Archived — Government of Canada Supports Angel Investors in Southwestern Ontario
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For immediate release
May 14, 2012
London, Ontario — 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), today announced a new Government of Canada investment for the Southwestern Ontario Angel Group that will help the organization connect more angel investors with promising new businesses in the region.
"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. "Through investments such as this one we are helping drive innovation in our region by addressing the unique financing challenges facing entrepreneurs, as they work to commercialize their innovations and increase investor interest."
The Southwestern Ontario Angel Group is an incorporated, not-for-profit angel network located in London, Ontario. The group aims to develop a strong base of active angel investors to respond to the funding needs of early-stage, entrepreneurial companies in the commercialization of innovative technologies.
Under FedDev Ontario's Investing in Business Innovation initiative, the Southwestern Ontario Angel Group will receive up to $50,000 to expand its membership base and increase its pool of angel investors through outreach activities. The group is aiming to increase its investor group from the current 35 members to more than 50 members, resulting in an additional $1 million in available angel funding.
"This investment by the Government of Canada in the activities of the Southwestern Ontario Angel Group will greatly enhance our group's capacity to support the establishment and growth of innovative companies and contribute to economic development in London and the southwestern Ontario region," said Carmen Gicante, managing director of the Southwestern Ontario Angel Group.
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.
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For more information, contact:
Director of Communications
Office of the Honourable Gary Goodyear
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