I was excited about this, until I heard the Canadian VC/angel requirement.
If they really want to encourage foreigners to found startups, they should allow private investors to become angels, even if the investor in question is of foreign status. Think about it: you have a bunch of rich people injecting large amounts of money into your economy, and the only thing you have to do is give one person permanent residency - and there's a chance their company will be successful and contribute to the economy even more.
They probably want to avoid the "fictitious investor" problem -- without the "Canadian" requirement, Canada would get lots of people jumping the immigration queue by having their friends and family "invest" in their "startup".
(There's already a way for rich people to buy their way into Canada, but it takes around a million dollars instead of a hundred thousand.)
A million dollars and an opaque amount of waiting time. Just having the money and fulfilling the stated requirements doesn't reliably get Chinese people into Canada. May differ for other nationalities.
If they really want to encourage foreigners to found startups, they should allow private investors to become angels, even if the investor in question is of foreign status. Think about it: you have a bunch of rich people injecting large amounts of money into your economy, and the only thing you have to do is give one person permanent residency - and there's a chance their company will be successful and contribute to the economy even more.