Investment will help Canadian start-ups access important early-stage capital
TORONTO, Sept. 26, 2018 /CNW/ - Angel investors are critical to the Canadian innovation ecosystem. They provide much needed capital to early-stage start-ups.
Today, the Honourable Mary Ng, Minister of Small Business and Export Promotion, participated in a panel discussion at the National Angel Capital Organization's World Angel Investment Summit, where she spoke about the important role angel investors play in helping Canadian start-ups secure the capital that is essential to their success. The Minister also highlighted the Government of Canada's support for the innovation ecosystem, including angel groups and business accelerators and incubators.
Other members of the panel included Erin Bury, Managing Director, Eighty-Eight; Sandi Gilbert, Chair, National Angel Capital Organization; Abdullah Snowbar, Executive Director, DMZ; and Jess Joss, Chair, World Angel Investment Summit.
Minister Ng, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced up to $1.5 million through FedDev Ontario's Investing in Business Innovation to help grow Ontario's angel networks. Funded organizations include the Windsor Essex Angel Network, the National Angel Capital Organization, the GreenSky President's Club, Angel Investors Ontario, the Spark Angel Network and SOAN—Southeastern Ontario Angel Network.
"Start-ups have told us they need access to valuable early-stage capital. That's why our government is investing in angel networks across Canada so that Canadian start-ups can get the capital they need to start up, scale up and access new markets. Fostering Canada's start-up ecosystem helps create well-paying middle-class jobs for Canadians as well as grow Canada's innovation economy."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
"Our government is committed to supporting Canada's start-up community and those working to help them succeed on a global scale. This includes supporting angel networks and organizations that provide not only financing, but also mentoring and coaching to early-stage companies in their development. Today's announcement is one way we are advancing our vision of Canada as a global centre for innovation, by giving early-stage businesses access to the tools they need to scale up, create quality jobs and foster economic growth."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario
- Small and medium-sized enterprises (SME) account for 99.8% of all businesses in Canada. These 1.1 million SMEs employ 90% of the private sector workforce (10.7 million Canadians) and are responsible for 52% of Canadian GDP generated by private sector businesses.
- Our government is lowering the small business tax rate to 9% in 2019, putting up to $7,500 back into Canadian small business owners' pockets annually. This small business tax rate is the lowest among G7 countries.
- To help SMEs find funding, advice and information, the government launched Innovation Canada, a one-stop shop for how government can help business owners.
- Firms that export pay on average 14% higher wages than firms that do not export; however, only 12% of Canadian SMEs export.
- The Government is helping SMEs expand into new markets abroad—and reach over 1 billion new customers—by promoting export through the negotiation and implementation of free trade agreements such as the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
- Innovation and Skills Plan
- Innovation Canada
- FedDev Ontario Investing in Business Innovation
- The Canadian Trade Commissioner Service
- Accelerated Growth Service
- Industrial Research Assistance Program
- Innovative Solutions Canada
- Venture Capital Catalyst Initiative
- Women Entrepreneurship Strategy
- Canada-European Union Comprehensive Economic and Trade Agreement
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership
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SOURCE Innovation, Science and Economic Development Canada
For further information: Mallory Clyne, Director of Communications, Office of the Minister of Small Business and Export Promotion, 343-291-2700; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]