Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

November 24, 2016 10:00 ET

Early-Stage Businesses to Benefit from FedDev Ontario Support for the Georgian Angel Network

BLUE MOUNTAINS, ONTARIO--(Marketwired - Nov. 24, 2016) - Blue 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 an investment in the Georgian Angel Network.

This non-repayable contribution of up to $300,000, 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.

This investment will help the Georgian Angel Network attract up to 18 new angel investor members, increasing the pool of available angel investment funds by up to $7.5 million. The funding will also support improvement of the network's mentoring which it provides to early-stage, high-growth companies in southern 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 is an example of that vision in action.

Quotes

"The Government of Canada's investment in angel networks, like the Georgian Angel Network, will help create high-value jobs, long-term economic prosperity and position the country as a global centre for innovation. The expanded Georgian Angel Network will not only attract new investments, it will provide more opportunities for early-stage businesses to scale-up and commercialize their innovative technologies."

- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario

"We are extremely grateful for FedDev Ontario's funding toward the Georgian Angel Network. The Network's investment amount continues to grow annually, and this funding will support our continued investment in high-potential start-up companies through 2019. We will continue to work with our commercialization ecosystem partners in educating, mentoring and financing promising Ontario start-ups."

- Sandy Robertson, Managing Director, Georgian Angel Network

Quick Facts

  • The Georgian Angel Network, incorporated in 2009, is a not-for-profit angel network that connects investors from the Collingwood, Orangeville, Barrie, Owen Sound and Parry Sound regions with early-stage companies that are commercializing innovative technologies.
  • With this FedDev Ontario funding, the Network expects to help 34 early-stage businesses through mentorship, advice and investment attraction.
  • The Georgian Angel Network previously received $350,000 in funding through FedDev Ontario's Investing in Business Innovation initiative, which helped the Network to grow its membership by 21 registered accredited investors.

Associated Links

Investing in Business Innovation initiative

Georgian Angel Network

Website: www.FedDevOntario.gc.ca

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