MONTREAL—The Business Development Bank of Canada (BDC) has launched the Entrepreneurial Resiliency Award, its first of four new entrepreneurship awards this year.
Launched in partnership with the Turnaround Management Association—Montreal chapter (TMA-Montreal), the award is designed to recognize a Canadian business that has come back stronger after undergoing a turnaround or pivotal event in the past year.
“Entrepreneurs are synonymous with taking risks and working hard to achieve success, but not all ideas work out,” the BDC said in a statement. “Those with the entrepreneurial resiliency to turn the lessons of experience into opportunities—and come out smarter and stronger—often rise above the others.”
Citing a recent Industry Canada report, the BDC said 80 per cent of enterprises that entered the marketplace in 2008 survived for only one year, and 72 per cent that entered in 2007 survived for two years.
Despite the odds, though, most entrepreneurs remain undeterred, with more than one-third of experienced entrepreneurs going on to successfully start another business after a failure.
The BDC said 60 per cent of entrepreneurs have started between two and four other businesses.
“Resiliency is an essential skill for entrepreneurs. With this new award, we are aiming to recognize that failing is part of the entrepreneurial process,” said Michel Bergeron, senior vice-president of marketing and public affairs with the BDC.
“Being in business is a high risk venture and growing a business is never a linear process. It is inevitable that entrepreneurs will face bumps in the road, some fatal. The important element is to make sure that they can apply what they have learned. This award is aimed at changing the mindset that having scars is a sign of weakness. In fact, it should be a sign of pride.”
Nominations are open until June 20, 2014 and the winner will be announced in September 2014.