Feds give $50,000 to Ontario angel investment group

Even angels need help sometimes.

Especially angel investors and the businesses they finance. To bolsterangel investment in southern Ontario, the federal government is givingup to $50,000 to the Angel One Investor Network, anon-profit groupbased in Oakville, Ont.

The money will go towards helping the group boost angel investment inlocal early stage companies located inOakville, Burlington and Hamilton. The network’s main goal is toincrease its base of current investors from 11 to 40 members throughrecruiting and training seminars, a new Web site, and other promotionalefforts aimed at drumming up angel activity in the region.

The funding comes from FedDev, which goes by the longer,official nameof the Federal Economic Development Agency for Southern Ontario. It wascreated in 2009 to spur innovation and commercialization in the localarea in the wake of massive job losses in the region’s manufacturingsector, specifically the auto industry.

Angel investment contributes at least $1.9 billion annually toentrepreneurial ventures in Canada, FedDev says.

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