Aiming to Reverse Stigma of Business Failure, BDC Launches Entrepreneurial Resiliency Award

Today, the Business Development Bank of Canada launched the BDC Entrepreneurial Resiliency Award.

This award is designed to recognize a Canadian business that has come back stronger after undergoing a turnaround or pivotal event in the past year, according to BDC.

Most entrepreneurs can relate to a comeback story. In fact, according to a recent Industry Canada report, 80% of enterprises that entered the marketplace in 2008 survived for only one year, whereas 72% that entered in 2007 survived for two years. Despite the odds, most entrepreneurs are not deterred. 34% of experienced entrepreneurs have gone on to successfully start another business after a failure, while almost 60% have started between two and four other businesses.

Nominations are open until June 20 and the winner will be announced in September. This award will provide a successful Canadian business, which has demonstrated the ability to overcome a challenge, the opportunity to be recognized and profiled on a national scale, says BDC.

The BDC Entrepreneurial Resiliency Award is one of four new entrepreneurship awards BDC is launching this year.