As the steward of Angel intelligence in Canada, we are conducting various research initiatives to support Angel investors and foster the growth of early-stage companies. These initiatives include:

  • Leading national data collection and aggregation on Angel investing in Canada through our Angel Activity Reports
  • Identifying, standardizing, and sharing industry best practices from Angel groups across the country
  • Working with and supporting our members to promote relevant Angel industry information, news and events

Reports on Angel Activity in Canada

Our most prominent research initiative is the annual Report on Angel Investing Activity in Canada. This report analyzes the trends of Angel investing in Canada each year and helps us deliver to our stakeholders a picture of how the Canadian Angel investing landscape is evolving. This helps our members and other stakeholders look into the future direction of the Angel investing community.

2016 Report on Angel Investing Activity in Canada

NACO, in partnership with Industry Canada, BDC Capital, RBC, Ryerson Incubate and Innovate Network Canada, published its seventh annual study measuring Angel capital and Angel investment activity in Canada. The primary function of the survey is to gather aggregate data on Angel activity in Canada, to highlight trends and to provide the Angel community with a benchmark of performance for comparison with peers internationally. NACO uses the aggregate results of the survey to assist in the formulation of evidence-based policy actions to support the needs of our Angel investment community and the companies they invest in.

Read Our Previous Reports:

For more information on the Reports on Angel Investing Activity in Canada, please visit our Angel Activity Reports page.

Research and Policy Committee

Our Research Steering Committee is actively developing many studies, reports and academic papers related to Angel investing.

Mike Volker

Mike Volker – Chair, Research and Public Policy Committee

Michael Volker is an entrepreneur active in the development of new high-technology ventures. A University of Waterloo Engineering grad, he started his own company (Volker-Craig Ltd) in 1973. He sold this company in 1981 and then decided to work with entrepreneurs in building new companies. Mr. Volker is presently the director of Simon Fraser University’s Innovation Office. Check out his latest two projects: Greenangel Energy Corp, [GAE.V] a public company that invests in green technologies and WUTIF – the Western Universities Technology Innovation Fund – an “angel” fund for startups. To further encourage tech entrepreneurship, Mr. Volker runs the Vancouver Angel Network, VANTEC and the Vancouver Chapter of the Keiretsu Forum. He is on the Board of New Ventures BC – an annual business competition, and was chairman of the Vancouver Enterprise Forum for several years.

In 2009, Mr. Volker was named Canadian Angel Investor of the Year by the National Angel Capital Organization (NACO) as well as B.C. Angel of the Year by the B.C. Angel Forum. He is a director of NACO and chairs its Policy Committee.

Michael Turner

Michael Turner – Advisor

Michael Turner is currently Vice President System Strategies with Wesley Clover International, a technology investment and management firm, where he provides support for government relations and strategic technology tracking & review. He also assists with the new Wesley Clover start-ups and with business development activities.

Prior to joining Wesley Clover in 2007, Michael was a senior executive with the Canadian Government, accountable for executive leadership and management of IT & Telecommunications operations within the Canadian Federal Government’s common services agency, Public Works and Government Services (PWGSC). He also served for a time as the Departmental CIO. Michael had previously enjoyed a lengthy career in various technology and management positions within the Canadian Coast Guard, culminating in several years as Deputy Commissioner. During this period he also represented Canada for several years on the Governing Council of the UN’s International Maritime Organization in London. He began his career with the Air Navigation Service of Transport Canada, after graduating from the University of Manitoba with a BSc in electronics engineering.

Michael currently serves on Canada’s Defence Advisory Board, the Advisory Board of the National Research Council’s Emerging Technologies Division, the Advisory Board of the Association of Public Sector Information Professionals and a member of the Board of Directors of Wavefront, Canada’s wireless innovation accelerator.

Robert Brouillette

Robert Brouillette – Advisor

Robert Brouillette is a lawyer, a civil engineer and a patent and trademark agent.

He holds a civil engineering degree from University of Sherbrooke (1972) and a law degree from University of Laval (1975). He is a member of the Quebec Order of Engineers and of the Quebec Bar. He is an accredited trademark and patent agent in Canada and the US.

He began his career with Ogilvy Renault in 1977. He founded BCF in 1992 and his current firm (Brouillette & Partners) in 2005.

A majority of his clients are business builders and operate technological enterprises.

He has become a leading Canadian expert in the fields of intellectual property, direct sales and technology law (The Best Lawyers in Canada).

Mr. Brouillette is a former president of the executive of the national Intellectual Property Law section of the Canadian Bar Association. He is a member of different associations operating in the field of intellectual property and direct selling including the Intellectual Property Institute of Canada, the Licensing Executive Society, the American Intellectual Property Law Association, International Trademark Association, DSA (Canada and USA) and Réseau Action TI Québec.

He is currently a member of the board of directors or advisory committee of a number of companies including: Newtrax Holdings Inc., Simsmart Technologies Inc., Elektratek Inc., Intelia Inc., Kinova Inc. and Inc. He was a member of the board of directors of Hydro-Quebec between 1998 and 2001 and of Hydro-Quebec Capitech and of Hydro-Quebec Industech between 2001 and 2007.

He is currently Chairman of the board of directors of Anges Québec (an angel investor group) and a member of the board of directors of Ages Québec Capital, a side-car fund investing in deal with Anges Québec members.

He has invested as an Angel investor/mentor in a number of start-ups.

He is one of the founders of Crowdco Inc., an equity crowdfunding platform that will launch as soon as it obtains the approval of the Quebec AMF and other regulatory bodies.


Fred Estlin – Advisor

In my 40 years as a chartered accountant in a smaller community my career has revolved around SMEs both as an advisor and investor. I insist on being active in any operation I invest in. I lost money in two of the 16 investments I have made. These were early in my career and my ability to judge people was still in its infancy. In no case did a creditor lose money. My business philosophy is twofold: to have fun and make money and on any given day accomplish at least one.

Sandi Head Shot

Sandi K. Gilbert – Advisor

Sandi is strategic, visionary entrepreneur with experience in building companies with effective operating principles and proven marketing techniques. She thrives in dynamic environments and is an early adopter of technologies that enhance the customer experience and make businesses more efficient. Today, she is working diligently to develop technology infrastructures that enhance the private equity investment marketplace by making it easier for investors to find good investments and good companies to find the investment they need.

She is the COO of the Exempt Capital Network (ECN), a Global private equity investment platform that launched earlier this year. The ECN platform brings together accredited investors, investment firms and corporate issuers to facilitate private offerings between $5 million and $150 million. In October of this year, she launched SeedUps Canada, a Crowdfund investing platform that supports direct equity investments from ordinary investors into privately held small to emerging companies seeking between $250,000 and $2 million in capital utilizing the Offering Memorandum exemption. Follow Sandi on Twitter @sandigilbert

Yuri Navarro

Yuri Navarro – Advisor

Yuri Navarro is a strategy consultant with more than five years of experience working with government and businesses in the Ontario technology sector.

In his role as Executive Director, Yuri brings his unique mixture of public and private sector experience to help expand NACO’s role as the leading organization representing Canadian Angel Investors with industry and government.

Yuri has presided over the renewal and growth of the National Angel Capital Organization since 2012 by focusing on the organization’s value to stakeholders and supporting the growth and professionalization of Canada’s Angel asset-class with resources, best practices and research.

Yuri’s time in Government included working as Policy Advisor and Chief of Staff to the Minister of Economic Development and Trade, focusing primarily on developing opportunities to benefit Ontario’s Economy, and overseeing the government’s strategy for supporting Small and Medium Enterprises. As a Policy Advisor to the Minister of Energy and Infrastructure, Yuri was also instrumental in developing the provincial strategy on energy conservation and smart grid under the Green Energy and Green Economy Act of 2008.

In 2009, Yuri founded NAVY Global Consulting where he has worked with technology clients, mainly operating in the energy sector, to commercialize their innovative solutions and bring products to market. As an advisor to Ryerson’s Centre for Urban Energy, Yuri supported efforts to set up the CUE’s business accelerator program and help energy sector entrepreneurs to commercialize their urban energy innovations.

Yuri is a graduate of Ryerson University’s Commerce program and George Brown College’s Financial Planning program and holds a number of designations with the Canadian Securities Institute.


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