Adding another interesting layer - my analysis doesn't hold true for angel investors, though. Maybe I was just really fortunate (or, 'of course I was!' in hindsight) but the Waterloo region angels who invested in us were so similar to YC themselves and angel investors from the valley. Founder-friendly, people who'd done it before, adventurous, etc. Almost the anti-pattern to Canadian VC.

So there's an interesting dynamic change between pre-seed and early seed angel climate and proper serious institutional VCs in Canada.