PARTEQ Innovations receives $50,000 to support emerging technologies
PARTEQ Innovations, the technology transfer office of Queen’s University, has received $50,000 from Federal Economic Development Agency for Southern Ontario’s to build a local network of “angel” investors.
The funding comes at an especially opportune time for potential investors, says John Molloy, President and CEO of PARTEQ. “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.”
The PARTEQ Angel Network aims to attract Kingston-area investors and Queen’s alumni interested in participating in PARTEQ-managed venture funds that support emerging Queen’s technologies. Angel investors fill the crucial funding gap between a startup company’s beginnings and its first major round of venture funding. Typically entrepreneurially minded individuals, angels may also provide hands-on support, such as mentoring and advising.
A unique benefit of the network is broad risk management, which generally is not available to individual investors. “Investment opportunities are not only pre-screened by us, in most cases they’ve already received significant investments of our time, money and expertise,” says Mr. Molloy.
So far the PARTEQ Angel Network fund has attracted $535,000 in investment from its angel members.
Read the full release on the PARTEQ website.