Understanding the Relationship between Angel Investing Activity and Early-Stage Investing Ecosystem in Canada

Entrepreneurs and entrepreneurial companies are integral contributors toward the growth and competitiveness of the Canadian economy. So often these early-stage firms are lacking in financial support, which is arguably their main hindrance for success. Angel Investors are defined as high-net-worth individuals; often experienced and well-educated professionals, who invest their own funds in the businesses of unrelated individuals. These Angels play a fundamental role in sustaining entrepreneurial companies, but are often untraceable. The National Angel Capital Organization (NACO) serves as a bridge between Angels and entrepreneurs to support the development of the Canadian entrepreneurial community. Its efforts include constructing an annual report on Angel Investment in Canada. As a partner organization, NACO benefits since the report supports its mission to professionalize Angel Investment in Canada as well as educate the Canadian society regarding the country’s entrepreneurial development, while the intern will benefit from experiencing Canada’s early-stage financing landscape, and working with the data collected.

Faculty Supervisor:

Sarah Lubik


Timothy Tjahjakartana


National Angel Capital Organization





Simon Fraser University



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