PREFACE
12
Seeding Innovation
Over the past year, the Canadian innovation economy has faced formidable challenges, primarily due to es- calating economic uncertainties that have impacted entrepreneurs and venture funds in their capital-rais- ing efforts. These conditions, exacerbated by increas- ing borrowing costs, have stifled many small business- es, underscoring the vital role of angel capital – both through direct investment and from limited partners in venture funds – in sustaining Canada’s innovation economy. Encouragingly, the past year has also witnessed a re- markable surge in diversity within angel organizations, with women's participation increasing more than two- fold since 2019. This progress reflects the power of public policy in mobilizing the private sector. While we celebrate this progress, we acknowledge that further efforts are necessary to enhance diversity across all di- mensions of our innovation economy, ensuring that we leave no entrepreneur behind. Our recent 'Moonshots 2030' event, in collaboration with NACO member organization MaRS Discovery Dis- trict, showcased Canada’s entrepreneurial spirit and po- tential. Twenty of Canada's most promising high-growth
CLAUDIO ROJAS, CEO, NATIONAL ANGEL CAPITAL ORGANIZATION AT MOONSHOTS 2030
2023 ANNUAL REPORT ON ANGEL INVESTING IN CANADA
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