I N T ROD UCT I ON Su r vey Des i gn and Respondent P r o f i l e
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T he overall trend of large-scale angel organizations, with hun- dreds and in some cases, thousands of limited partners, getting involved in the early-stage investment eco- system continues to be prevalent in increasing the average number of overall angel organization mem- bers reported. The median number of organization members speaks to the expected size of more tradition-
of members in 2020 may suggest that a decline in membership has disproportionately affected some of the largest organizations. However, it is also likely to be influenced by some large organizations that re- sponded in 2019 but not in 2020. The introduction of two new, small- er angel organizations may also con- tribute to the decrease in the mean number of members in 2020.
al angel organizations and the num- ber has declined slightly from 60 in 2019 to 52 in 2020. This is also lower than in 2018. The difference between the median and mean re- flects the skewed nature in the size distribution of angel organizations, with a handful of large organizations and a considerably greater number of smaller organizations. The sharp drop in the average (mean) number
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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