$10 Million grant for Young Entrepreneurs

Yesterday Prime Minister Stephen Harper and Minister Diane Ablonczy held a roundtable with the Canadian Youth Business Foundation (CYBF). During the meeting, CYBF young entrepreneurs, mentors and senior officers from across the country discussed the significant impact young entrepreneurs have on Canada’s economic stabilization, growth and global competitiveness. The group explored how to capitalize on the innovation and energy resident within Canada’s youth by building and supporting an enhanced entrepreneurial culture going forward.

Later in the day, Harper outlined the government’s Economic Action Plan which included a $10 million grant to CYBF. In 2009 this investment will enable the national charity to help more than 500 aspiring young entrepreneurs start new businesses and contribute quickly to Canada’s economic recovery. In total, by 2010, more than 900 entrepreneurs will start a business as a result of the government’s funding.

These 900 new businesses will create an estimated 5,000 new jobs, $135 million in sales revenue, $32 million in tax revenue, and enable more than 900 volunteer business mentors to share 46,000 hours of knowledge with young entrepreneurs. This puts CYBF is on a growth trajectory to support the launch of two new entrepreneurial businesses per day by 2012.

There has never been a more important time to invest in young entrepreneurs. Research shows that: 20,000 young people annually have an unrealized business idea; 70% of small business owners plan to retire within 5-10 years; and, unemployment is on the rise.