobs, growth and long-term prosperity for southern Ontario," said MP Young. "By helping encourage 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. This will help drive innovation in southern Ontario, for the benefit of our people, businesses and communities."
Angel One Investor Network is a not-for-profit angel network based in Oakville, Ontario. The group aims to develop a strong base of active angel investors to respond to the funding needs of early-stage, entrepreneurial companies in the Oakville, Burlington and Hamilton areas that are working to commercialize innovative technologies.
Under FedDev Ontario's Investing in Business Innovation initiative, Angel One Investor Network will receive up to $50,000 to expand its membership base and increase its pool of angel investors through outreach activities such as recruiting and training seminars, a web site and other promotional tools. The group is aiming to increase its investor group from the current 11 members to a total of 40 members.
"The introduction of a formal angel organization in the region is expanding the investing breadth and depth of the local investors. Angel investing has become an important component in the effective commercialization of innovation," said Karen Grant, executive director of Angel One Investor Network. "Individually and in groups Angel investors fund at least $1.9 billion a year in Canada, complementing the $871 million invested by venture capital in early-stage companies."
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. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
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For more information, contact:
Michele-Jamali Paquette
Director of Communications
Office of the Honourable Gary Goodyear
613-947-2956
Media Relations
FedDev Ontario
519-585-2917
