LONDON, ONTARIO--(Marketwire - March 28, 2013) - The Southwestern Ontario Angel Group will be able to connect more angel investors with promising new start-up businesses in the southwestern Ontario region, thanks to a $100,000 Government of Canada investment announced today by Susan Truppe, Member of Parliament for London North Centre, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"The Government of Canada recognizes that innovation has a key role to play in creating jobs, growth and long-term prosperity for southern Ontario," said MP Truppe. "By encouraging greater angel investment in the innovations of entrepreneurs in our region, we are strengthening relationships between start-up companies and investors, and equipping businesses with the tools they need to succeed."
The Southwestern Ontario Angel Group is an incorporated not-for-profit angel network based in London, Ontario. The group aims to develop a base of more than 70 active angel investors to respond to the funding needs of early-stage, entrepreneurial companies in the southwestern Ontario region that are working to bring new technologies to market.
The investment through FedDev Ontario's Investing in Business Innovation initiative will allow the Southwestern Ontario Angel Group 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 May 2012 allowed the Southwestern Ontario Angel Group to attract 10 new members and resulted in $3.5 million in new angel investments in nine local start-up businesses.
"FedDev Ontario's Investing in Business Innovation initiative has been instrumental in increasing and accelerating the start-up and growth of our early-stage technology-based companies," said Carmen S. Gicante, managing director of the Southwestern Ontario Angel Group. "The support of FedDev Ontario has allowed our group to increase membership, increase private sector investment in business growth and enhance our ability to guide and advise entrepreneurs."
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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This news release is available online at: www.FedDevOntario.gc.ca.