Democratization and Platform Models (2010s-Present) ● Equity Crowdfunding : JOBS Act of 2012 established regulatory frameworks for broader participation ● Syndication Platforms : Online platforms like AngelList enabled lead angels to syndicate deals ● New Investment Vehicles : Rolling funds and alternative structures expanded access ● Operator Angels : Tech executives becoming active investors, bringing operational expertise. A distinct category of “founder angels” has also emerged—entrepreneurs who invest in or alongside their own ventures at the earliest stages. These individuals are often indistinguishable from founders in their risk appetite and involvement. 5. Venture Capital Development in Canada Early Attempts (1960s-1980s) ● Government Origins : Emerged primarily through government initiatives rather than private sector ● Labor-Sponsored Venture Capital Corporations (LSVCCs) : Became dominant vehicle after 1988 federal tax credits ● Provincial Initiatives : Provincial development corporations with public mandates Evolution and Reform (1990s-2010s) ● Private Sector Emergence : Independent firms began to emerge, though remained small by international standards ● LSVCC Performance Concerns : Poor returns led to reduction of federal tax credits ● Limited Partnership Adoption : Gradual shift toward U.S. model, though with smaller fund sizes ● Venture Capital Action Plan (VCAP) : Launched in 2013, committed $400M in federal funds to catalyze private capital Recent Developments (2010s-Present) Canada’s venture capital sector has been significantly shaped by two landmark federal programs: the Venture Capital Action Plan (VCAP) and the Venture Capital Catalyst Initiative (VCCI) . VCAP, launched in 2013 with a federal commitment of $400 million, sought to strengthen Canada’s VC sector by leveraging private sector expertise and capital through a fund-of-funds
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