Written by Katlynd Poulton
FedDev Ontario’s Investing in Business Innovation (IBI) program recently provided the Georgian Angel Network with a $300,000 federal investment. The organization will use this amount to attract 18 new angel investors who will invest $7.5 million in startup funding.
FedDev Ontario’s contribution will increase resources available to young businesses, foster business growth, and accelerate product commercialization. The Georgian Angel Network anticipates it will now be able to invest in and mentor 34 tech startups.
Georgian Angel Network Accelerates Tech Startups
Since 2009, The Georgian Angel Network has mentored early-stage manufacturing and technology businesses in Barrie, Collingwood, Orangeville and Perry Sound regions. The organization is comprised of venture capitalists, whose expertise and financial investments provide equity capital to foster business growth and introduce new innovative technologies to market.
For high-potential early stage businesses, angel investments accelerate technology and/or product commercialization, create quality jobs, refine business knowledge and strategies, and increase profitability.
FedDev Ontario has previously supported the organization with a $350,000 investment, which allowed the non-profit committee to attract 21 accredited investor members. To date, the organization’s members have supported 23 startup companies invested more than $8 million.
$300k in Government Funding Used to Grow the Georgian Angel Network
FedDev Ontario’s $300,000 contribution through the Investing in Business Innovation initiative will allow the Georgian Angel Network to position Ontario as a leader in business innovation. High-potential startups will have increased access to capital, allowing them to expand their workforces and upscale production.
The Georgian Angel Network anticipates government funding will attract up to 18 new angel investors and increase investment funds to $7.5 million.
Based on these figures, the network will have the capacity to mentor 34 businesses; these startups will have the ability to increase their industry knowledge and competitiveness.
“This funding will support our continued investment in high-potential start-up companies through 2019. We will continue to work with our commercialization ecosystem partners in educating, mentoring and financing promising Ontario startups.”
– Sandy Robertson, Managing Director, Georgian Angel Network
Accelerate Your Innovative Business Projects with Small Business Grants
At the time of this article’s posting, funding through FedDev Ontario’s Investing in Business Innovation (IBI) program is no longer available. However, there are other Canadian government funding resources that small businesses and startups can access, such as IRAP grants.
IRAP Accelerated Review Process (ARP) Grants
The IRAP Accelerated Review Process (ARP) research grant supports innovative R&D projects that lead to product and process improvements. IRAP grants can be used to solve internal technical challenges, increase productivity, accelerate innovation, and improve return-on-investment (ROI) by reducing a project’s labour expenses.
Startups may be eligible to receive up to 80% of the project’s direct labour costs and up to 50% of third-party labour costs to a maximum $50,000 in research grants.
Access Ontario Startup Funding Resources
Government funding for early-stage businesses is limited, however there are other startup funding resources available for young Canadian businesses. Growth-oriented startups can register to become a Government Funding Insider and discover even more potential funding opportunities.
This post originally appeared on Mentor Works. Mentor Works helps established for-profit companies find and leverage Canadian business grants and loans.