NEWS: Ministry of Economic Development and Innovation
McGuinty Government Supporting Young Entrepreneurs
Ontario is helping young entrepreneurs develop the skills they need to turn their business ideas into successful companies, supporting the creation of 400 new businesses and close to 2,000 jobs.
Through the Canadian Youth Business Foundation, Ontario’s support will provide mentoring, business coaching, start-up loan financing and other resources for entrepreneurs aged 18-39 as they start and operate their own business. Successful start-ups supported by the foundation include:
- Dual Audio Services, a full service audio-visual company
- Toronto’s eco-chic clothing line, Aime
- Avenir Medical, PelvAssist, which offers a cost effective, improved alternative to traditional hip replacement technology
- Paintlounge, a painting studio and cafe located in Markham
This builds on the support the McGuinty government provides young Ontarians through Ontario’s Summer Jobs Strategy. Through the Summer Jobs Strategy, the government has helps students find a summer job, launch their own summer company, and offers employers a $2-per-hour hiring incentive.
Providing the right climate to attract investment and build business is part of the McGuinty government’s plan to create jobs and strengthen the economy. A strong economy protects the services that mean most to families – health care and education.
“Organizations such as the Canadian Youth Business Foundation are helping young entrepreneurs turn good ideas into successful businesses. This government is laying the foundation for tomorrow’s business and innovation leaders — and with the proven track record of the Canadian Youth Business Foundation, we know we will succeed.” — Brad Duguid, Minister of Economic Development and Innovation
“CYBF is honoured to partner with the Government of Ontario to build a thriving entrepreneurial culture, one that launches new businesses, creates jobs and sustains economic activity across the province for years to come. This partnership will champion and mobilize Ontario’s young and emerging entrepreneurs by providing the guidance, investment, community and voice, which is critical to develop the next generation of job creators in the province, leaving a lasting legacy of prosperity and growth.” — Scott Bowman, Senior Director Ontario, Canadian Youth Business Foundation
“I owe much of my business success to the support of CYBF and their fantastic start-up program. They matched me with an amazing mentor and offered me access to business resources that meant my dream and goal of starting my own business became a reality. Today I successfully run two businesses and employ 46 individuals. The generous funding from the Ontario Government to CYBF means that more young entrepreneurs like me will be able to realize their own goals and dreams of owning their own business.” — Monica Mei, owner of Aime Luxury and founder and CEO WhatImWear.in
- Creating new businesses is an important part of Ontario’s economic future — 30 per cent of small business owners will retire by 2020, with more than half of Canada’s small business owners expected to retire within the next 15 years.
- Since 1996, the Canadian Youth Business Foundation has invested in more than 884 young Ontario entrepreneurs and created more than 4,300 new jobs in the province.
- The Canadian Youth Business Foundation is an accredited member of Youth Business International and is recognized as one of the most effective organizations of its kind globally.
Brianna Ames, Minister’s Office, 416-325-6909
Brigitte Marleau, Communications Branch, 416-325-2479
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