Western Economic Diversification Canada

Western Economic Diversification Canada

July 30, 2015 17:00 ET

Government of Canada Investment to Support Growth of Angel Investor Community in Western Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - Western Economic Diversification Canada

Today, Andrew Saxton, Member of Parliament for North Vancouver, on behalf of the Honourable Michelle Rempel, Minister of State for Western Economic Diversification, announced $1.5 million in Western Diversification Program funding to the National Angel Capital Organization (NACO), to implement a three year initiative aimed at growing the Angel investor community in Western Canada.

Through this investment, NACO will identify, recruit and educate Angel investors within Western Canada and connect these groups with other established Angel communities throughout Canada and the United States. This initiative is expected to triple the number of visible Angel investors in Western Canada, tapping into unexplored investment potential.

To strengthen the partnership between the Angel investor community and beneficiary innovation firms, NACO will work to identify best practices, develop investment standards, and determine preferred delivery channels. This will provide innovation firms access to capital and lead Canadian companies to market their products more efficiently.

Quick Facts

  • Angel investors are affluent individuals who provide capital for business start-ups in exchange for convertible debt or ownership equity.
  • NACO is made up of more than 2,000 members across the country. These members are a diverse group of individual investors, Angel groups and other industry partners that provide support to early-stage companies.
  • In 2013, Canadian Angel investors provided $89 million to local projects and start-ups.

Quotes

"Our Government is committed to providing trade and investment opportunities to allow businesses, communities and institutions in the West to remain competitive in the global market. This ensures that Canadians can enjoy the benefits of strong economic growth and a high standard of living."

  • Andrew Saxton, Member of Parliament for North Vancouver

"This investment will strengthen Western Angel organizations, entrepreneurs and the economy. I'm looking forward to the innovative program this will fund and I believe it will make an impact over the next three years."

  • Michelle Scarborough, NACO Board, Member of Directors, Chair

Additional Links

- Canada's Economic Action Plan - Innovation

- Harper Government Partners with Mitacs to Support Growth of Western Businesses

- National Angel Capital Organization

- 2014 Report on Angel Investing Activity in Canada

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Contact Information

  • Ben Stanford
    Regional Communications Manager
    Western Economic Diversification Canada
    604-666-3395
    ben.stanford@wd-deo.gc.ca

    Melissa Durrell
    Communications Strategist
    National Angel Capital Organization
    519-500-4408
    melissa@durrellcomm.com

    WD Toll-Free Number: 1-888-338-WEST (9378)
    Teletypewriter (TTY): 1-877-303-3388
    www.wd-deo.gc.ca.