Estimating the Scale of Angel Investment Activity in Canada: A Comparative Analysis

Abstract

Little data is available about the level of angel investment in Canada, to enable policy decisions and to make comparisons to other jurisdictions. There is a lack of knowledge of the numbers of angel investors, the total investment support provided and the number of ventures that receive investment. This study provides a conservative estimate of Canadian angel activity using a deductive reasoning approach and survey data from both the demand and supply side of equity investment in Canada. A comparative analysis is made against previous estimates, other parts of the entrepreneurship ecosystems, and other jurisdictions.