OTTAWA, ONTARIO--(Marketwire - June 29, 2012) - John Baird, Member of Parliament for Ottawa West-Nepean, and Foreign Affairs Minister, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced a Government of Canada investment of up to $50,000 for the Capital Angel Network that will help the organization connect more angel investors with promising new start-up businesses in the Ottawa area.
"This investment will allow the Capital Angel Network to expand its membership and increase the amount of angel financing that is available for entrepreneurs in the Ottawa area," said Baird. "Through investments such as this one, we are helping to drive innovation throughout southern Ontario, and working to ensure our start-up businesses have the tools they need to create jobs for our people, and bring growth and long-term prosperity to our region."
The Capital Angel Network is an incorporated, not-for-profit angel network located in Ottawa. 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 Ottawa area that are working to commercialize innovative technologies.
The investment is being provided under FedDev Ontario's Investing in Business Innovation initiative. The Capital Angel Network will use the funding to expand its membership base and increase its pool of angel investors through outreach activities.
"There are a large number of interesting new companies in the Ottawa area, but a common problem is a shortage of capital. The Capital Angel Network is dedicated to connecting these companies to angel investors that can provide the financing and expertise required to help them grow," said Laurie Davis, managing director of the Capital Angel Network. "This funding from FedDev Ontario will help us expand the membership of the Capital Angel Network leading to even more assistance for entrepreneurs."
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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This news release is available online at: www.actionplan.gc.ca.