What factors make it possible for an Angel Group to generate such outstanding results? NOA is positioned in a large, geographically dispersed region,witha lowpopulationdensityandastruggling natural resource sector, yet they continue to outpace groups across North America. Three reports written by Sterling provide insights into NOA’s success and the key factors are explored below.
are not limited to) incubators and accelerators, Regional Innovation Centres, financial institutions, Centres of Excellence, provincial or territorial programs supporting entrepreneur, etc. NOA supports the development of their own deal flow pipeline and the larger ecosystem by referring very early-stage entrepreneurs to resources that are better positioned to help them become investor- ready. Once the entrepreneur is ready to seek investment, NOA and supporting organization(s) may collaborate to provide the most support possible to an entrepreneur. Leveraging or stacking funding can make all the difference to an entrepreneur as they build their business. .
1.
Federal Government Funding:
Government funding (FedNor ) of Network development and administrative support provides stability, which in turn created the foundation of NOA’s success. Initial and subsequent multi-year funding commitments enabled the organization to set and achieve multi-year goals including the recruitment and retention of highly skilled leadership. From 2010 to 2021 (anticipated), the total FedNor contribution in support of NOA is $2,650,080. This investment has resulted in the creation or maintenance of 4,000 jobs in the region.
3.
Engaged Angel Investors:
Investors with NOA meet the Accredited Investor criteria as defined by the Ontario Securities Commission. Investor identity and their involvement with NOA is held in the strictest of confidence. Ongoing recruitment and retention of investors as well as ensuring the investor’s experience is satisfactory, are critical success factors for NOA.
2.
A Coordinated Network Approach:
NOA has developed a strong network of organizations that support new business development. These organizations may include (but
(11). Sterling, S. (2016). Impact of Angel Investment and Factors that Contribute to Success. Northern Ontario Angels. Sterling, S. (2018). Impact of Regional Development Agency Funding on Angel Investment in Canada. National Angel Capital Orga- nization. Sterling, S. (2019). Northern Ontario Angels Stakeholder Satisfaction Report. Northern Ontario Angels. Internal document. (12). FedNor is the Government of Canada’s economic development organization for Northern Ontario. Through its programs and services, and through its financial support of projects that lead to job creation and economic growth, FedNor works with businesses and community partners to build a stronger Northern Ontario (https://fednor.gc.ca/eic/site/fednor-fednor.nsf/eng/home).
47
MOBILIZING ANGEL ACTIVITY IN YUKON
Powered by FlippingBook