Press Release: NACO Academy releases first ever study on support for early-stage Canadian companies

December 13, 2016

TORONTO, December 13, 2016 – The latest report to be released by the National Angel Capital Organization (NACO) is the first study of its kind in Canada. The 2015 Report on Early-Stage Support for Canadian Companies has set a baseline for ongoing study of the comparisons in the viewpoints of the various players within the technology and innovation sector. It brings together the different thoughts from Angel investors, VCs, incubators and accelerators, and entrepreneurs and compares them against each other.

This new research report was conducted in partnership with Dr. Kenneth A. Grant from the Department of Entrepreneurship and Strategy at the Ted Rogers School of Management at Ryerson University and was supported by the Government of Canada, the Incubate Innovate Network of Canada, BDC, and KPMG Enterprise.

In the past studies have been conducted on each individual player within the sector, such as the yearly NACO Report on Angel Investing Activity in Canada. But no research has endeavored to study all the groups together and to then contrast their views to extrapolate the value being provided by each support system.

The data from this founding study is very interesting and shows that what entrepreneurs found most valuable in terms of services provided by Angels and VCs was not always the same as what the Angels and VCs thought they found most valuable. All groups were in close agreement about providing advice, mentorship, and access to new deals.

The groups differed quite greatly on help with securing board members and additional funding. In the provision of board members, entrepreneurs ranked this support much higher than Angels and VCs. On the additional funding side, VCs saw their top service as providing additional funding – the entrepreneurs did not agree.

“These findings have helped NACO to set a baseline for this important data moving forward. It provides the sector with a great viewpoint on where there are service gaps that can be filled and where additional support for entrepreneurs can be backfilled,” commented NACO CEO & Executive Director, Yuri Navarro.

“The 2016 research is already underway and is drawing from a much bigger sampe size allowing us to dig deeper into and provide more in-depth analysis for the sector,” said Dr. Kenneth Grant Department of Entrepreneurship and Strategy at the Ted Rogers School of Management at Ryerson University.


About the National Angel Capital Organization

The National Angel Capital Organization accelerates a thriving, early-stage investing ecosystem in Canada by connecting individuals, groups, and other partners that support Angel-stage investing. NACO provides intelligence, tools, and resources for its members; facilitates key connections across networks, borders and industries; and helps to inform policy affecting the Angel asset-class. For more information please visit or follow us on Twitter @AngelCapCanada.

Media Inquiries

For more detailed data and/or to arrange an interview with NACO’s CEO Yuri Navarro, please contact:

Arleigh Vasconcellos
[email protected]
(403) 561-4810

Vanessa Wilson
[email protected]
(416) 581-0009 Ext. 4



Canadian Angel Investors

  • 30 Angel groups across Canada, representing 1,700 active Angels made 237 investments amounting to $90.5 million.
  • The majority of Angels (63%) are located in Ontario, with 30% in Western Canada, and 7% in Eastern Canada.
  • The average deal size was $1.2 million, an increase over 2013 and 2012 figures.
  • 80% of funding falls within 2 sectors: ICT (information-communication technology) and Life Sciences (health related companies).
  • 75% of the deals are syndicated, involving capital outside the Angel group and receive more investment.
  • 10 positive exits (from 9 companies) of which eight were M&As and one was an IPO.
  • New investments increased by 66% in 2014
  • Central Canada continues to be the hotspot for Angel investment activity with 89% of investments made in the area.


Funding Success Funnel in 2014

  • 2972 startups applied for Angel Funding
  • 695 companies presented*
  • 271 companies went through due diligence
  • 237 companies were funded

*based on 24 of the 30 groups that reported the number of presentations held

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