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Economic Action Plan Fuels Canada’s Entrepreneurs
TORONTO, Wednesday, March 18, 2009
View Prime Minister's Photo Galleries:
Photo Gallery 1: CYBF Roundtable
Photo Gallery 2: PM visits La Tortillería
Today, Prime Minister Stephen Harper and Minister Diane Ablonczy met with one of Canada’s leading youth entrepreneurship organizations, the Canadian Youth Business Foundation (CYBF). A roundtable with CYBF young entrepreneurs, mentors and senior officers from across the country was held to discuss 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.
In a press conference later that day, the Prime Minister spoke about 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 protégées. 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.
“At CYBF we believe that entrepreneurship = economic recovery and our track record proves that our program is part of the solution. The government’s generous commitment, coupled with private sector support, recognizes that young entrepreneurs have great potential to generate ideas and expand innovation to keep Canada strong” says Vivian Prokop, CEO, CYBF.
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ABOUT THE CANADIAN YOUTH BUSINESS FOUNDATION (CYBF) www.cybf.ca
The Canadian Youth Business Foundation (CYBF) is a national charity dedicated to growing our nation’s economy one young entrepreneur at a time. We look at character not collateral, when providing youth, age 18-34, with pre-launch coaching, business resources, start-up financing and mentoring, to help them launch and sustain a successful entrepreneurial business.
Founded in 1996, CYBF has invested to date in more than 2,900 young entrepreneurs, whose businesses have generated more than $300 million in sales revenue, $72 million in tax revenue, $36 million in export revenue, and created more than 15,500 new jobs. Through CYBF’s national network of community partners, we are able to deliver our program coast to coast with more than 2,600 volunteers across Canada.
Media Inquiries, contact:
Katrina White. ,
416 408-2923 ext 2115.
The Canadian Youth Business Foundation (CYBF) is the ‘go to’ place for youth entrepreneurship. As a national charity, we are dedicated to growing our nation’s economy one young entrepreneur at a time. We look at character not collateral, when providing youth, age 18-34, with pre-launch coaching, business resources, start-up financing and mentoring, to help them launch and sustain a successful entrepreneurial business.
Driving Canada's Business Success By Helping Youth Help Themselves