TORONTO, Aug. 15, 2024 (GLOBE NEWSWIRE) -- The National Angel Capital Organization (NACO) is reaffirming its commitment to newcomer entrepreneurs and supporting the continued success of the Start-up Visa Program, amid recent changes announced by Immigration, Refugees and Citizenship Canada (IRCC).
As of July 31, 2024, IRCC has decided not to establish new contracts with the two industry association partners that support the Start-up Visa Program, which includes NACO. The decision follows a pause in the designation of new business incubators, angel investors, and venture capital funds, as well as an ongoing review of the Program by the Department.
In a statement to NACO, IRCC noted: “The current pause on the designation of new business incubators, angel investors, and venture capital funds has temporarily eliminated one of the key functions previously supported by industry associations. The Department is also conducting a review of the Program, which may impact the functions required of contracted organizations going forward. Consequently, the Department has decided to operate the Program without industry associations while we further evaluate our contracting needs.”
Despite these changes, NACO remains dedicated to supporting the Start-up Visa Program’s objectives and will continue to advocate for program improvements. Leveraging over a decade of experience as a partner with IRCC and as an architect of the Start-up Visa Program, NACO will work to enhance support for designated organizations and newcomer entrepreneurs.
Furthermore, NACO will continue supporting member organizations who meet designation criteria. This includes updating IRCC on the status of their membership with NACO, providing letters of support where appropriate, and reporting on key performance data relative to their participation in the program. NACO will share this data with IRCC in the form of an annual report on the Start-up Visa Program, ensuring continued advocacy and alignment with program goals.
"Newcomer entrepreneurs bring an incredible wealth of innovation, diversity, and drive to our economy.” said Claudio Rojas, CEO of NACO. “The Start-up Visa Program has been instrumental in positioning Canada as a global leader in entrepreneurship and innovation. We believe in the tremendous potential of this Program to attract the best and brightest from across the world. NACO remains committed to ensuring the Start-up Visa Program’s continued success."
About National Angel Capital Organization
National Angel Capital Organization (NACO) members have invested $1.54 billion into more than 2,000 Canadian companies. Incorporated in 2002, NACO is Canada’s professional association for angel investors and the only national platform for angel collectives and the innovation hubs that support Canada’s entrepreneurs. NACO’s national network includes 4,000 angel investors and 100 member organizations, representing Canada’s most active incubators, accelerators, and angel networks. https://nacocanada.com.
To schedule an interview, contact:
Claudio Rojas
CEO, National Angel Capital Organization
Email: media@nacocanada.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56e57e15-3f24-473b-a1b0-943281a3ec8f
