In 2003, an advisory committee was assembled to advise FedNor on issues regarding Small to Medium Enterprises (SMEs) in Northern Ontario and their access to capital funding. At that time, it was generally established that Northern Ontario SMEs requiring equity financing were at a disadvantage to those in Southern Ontario. Smaller financing needs, slower growth horizons, and major distances from traditional Venture Capital Investors resulted in reduced access to capital for businesses Northern Ontario. In response, the Committee was asked to consider various initiatives that could mitigate these disadvantages and make recommendations toward implementation.
In the summer of 2004, FedNor funded a series of public consultations in five key Northern Ontario cities and the subsequent creation of a business plan. This business plan identified two critical issues for Northern Ontario SMEs:
1. Entrepreneurs struggle with the “equity gap”.
2. Entrepreneurs are challenged to locate investors and to become “investor ready.”
Northern Ontario Angels was created in November 2005 to address these key issues by acting as a catalyst to establish angel investment groups and creating a gateway through which to facilitate connections between entrepreneurs and investors. It is operated by an Executive Director and staff, and is governed by a volunteer Board of Directors who guide the overall direction of the organization and reflects the initiative’s Northern reach and investor-entrepreneur perspective.
Northern Ontario Angels (NOA) is a not for profit corporation that facilitates essential business connections between Northern Ontario’s entrepreneurs and accredited angel investors.
Our goal is to stimulate increased investment capital into Northern Ontario companies to help them succeed. This is accomplished by improving the flow of investment capital, investment education, and management expertise into high-growth potential northern companies.
NOA is governed by a volunteer Board of Directors, with the majority living and working in various cities across Northern Ontario. Directors include individuals from a variety of entrepreneurial and investment backgrounds. They are specifically selected for their unique connections, expertise and influence to advance the NOA vision and mission. NOA is managed by a pan-Northern Executive Director.
Economic Prosperity in the North
To create more informed investors and better prepared entrepreneurs.
Since inception, NOA has been instrumental in 357 deals being completed as of June 2020, with total Investment Results of $493.5 million. The companies received investments from NOA members valued at over 159.4 million dollars. Approximately 50% of the deals are in technology companies. The jobs protected in these investments include over 4,400 full time/part time jobs.