Every time I've looked into it in detail, I feel Canada's VCs/angels are essentially bankers. Too much risk minimization going on (at the expense of the entrepreneur). What I find is a travesty is that the recent govt of Canada investment in developing startup activity will most likely go to these glorified bankers to help them further reduce risk.
Look at how much YC has spent on its startups ... my memory might be faulty but when I heard pg give the number it was around 6 million. If the govt of Canada did a program similar to startup Chile where they would invest in people's startups for a few months, THAT would have been a game changer for the smart Waterloo and UofT grads. Squandered opportunities ...