Angel investment to spark job growth and innovation in Ontario

Archived Release

Angel investment to spark job growth and innovation in Ontario

TORONTO, April 19 /CNW/ - An angel investment forum hosted by Ted Chudleigh, MPP, Halton and Parliamentary Assistant, Ministry of Enterprise, Opportunity and Innovation will foster the formation of angel groups in Ontario. In turn, these angel groups will foster job creation and innovation by financing emerging growth firms. The crucial role angel investors play in today's global economy cannot be overstated, Ted Chudleigh said today.
Chudleigh hosted the Angel Groups: Benefits to You forum earlier this week in Toronto. The theme of the event was the future of angel investment, with a special focus on the role of angel groups. The dozens of investors who attended learned about angel groups and were encouraged to form and strengthen groups in their communities. An angel group is made up of angel investors who are high net worth individuals who are risk capital investors that focus on emerging high growth firms.
"Emerging growth firms represent just 2 per cent of all business in Ontario yet they create about 35 per cent of all new jobs in the province," Chudleigh said. "Support from angel groups will ensure that Ontario businesses attract investment, innovate, create jobs and compete globally."
The Angel Group: Benefits to You forum is part of the government's commitment to the Chudleigh Competitiveness report, released earlier this year. One of the recommendations in the report is for the government to work with key stakeholders on improving the process of angel investment in Ontario, especially through the development of successful angel groups.
Following through on this recommendation and others on risk capital mentioned in the competitiveness report is in keeping with the Ontario government's Step One of the 21-step action plan to move the province into the 21st century outlined in the Speech from Throne.
A copy of the Chudleigh Competitiveness Report can be obtained by requesting a copy from Lara Coombs at e-mail: lara.coombs@edt.gov.on.ca

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For further information: Contact: Lara Coombs, Ministry of Enterprise, Opportunity and Innovation, (416) 325-8679