Canadian Government Provides Push To Waterloo Startups

  • Uptown Waterloo - the urban heart of the City of Waterloo

Already one of the fastest growing and most economically promising communities in Southern Ontario, Waterloo is set to undergo an even more active period of growth thanks to the $100,000 investment package by the Canadian government. With this new influx of funds, the region will have increased opportunities to connect with angel investors by way of the Golden Triangle Angel Network.

This development was announced by the Minister of State for the Federal Economic Development Agency for Southern Ontario, Gary Goodyear. The minister said that the Canadian government was firmly committed to providing jobs and encouraging growth in the region by way of business investments. Goodyear said that encouraging investment in region will help strengthen the business relationship between the area’s many startups, and the government as well as other investors. These developments also sought to provide local businesses with the resources they need to grow and expand.

GTAN is a non-profit angel network operating out of Cambridge. The organization was developed with the goal of incorporating up to 180 angel investors who will take on the task of providing funding to Waterloo-based startups that are working primarily in areas of technological development.

With the new round of investments made via the Investing in Business Innovation initiative, GTAN will be able to increase its membership base exponentially, and expand its roster of angel investors as well. In pursuit of these goals, the organization intends to conduct various recruitment and training activities, and implement various other promotional campaigns. The organization also aims to provide a variety of services in an advisory capacity for startup owners, including reporting and monitoring systems.

As far back as December in 2010, GTAN has been expanding its membership base as well as its pool of angel investors. On the strength of a $50,000 investment granted by FedDev Ontario, GTAN had managed to increase its membership roster by seventy, and managed to generate nearly $13 million in angel investments for local startups as well. As GTAN president Rob Douglas said, the new round of investments has been essential in accelerating the organization’s growth, as well as the number and quality of angel investments.

Also citing its value in promoting innovative new companies in the region, Douglas described the impact of the Business Innovation investment as “significant”. Like many in the community, Douglas also expressed confidence that the latest developments will herald a period of increased financial stability in Waterloo and the surrounding areas.

In the midst of all these developments, the Canadian government remains firmly committed to providing for the most pressing needs of the community. With the promise of even more investments in the years to come, the residents of Waterloo can definitely look forward to a bright future ahead.

As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.

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