Angel group takes flight in London
A number of local investors, led by TechAlliance, have joined together to launch London's pre-eminent Angel group: the Southwestern Ontario Angel Group (SWOAG).
As a member of the National Angel Organization, SWOAG will pursue diverse investment opportunities, with a focus on companies involved in advanced technologies, e-commerce, life/health sciences, and industrial products and services.
"The incubation and continued progress of the Southwestern Ontario Angel Group is a key component in London’s organic economic growth," says Marilyn Sinclair, TechAlliance's President and CEO, "TechAlliance is proud to have initiated the development of SWOAG and is committed to providing ongoing support to this group, in conjunction with the National Angel Organization, to ensure its success."
Entrepreneurs and start-up businesses are key assets in economic development, and therefore it is essential to foster local investment opportunities. With London-based SWOAG, new high-potential business ventures can source local investors rather than turn to financial support from outside of the region. "The momentum for economic development is dependent upon successful people and successful money," adds Dr. Calvin Stiller, renowned surgeon and business leader, "That's what angels are: proven, enthusiastic, caring women and men that want their community to become wealthier through entrepreneurs. That's why we're angels."
It is SWOAG's goal to create a sustainable resource for investors and business ventures alike. "Now is the right time for a group like the Southwestern Ontario Angel Group," says Carmen Gicante, Managing Director for SWOAG. "We have lined up committed investors, have the support of prominent business associations like LEDC and Ivey, plus London is home to a growing entrepreneurial sector. Together, these factors provide a strong base for SWOAG in the long term."
The London group's sustainability model works in partnership with that of the National Angel Organization’s objective to increase the quantity, quality, and success of Angel investments, creating a greater pool of capital for innovative start-up companies. Through best practices education, mentor programs, the development of collaboration and co-investment mechanisms, and policy advocacy, the National Angel Organization promotes a vibrant Angel community and culture in Canada.
"In the last seven years, over 30 Angel groups have been founded in Canada," says Bryan Watson, Executive Director of the National Angel Organization. "Industry Canada estimates that Angels in Canada invest about $3.5 billion annually in early-stage companies, resulting in significant employment and considerable positive regional and national economic growth. As the industry organization representing Angel groups and individual Angels throughout Canada, we are excited about this progress and its implications for the Canadian economy."
"We are very pleased to welcome SWOAG to the Canadian Angel community. We look forward to working together to ensure SWOAG becomes a strong, sustainable, pillar of the Southwestern Ontario investment ecosystem."
By the end of March 2008, SWOAG will begin accepting proposals from entrepreneurs. For more information about the Southwestern Ontario Angel Group, please contact Carmen Gicante, Managing Director, Southwestern Ontario Angel Group at 519.858.5043.