Harper Government Invests in Windsor-Essex Business Innovation
Thursday, November 13, 2014
Media Release: Federal Economic Development Agency for Southern Ontario
November 13, 2014—Windsor, Ontario—Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Early-stage companies with growth potential in the Windsor area will benefit from an investment of up to $225,000 in the Windsor Essex Capital Angel Network announced today by FedDev Ontario Minister Gary Goodyear and Member of Parliament for Essex Jeff Watson.
The Windsor Essex Capital Angel Network will use these funds to almost triple its existing membership base, which will provide companies with more access to investment funds and to quality mentoring support. The Network, which was established in 2013, anticipates that 10 companies will receive more than $2.5 million in investments over the next three years.
The Network will strengthen its operations by engaging in the necessary outreach and education activities to help early-stage businesses become successful in the investment process, as well as by providing angel members with the necessary tools to identify quality investment opportunities.
Angel investors play a significant role in mentoring and coaching during the early stages of business growth, which contributes to the successful commercialization of innovation.
FedDev Ontario's non-repayable contribution, through the Investing in Business Innovation initiative, is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
- The Network anticipates increasing its membership from 11 to 30 members during the three-year project period.
- Through the first phase of the Investing in Business Innovation initiative launched in October 2010, FedDev Ontario invested nearly $57 million in repayable contributions to 86 companies, leveraging almost three times more in private sector investments. FedDev Ontario also invested more than $3 million in 13 angel networks and associations.
- Investing in Business Innovation funding is currently available for early-stage businesses with fewer than 50 employees; southern Ontario-based angel investor networks; and not-for-profit organizations that provide skills development and seed financing to new entrepreneurs.
"Today's announcement demonstrates our Government's dedication to strengthening early-stage companies across southern Ontario. This investment will help create job opportunities and build on our network of Angel Investors, which is integral to a strong and prosperous economy."
Gary Goodyear, Minister of State for FedDev Ontario
"This funding will give our local entrepreneurs access to the right resources to grow and succeed. A growing Angel membership network will mean greater innovation and investment prospects for businesses here in Windsor and across southern Ontario."
Jeff Watson, Member of Parliament for Essex
"The Windsor Essex Angel Capital Network (WECAN) is extremely grateful for the funding being provided by the Federal Economic Development Agency for Southern Ontario. This funding will help WECAN meet its objectives to: disseminate information to angel members and community stakeholders; assist in fostering stronger relationships between entrepreneur and investor; and promote growth for seed and start up investment opportunities in Windsor and across Southern Ontario."
Omer L. Hageniers, Windsor Essex Capital Angel Network