NACO engages on industry-related policies and regulatory frameworks that affect angel investing and the availability of early-stage risk capital in Canada. A stable and competitive investment environment that recognizes the risks associated with early-stage investment is important to support entrepreneurship, innovation, and the formation of high-growth companies across sectors and regions. NACO's activities focus on strengthening the conditions under which early-stage companies can access capital in challenging market environments, including periods of tighter credit, heightened competition for capital, and economic uncertainty. By supporting the development of effective policy and program frameworks, including Canada's venture capital strategy and supports for emerging fund managers, NACO contributes to a more resilient early-stage innovation ecosystem and improved pathways for companies to progress from startup through early growth. NACO also engages on initiatives intended to mobilize private capital alongside public resources, including public-private co-investment and capital-matching approaches relevant to angel and early-stage investors. Through these activities, NACO shares perspectives informed by its experience supporting angel investors, angel networks, and early-stage entrepreneurs, including on the importance of capital availability for emerging companies and underserved segments of the innovation economy. NACO previously helped co-administer elements of the Start-up Visa Program, including the angel investor and incubator streams, through a contractual relationship with Immigration, Refugees and Citizenship Canada (IRCC). These activities supported designated angel groups, angel networks, and incubators in recommending entrepreneurs and early-stage companies for consideration under the program for Canadian permanent residency. Through this work, a select and curated number of entrepreneurs were supported in establishing and growing businesses in Canada with early-stage investment and ecosystem backing. Throughout its contractual relationship with IRCC, NACO engaged in ongoing discussions with IRCC officials regarding program operations and provided information and reporting related to program delivery. IRCC terminated all Start-up Visa contractual relationships in 2024. NACO intends to remain in communication with IRCC officials responsible for oversight of the Start-up Visa Program and new program pilots, continuing to share perspectives informed by its experience supporting angel investors, incubators, and early-stage entrepreneurs, including on potential future improvements to program design and administration of new program pilots. NACO engages on taxation and financial policy matters that affect angel investment and the availability of early-stage risk capital for Canadian entrepreneurs. NACO provides data, research, and practical perspectives informed by the experience of angel investors and early-stage companies to support the development of tax policies that encourage private investment at the earliest stages of company formation. Well-designed tax and financial policies can help strengthen Canadas early-stage capital markets, support entrepreneurship, and improve the conditions for innovative companies to start, grow, and scale. NACO engages with policymakers to share insights from the angel and early-stage investment community and to contribute to discussions on how taxation and financial policy can support innovation, productivity, and long-term economic growth in Canada.