Young entrepreneurs in Ontario may soon get a jump start in building their own companies, as $1 million will be going into programs geared towards their success.
On Tuesday, the Ontario Centres of Excellence (OCE) and the Canadian Youth Business Foundation (CYBF) announced they will be investing in up to 10 projects over the next two years. OCE and CYBF made the announcement at the OCE Discovery conference in Toronto.
The projects are aimed at entrepreneurs between ages 18 and 39, with a focus on businesses stemming from Ontario’s colleges and universities. Each project would receive a total of $100,000, with a a $50,000 grant from OCE and mentorship from CYBF in the first year. Then in the second year, projects would get another $50,000 of funding from CYBF and the Business Development Bank of Canada.
In a statement, CYBF CEO Julia Deans said she’s looking forward to working with OCE to boost young entrepreneurs in business through funding, mentorship and coaching.
“Together, we want to encourage youth to view entrepreneurship as a viable career option and give them the right tools to set them up for success,” she said.