|Describe the nature of the business operations to be conducted by the
· Officers should expect to see a short description of the type of
business which will be operated by the applicant. For example
“software engineering, promotion and distribution”.
Describe the amount of the investment; and how much is being invested. Who is investing? In the case of syndication, who is the lead
· Officers should expect to see such details in the Commitment Certificate but should not expect to see proof of the investment in the
form of bank transfers, etc., as the terms in the commitment are considered to be satisfactory evidence for the purposes of this pilot.
· If any designated venture capital funds are named on the commitment, one of them must be the lead investor and the minimum amount of
combined, total funds submitted by all designated entities must be at least $200,000.
· If there are only angel investor groups on the commitment, they will choose one to act as the lead entity and the minimum total
combined funds from all designated entities must be at least $75,000.
· It is possible for both venture capital funds and angel investor groups to support a single commitment but in that case, section
2(3)(a) of the MIs require that only a designated venture capital fund can serve as the lead entity, and the minimum total
combined funds from all entities must be at least $200,000.