9
Preface
35
Spotlight on Start-up Visa
36
Executive Summary
56
1. Introduction
57 64
1.1
Angel Investment During COVID-19 Survey Design and Respondent Profile Investment Activity of Angel Organizations in 2020: An Overview
1.2 1.3
67 74
1.4
Summary
76
2. Angel Organization Characteristics
77 78 80 82 83 84 86
2.1 2.2 2.3 2.4 2.5 2.6 2.7
Introduction
Structure of Angel Organizations
Fee Structures
Age of Organizations
Size of Organizations – Membership Numbers
Gender of Organization Membership Investment Activity by Organization
Contents
90
3. Investment Activity in 2020
91 93 97
3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9
The Demand for Angel Investment
The Financing Funnel
Investments
105 108 112 116 119 122 135
Deal Structures
Valuations
Investment Characteristics - Industry Sector Investment Characteristics - Firm Size
Investment Characteristics - Region
Spotlight on Atlantic Canada
3.10 Spotlight on Alberta
143
4. The Investment Environment
144 147
4.1 4.2 4.3
The Investment Climate for Angel Investing in 2020
COVID-19 Challenges
The Importance of Structured Angel Activity and Government Support
162
172
5. Conclusion
173 174 177 178
5.1 5.2 5.3 5.4
Introduction
Investment Trends in 2020: Summary
Post-Covid: A New Normal for Angel Investing?
Implications for Policy-Makers
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