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Implications for Policy-Makers 5.4 P olicy-makers can take some encouragement from the resilience exhibited by angel investors during the pandemic. The worst-case fears that there would be a precipitate decline in angel investing did not materialize. However, they must not be complacent. The pandemic has highlighted the potential vulnerability of this part of the ecosystem. First, the pandemic did lead to an initial
fall in angel investing. Second, most angel organizations operate with scarce financial resources, with many re- lying on the voluntary inputs from their members and require additional resources or economies of scale to meet the increased capital needs of entrepreneurs. And third, a small but significant percentage (17%) of angel organizations made no investments in 2020.
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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