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Executive Summary
Conclusion
I nnovation leaders and policy-makers can take some encouragement from the resilience exhibited by an- gel investors during the pandemic. The worst-case fears that there would be a precipitate decline in angel in- vesting did not materialize. However, if governments are committed to spurring innovation they must not be complacent. The pandemic has highlighted the poten- tial 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 relying on the voluntary inputs from their members and require additional re- sources or economies of scale to meet the increased capital needs of entrepreneurs. And third, five angel or- ganizations (17%) did not make any 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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