Investing 'Angels' descending in northern Ontario

The National Angel Capital Organization, a not-for-profit corporation that facilitates business deals between entrepreneurs and investors, announced that the Northern Ontario Angels ranked 1st in Canada for the number of investments closed in 2015, making it the fourth time the north has topped its Canadian competitors.

The annual NACO report noted that northern investors invested more capital- $50 million, according to NACO - into regional entrepreneurs than any other investment network across the country.

Mary Long-Irwin, executive director Northern Ontario Angels, saidthe days are gone when a young entrepreneur needed to pack up and sell their ideas in the big city.

"We have universities, technology, and a host of critical mass that has been developed by previous people in the community. We have the ground here and in the north for us to grow. Wedon'thave to be located in Toronto."

Surprisingly, the investment doesn't alwayscentre around mines and lumber, Long-Irwinsaid.

"It means [the north] is not just about resources," she said, "almost 70 per cent of investments made by the NOAare in technology.

• Northern Ontario Angels website

More than 70 per cent of this year's investmentswere in technology, such as a test developed by RNA Diagnostics.

"When a woman has breast cancer, they can determine, after the first treatment, whether or not that's the right course of treatment and if not they stop and come up with a new formula. That is going to be used all around the world and that was developed out of northern Ontario," said Long-Irwin.

The north's entrepreneurial spirt gets noticed by "well to do" members of the community, who make up the bulk of these angel investors.

Because many ofthem are rooted in the community, they see great value in supporting their peers. And as the report noted,even traditional financial heavyweights like Toronto, Montreal and Vancouver didn't close as many deals as the Northern Angels.

"People will look at me and ask 'Your'e from the north. How can you have more deals than Toronto or Vancouver?'" Long-Irwin said.

• National Angel Capital Organization website

"In northern Ontarioto have done more deals that Toronto, Montreal,Vancouver says alot about the north," she said, "it says the investors believe in the north and support it."

The NACO report also published some key numbers about the regional investments:

Also reported today were some of the results generated by $50 million in investment capital. Key socioeconomic impacts are:

• 139 investment deals closed totaling $50 million
• 1,324 full time equivalent positions created
• 378 full time equivalent positions maintained
• A total of $91 million in management and staff salaries generated.