Preface | 4 |
Executive Summary | 9 |
Introduction | 10 |
Angel Group Characteristics | 11 |
Investment Activity in 2019 | 12 |
The Investment Environment | 14 |
Conclusion | 16 |
1. Introduction | 17 |
1.1 The Role of Angel Investors in the Entrepreneurial Ecosystem | 18 |
1.2 Survey Design and Respondent Profile | 20 |
1.3 Investment Activity of Angel Groups in 2019: an Overview | 22 |
1.4 The Impact of the COVID-19 Economic Crisis on Angel Investment Activity | 24 |
1.5 Summary | 26 |
2. Angel Group Characterisitcs | 27 |
2.1 Introduction | 28 |
2.2 Organizational Structure | 28 |
2.3 Fee Income | 29 |
2.4 Age of Group | 30 |
2.5 Size - Membership Numbers | 31 |
2.6 Gender of Group Membership | 32 |
2.7 Women’s Entrepreneur Fund | 33 |
2.8 Investment Activity by Group | 34 |
3. Investment Activity in 2019 | 37 |
3.1 Demand For Angel Finance | 38 |
3.2 The Financing Funnel | 38 |
3.3 Investments | 40 |
3.4 Deal Structures | 43 |
3.5 Valuations | 44 |
3.6 Investment Characteristics – Industry Sector | 46 |
3.7 Investment Characteristics – Company Size | 49 |
3.8 Investment Characteristics – Region | 51 |
4. The Investment Environment | 53 |
4.1 The Investment Climate For Angel Investing In 2019 | 54 |
4.2 Government Initiatives: What Angel Groups Need | 56 |
5. Conclusion | 57 |
5.1 Summary | 58 |
5.2 Early Evidence on the Impact of the COVID-19 Pandemic on Canadian Angel Groups | 59 |
5.3 Recommendations to Policymakers | 61 |
Participating Angel Members | 63 |
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