The technology transfer office of Queen’s University, PARTEQ Innovations, has received $50,000 from Federal Economic Development Agency for Southern Ontario’s to build a local network of “angel” investors.
The Honourable Gary Goodyear, Minister of State for FedDev Ontario, made the announcement during a keynote address delivered at the 2011 National Angel Summit today.
Kingston’s own Ted Hsu, MP for Kingston & the Islands, holds the Liberal party portfolio for the Federal Economic Development Agency of both Southern and Northern Ontario, as well as being the Liberal critic for Science & Technology.
According to a release, John Molloy – President and CEO of PARTEQ – said, “Government incentives, and some really exciting emerging technologies are generating excellent opportunities for investors. We will be able to leverage every dollar of angel investment with funding available through both federal and provincial programs – so the potential for this group to build momentum is very strong.”
Molly added that “Investment opportunities are not only pre-screened by us, in most cases they’ve already received significant investments of our time, money and expertise.”
The goal of the PARTEQ Angel Network is to attract Kingston-area investors and Queen’s alumni interested in being involved with PARTEQ-managed venture funds that support developing technologies at Queen’s University.
According to the Queen’s University News Centre, the PARTEQ Angel Network fund – launched this summer – has currently attracted $535,000 in investment from its angel members.
The full release is available on the PARTEQ website.