TORONTO—The federal government is contributing $14 million over two years to Futurpreneur Canada, a national not-for-profit organization that provides mentoring and support to aspiring business owners in Canada.
“Young entrepreneurs have the desire and potential to fuel the job creation and growth Canada’s economy needs,” Futurpreneur chief executive Julia Deans said in a statement.
“With this support we will equip thousands of young people with the skills, resources and confidence they need to launch and grow their own businesses. We’re encouraged by this investment and look forward to working with our other partners to help even more entrepreneurs.”
Formerly known as the Canadian Youth Business Foundation (CYBF), Futurpreneur estimates the financial support from Ottawa combined with other contributions will help an estimated 2,700 young entrepreneurs access financing and programs needed to get off the ground.
These entrepreneurs have the potential to create 2,250 new businesses and 10,800 jobs, according to surveys conducted by the organization in recent years.
“Getting young entrepreneurs the learning and support they need to move forward has never been more important,” said John Risley, chair of the Futurpreneur board, and president and CEO of Clearwater Fine Foods Inc.
“They are job creators, community builders, and absolutely critical to Canada’s economic future.”
Since its inception in 1996, Futurpreneur Canada has collaborated with all levels of government, corporate supporters and community partners to advance youth entrepreneurship in Canada.
The organization has invested in 7,500 entrepreneurs, who have created an estimated 29,800 jobs.
“Today’s young entrepreneurs are essential to tomorrow’s economy,” said Maxime Bernier, Minister of State for Small Business and Tourism, and Agriculture. “This investment will help Futurpreneur build on (its) enviable record of providing mentorship and business support to Canada’s young entrepreneurs.”