C ONC LU S I ON Imp l i ca t i ons fo r Po l i cy-Make r s
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bination of policy mechanisms such as tax credits combined with finan- cial support for structured angel ac- tivity as well as education for both investors and entrepreneurs will en- sure that our early-stage ecosystem can produce the high-quality, VC- ready companies that grow to be the unicorns of tomorrow. By work- ing closely with incubators and ac- celerators, educational institutions, investment groups and government, we can support the forefront of Ca- nadian early-stage innovation, plac- ing us on the global stage in produc- ing world-class scale-ups.
they need to build their businesses. This evidence-based analysis has made the case once again that the early-stage investment ecosystem requires government support to achieve its full potential. Entrepre- neurship drives economic develop- ment and targeted policies and pro- grams that support the early-stage investment ecosystem are an ef- fective tool to spur innovation and growth. Access to capital poses a significant barrier to entrepreneurial growth and requires a multi-faceted approach that takes into consider- ation regional and provincial differ- ences and addresses the needs of all entrepreneurs, of all backgrounds in all locations. A well-designed com-
ing programs such as NACO Acad- emy, can increase the effectiveness and integrity of equity tax credits. Thirdly, programs that provide fund- ing for structured angel activity, such as NACO’s Western Canada Angel Network program, are incred- ibly effective at driving local eco- nomic activity by activating capital and support for entrepreneurs. And lastly, the role of structured angel activity in democratizing access to capital, particularly for historical- ly underrepresented groups should not be overlooked. By bringing vis- ibility and accessibility to angel in- vestors, many entrepreneurs who do not have access to a strong net- work can now access the capital
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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