T HE P RIMER F OR A NGEL I NVESTMENT I N C ANADA
C ANADA M UST I MPROVE I TS A BILITY T O C OMMERCIALIZE I DEAS Gordon M. Nixon, President and CEO, RBC Financial Group
Over the past decade, Canada has made great strides in developing the right macroeconomic conditions for improved growth and prosperity. But if Canadians are to sustain a high standard of living, they must become much better at turning innovation into profitable businesses. This is what the innovation debate is all about. It is here that Canadians are lagging – in research and development, in commercialization, and in growing new companies into viable enterprises with the scale and scope for long-term success. And it is here that angel investors across the country can and do make giant contributions to our collective prosperity. I trust angels across the country will find this inaugural edition of The Primer for Angel Investment in Canada to be an informative resource as they consider investment opportunities in the future. At home and around the world, Canadians have proven themselves as world-class researchers, innovators and entrepreneurs. Our big challenge remains our ability to commercialize innovation and create new and growing companies that provide good jobs in Canada and generate the wealth to sustain our quality of life. Angels take the new ideas of our scientists and entrepreneurs through the so-called “valley of death” – that very early stage in the life of an idea where the level of risk is at its highest and the financing the most difficult. This is where proof of concept is either established or where many potentially good ideas can die from lack of relatively modest funding. Angels also help facilitate the growth of at least some of our smaller companies into viable larger companies that are headquartered in Canada and have the potential to become international players. We don’t want to be in the position of simply providing the seed corn for enterprises in other parts of the world to profitably exploit. The time has come for the world of business, finance and government to review the regulatory, institutional and tax systems and consider changes that could be made to ensure that Canada has the financing system that meets the needs of the future economy. RBC Financial Group applauds the efforts of the National Angel Organization and others in this regard. As Canada’s largest financial institution, we support the activities of angel investors and others who are keen to contribute to our national prosperity. Quite clearly, the success of our economy and our ability to sustain and support a high standard of living for all Canadians will depend on our ability to start and to grow Canadian companies.
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