For immediate release
March 18, 2013
Cambridge, Ontario — The Golden Triangle Angel Network (GTAN) will be able to connect more angel investors with promising new start-up businesses in the Region of Waterloo, thanks to a $100,000 Government of Canada investment announced today by the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"The Government of Canada is committed to creating jobs, growth and long-term prosperity for southern Ontario by investing in business innovation," said Minister of State Goodyear. "By encouraging 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."
GTAN is an incorporated not-for-profit angel network based in Cambridge, Ontario. The group aims to develop a base of more than 180 active angel investors to respond to the funding needs of early-stage, entrepreneurial companies in the Region of Waterloo that are working to bring new technologies to market.
The investment through FedDev Ontario's Investing in Business Innovation initiative will allow GTAN to expand its membership base and increase its pool of angel investors through outreach activities such as recruiting and training seminars and other promotional tools. It will also allow the group to provide advisory services for entrepreneurs, and help it put in place new monitoring and reporting systems.
A $50,000 investment from FedDev Ontario announced in December 2010 allowed GTAN to attract 70 new members and resulted in almost $13 million in new angel investments in local start-up businesses.
"The Investing in Business Innovation initiative has been a key catalyst in accelerating membership growth, the quantity and quality of angel investments and the number of innovative, early-stage companies funded in the Golden Triangle Region and beyond," said Rob Douglas, president of GTAN. "The resultant financial impact is significant, and will lead to greater financial stability and prosperity in our regions."
Investing in Business Innovation is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. Funding under the initiative is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds. Applications for funding are being accepted and assessed on an ongoing basis. For more information, please refer to the program guidelines available on the FedDev Ontario website.
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.
As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.
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For more information, contact:
Stephanie Thomas
Press Secretary
Office of the Honourable Gary Goodyear
613-960-7728
Media Relations
FedDev Ontario
416-954-6652
