News
McGuinty Government Supporting Start-up Technology Companies
Connecting Investors To Innovators Will Keep Ontario Prosperous
TORONTO, Oct. 4 /CNW/ - The McGuinty government is funding the creation
and expansion of angel investor networks that will help Ontario's leading-edge
start-up companies grow and succeed, Premier and Minister of Research
and Innovation Dalton McGuinty announced today.
"Promising technology companies benefit
from making connections with angel investors who possess know-how and
capital," said McGuinty. "By supporting angel investment, we're
helping innovative companies bring their exciting new discoveries to market
faster, create high-value jobs and ultimately build a better quality of
life for all Ontario families."
Angel investors are individuals who invest their own money in start-up
companies. They often provide business expertise that contributes to the
success of young and emerging companies. Angel investors are a key part
of successful regional business development.
The government is investing $2.5 million to build and expand angel investment
networks across the province. The National Angel Organization (NAO) will
work with the Ministry of Research and Innovation, MaRS, the Ontario Centres
of Excellence and others to ensure angel investors and start-up high-tech
companies are linked together through the networks. This will help identify
and nurture opportunities for investment in promising technologies.
The funding is part of the government's four-year, $46-million Market
Readiness Program launched in July 2006 to help get new discoveries to
market.
The NAO is a not-for-profit organization that represents and supports
Canadian angel investors by providing them with opportunities to network
and share best-practices for successful investment in startups.
"The National Angel Organization
is delighted to work in partnership with the Ministry of Research and
Innovation to foster the formation of new angel groups in Ontario,"
said W. Daniel Mothersill, president of the NAO. "Angels invest in
start-up companies at a critical stage of their growth and are key to
the creation of a vibrant economy."
Promoting and supporting investment angels and angel organizations is
the latest way the McGuinty government is working on the side of businesses
and families to strengthen Ontario's economy.
Other initiatives include:
- Investing $6.2 billion in our universities, colleges, student financial
assistance and training programs by 2009-10
- Increasing full-time enrolments at colleges and universities by about
86,000 students since 2002-03
- Creating the Ministry of Research and Innovation and investing nearly
$1.7 billion over five years in research, commercialization and outreach
programs
- Encouraging strong job creation, with 268,000 net new jobs since taking
office
- Helping to generate almost $7 billion in automotive investments that
retain and create thousands of high-value jobs.
"By supporting our investment community,
we are helping to ensure Ontario start-up companies have access to the
funding they need to move their ideas from the basement to the boardroom
and into the market," said McGuinty. "We want to ensure Ontario
is the place to invest and innovate for years to come."
Disponible en français
www.ontario.ca/premier
www.ontario.ca/innovation
For further information: Premier's Media
Office, (416) 314-8975
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