NACO Supports Newcomer Entrepreneurs Despite Visa Changes
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NACO Supports Newcomer Entrepreneurs Despite Visa Changes
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).
Recently, IRCC decided not to establish new contracts with the two industry association partners that support the Start-up Visa Program, which includes NACO. This decision follows a pause in the designation of new business incubators, angel investors, and venture capital funds, alongside an ongoing review of the Program.
In a statement to NACO, IRCC indicated that the current pause on the designation of new support entities has temporarily eliminated key functions previously assisted by industry associations. Additionally, the Department is conducting a review of the Program that may influence the requirements for contracted organizations moving forward.
Despite these challenges, NACO remains dedicated to the objectives of the Start-up Visa Program and will continue to advocate for meaningful improvements. With over a decade of experience as a partner with IRCC and a key architect of the Start-up Visa Program, NACO is committed to enhancing support for designated organizations and newcomer entrepreneurs.
NACO will continue to support its member organizations that meet designation criteria, including providing updates to IRCC on their membership status, offering letters of support, and reporting performance data related to their participation in the program. This important data will be shared annually with IRCC, underscoring NACO's advocacy and alignment with the program's goals.
Claudio Rojas, CEO of NACO, emphasized the impact of newcomer entrepreneurs: "Newcomer entrepreneurs bring an incredible wealth of innovation, diversity, and drive to our economy. 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 made investments totaling $1.54 billion into more than 2,000 Canadian companies. Established in 2002, NACO acts as Canada’s professional association for angel investors and serves as the only national platform for angel collectives and innovation hubs supporting Canadian entrepreneurs. NACO’s expansive network encompasses 4,000 angel investors and 100 member organizations, representing the country's most active incubators, accelerators, and angel networks.
For interview scheduling, please contact:
Claudio Rojas
CEO, National Angel Capital Organization
Email: media@nacocanada.com
Frequently Asked Questions
What is the primary focus of NACO?
NACO focuses on supporting newcomer entrepreneurs and enhancing the Start-up Visa Program in Canada.
What recent changes have affected the Start-up Visa Program?
IRCC has paused the establishment of new contracts with industry associations, impacting key support functions for the Start-up Visa Program.
How does NACO support organizations under the Start-up Visa Program?
NACO provides updates on membership status, letters of support, and annual performance reports to IRCC regarding designated organizations.
What does NACO aim to achieve with the Start-up Visa Program?
NACO aims to advocate for program improvements and ensure its continued success in attracting innovative entrepreneurs to Canada.
Who can be contacted for more information about NACO?
Claudio Rojas, CEO of NACO, can be contacted via email at media@nacocanada.com for more information.
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