A New Decade. A NewMore Inclusive Economy. We now sit in a very unique moment in time. The COVID-19 pandemic has had devastating im- pacts around the world and on Canadians from coast to coast to coast. But it has also afforded us a unique opportunity to think differently as we build the New Economy. Whether this be around the geographic imbalance demonstrated in sec- tion 3.7 or the gender gaps highlighted in section 2.6, we know there is much work to be done and many opportunities for inclusive prosperity ahead. The past decade of data is a valuable foundation upon which to build more inclusive early-stage in- vestment activity. We knowwe can achieve greater impact through enhanced local, regional and na- tional collaboration. We also need to welcome and learn from those groups who have not meaningfully participated in the high-growth economy. And we look forward to supporting innovative solutions that empower our communities, our people, and our country with strength and resilience. On behalf of NACO, we hope that this report inspires action to support Canada’s entrepreneurs in all communities around the country. We welcome your participation as we carve a new path forward, research new initiatives, work to mobilize an un- precedented wave of investment to lead Canada’s post-crisis economy recovery, and expand the na- tional impact of local angel activity to drive greater levels of inclusive economic prosperity in Canada.
investment for entrepreneurs in the region. Early warning signs of resource constraint, for ex- ample, include the challenges experienced in col- lecting data for this report. This is concerning, as the not-profit organizations that have historical- ly mobilized angel activity in Southern Ontario were already operating in a resource-constrained environment prior to the outbreak of COVID-19. To the extent that the economic climate places in- creased pressure on these organizations, we may see consolidation and reduced capacity-building. In contrast, Québec continues to attract significant provincial support for angel activity, which has contributed to robust investment that is expected to continue. Meanwhile, Northern Ontario Angels continues to attract strong regional support, which has con- tributed to its consistent ranking as one of the top performing angel groups in Canada. As a result, Northern Ontario is a useful benchmark for the po- tential of other regions. Earlier in 2019, NACO partnered with the Govern- ment of Yukon to develop its entrepreneurial econ- omy. Angel investors from across Canada partic- ipated in a series of research sessions to share insights and knowledge on attracting investment activity. National connectivity between emerging and established ecosystems remains a source of untapped potential for Canada’s innovation econo- my. Although historically angels have been inclined to invest close to home, the increased digital activi- ty that occurred in response to the challenges of the COVID-19 pandemic may lead to a new interest in interprovincial investing. These insights along with the evidence shared in this report have informed the development of new programming to provide support and education to our regional groups. Through targeted efforts focused on engaging with historically underrepre- sented groups, the full potential of entrepreneurs in all communities will be activated.
Sandi Gilbert Chair, NACO Board of Directors
Claudio Rojas CEO, NACO
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ANNUAL REPORT ON ANGEL INVESTING IN CANADA
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