For immediate release
November 7, 2013
Niagara Falls, Ontario — The Niagara Angel Network will be able to connect more angel investors with promising new start-up businesses across the Niagara region, thanks to a $100,000-investment from the Government of Canada, announced today by the Honourable Rob Nicholson, P.C., Q.C., Member of Parliament for Niagara Falls, Minister of National Defence, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"Our Government is committed to investing in innovation to create jobs, growth and long-term prosperity," said Minister Nicholson. "By working together with the local business community and the Niagara Angel Network, we are helping to strengthen the competitiveness of start-up and early-stage businesses in Niagara."
The investment is being provided through FedDev Ontario's Investing in Business Innovation (IBI) initiative, which is designed to provide improved access to financing for start-up businesses, boost private sector investment in start-up businesses, and help accelerate the research and development of new products and ideas and bring them to the marketplace.
The Niagara Angel Network is a not-for-profit angel network located in Niagara-on-the-Lake, and is part of the Network of Angel Organizations–Ontario. The new investment will allow the Network to develop an expanded base of active angel investors to respond to the funding needs of early-stage, entrepreneurial companies in the commercialization of innovative technologies.
In 2011, the Niagara Angel Network received $50,000 through the IBI initiative to expand its angel investor base through investment attraction activities. This support led to increased membership and an increased investment pool in the Niagara Region. For more information, visit www.niagaraventureforum.com.
"This funding has helped our Angel investor group exceed $3 million worth of investments while leveraging an additional $10.8 million from other sources of funding," said Terry Mactaggart, Chairman for Niagara Angel Network. "With the Government of Canada's support, the Niagara Angel Network is helping to build the next generation of companies in Niagara and beyond."
The Investing in Business Innovation initiative is part of FedDev Ontario's Southern Ontario Advantage initiatives. To date, over $420 million in funding has been committed to over 240 projects under the Southern Ontario Advantage initiatives, resulting in partnerships with more than 5,000 organizations, and over $1.2 billion in additional leveraged investments from almost exclusively non-government sources.
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. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario.
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.
To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
Follow us on Twitter @FedDevOntario.
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