YOUTH ENTREPRENEUR PROGRAMS

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1 YOUTH ENTREPRENEUR PROGRAMS Young Entrepreneurs Forum A number of bright young students who have the entrepreneurial spirit are not given the opportunity to take any training or to interact with our local business leaders. Likewise, our our business leaders do not have the opportunity to meet some of our young, goal oriented entrepreneurs and make themselves aware of the pool of talent that is available to them. Prince Edward Island Business Development Inc. sponsors a "Young Entrepreneurs Forum to enhance and develop the entrepreneurial skills of our future business leaders. Regularly scheduled sessions in the PEIBD boardroom bring together some of our business and government leaders with our young, aspiring entrepreneurs. Each session features invited business and government leaders who make a presentation to the students on various topics of interest. Some topics include - young female entrepreneur starting her own business, taking over a business from parents and government decisions. Students are encouraged to ask questions and to discuss their thoughts and expectations with the presenters. Goals: 1. enhance personal skills and increase self confidence 2. promote awareness of the opportunities available in the Province 3. provide an opportunity for students to begin effective networking at an early age 4. make business leaders aware of the talent pool of young entrepreneurs Contact: Rupert Sweetapple Advancing Canadian Entrepreneurship As of April 2004, ACE PEI, an Advancing Canadian Entrepreneurship team was created from students from various faculties at the University of Prince Edward Island. As a team, they have created a strong Mission Statement, Constitution and Stakeholder s Charter and the is the second full year as a force on campus. Throughout the school year, the Team combined leadership and innovation to execute programs that will satisfied one, or all of the ACE criteria, while using the fair enterprise documentation to guide the team. ACE PEI is open and excited to share its vision with new members and look forward to many years full of innovation and entrepreneurial vision. ACE PEI is always looking for leaders who wish to not only sharpen their skills, but who wish to see positive, innovative change. Prince Edward Island Business Development Inc. has provided financial support via sponsorship to help the group represent the Province at the National competition of ACE groups across the country in 2005 and The team has made it to the semi final round on both occasions. In

2 addition to the financial support, a PEIBD staff member has been Chair of the Business Advisory Board for the group. Contact: Rupert Sweetapple LaunchPad The LaunchPad Start-Up Business Program is designed to accelerate the successful development of export oriented, entrepreneurial companies within the Information & Communications Technology (ICT) industry of Prince Edward Island. While this program does not have any age restrictions, it is very beneficial to young entrepreneurs because of the mentoring component of the program. The program s objective is to help these newly formed companies get started and enhance opportunities for collaboration between companies within the Atlantic Technology Centre s LaunchPad facility and in the academic and business communities. The LaunchPad service offering may include: mentorship program; subsidized office space; internet connectivity and access to common services. Contact: Julie Alford Shad Valley Since 1981, the Shad Valley program has been assisting top students in senior high school find an edge in the competitive, knowledge-based world of tomorrow. It s an experience unlike anything else, combining entrepreneurship with science and technology, and offering academic and often paid work experience to its students. Candidates for the program tend to be creative and talented individuals musicians, inventors, and young business people with strong leadership skills, the ability to work in a team, and solid academic records, particularly in math and science. The number of students applying to the program from PEI have been low in comparison to the other Atlantic provinces. Last year PEI had 4 applicants, New Brunswick had 50 and Nova Scotia had 60. Our role this year is to increase those numbers and to recruit companies from PEI to provide internships for students attending the Shad Valley program. I Want to be a Millionaire program The `I Want to be a Millionaire' program is designed to educate the youth of Prince Edward Island in the many different aspects of business. The program offers young people the opportunity to start their own business by giving them a $100 seed grant and business training. The training is provided through workshops which teach basic business topics such as record keeping, marketing and promotion and customer service. The Department of Development and Technology has agreed to provide financial support to assist in the delivery of the program.

3 Junior Achievement Altogether, Junior Achievement reaches approximately 7 million students worldwide. Through age-appropriate curricula, Junior Achievement programs begin at the elementary school level, teaching children how they can impact the world around them as individuals, workers and consumers. Junior Achievement programs continue through the middle and high school grades, preparing students for future economic and workforce issues they'll face. The Labor Force and Youth Development Division has provided financial assistance to the program for several years. As well, the Labor Force and Youth Development division in conjunction with several other staff members within the Department of Development and Technology have volunteered their time, to assist in the delivery of the JA programs at the school level. Lego Robotics Program designed for young participants to create and build a robot and compete in a friendly robotics event that is designed specifically for their age group. Using LEGO bricks and other elements such as sensors, motors and gears, teams gain hands on experience in engineering and computer programming principles as they construct and program their unique robot inventions. This program encourages youth to develop an entrepreneurial mind set by providing them with the opportunity to invent a product that could be potentially marketable and used for various applications. Three Oaks Avionics The intent of this new offering is to expose grade 11 and 12 students to the potential for careers in PEI s growing Aerospace industry. Students will have access to all forms of the avionics industry including design principles construction, repair and management. With this knowledge graduates of the program will have the opportunity to either explore careers in the industry or discover potential new business opportunities. Contact Kate Flanagan Game Force Starting with a 2D development program for Grades 7,8,9, students will learn the basics of video game development. All aspects of game creation will be taught including story boards, sounds, animations, level design, etc. At the end of the course students will have designed, developed and created their own 2D video game in the form of an 'executable' file. It is anticipated that this program will encourage youth to develop interest in the gaming industry as well as to help them develop a business mind set in the creation of their gaming products. Contact Carson Birch

4 Craft Education Bursary Program In the summer of 2000, four craft and giftware industry consultations were hosted by the Department of Development and Technology. One of the themes common throughout these consultations was the need for additional training for this sector including more elementary school art programs, bursaries, apprenticeship programs and business seminars for the industry to grow and attract new entrants. It was also acknowledged at these consultations that the demand for Island made hand crafts is greater than the supply. Recognizing these needs, Prince Edward Island Business Development Inc. (PEIBDI) introduced the Craft Education Bursary Program in July of PEIBDI believes that offering educational opportunities for Island craftspeople will encourage the growth of the industry. The objective of the bursary program is to increase the number of qualified, full-time producers on PEI thereby filling the demand for Island made products on PEI and exporting craft products outside the province. The Craft Education Bursary Program is for full-time craft students who are residents of Prince Edward Island and will be studying at a recognized institution of craft and design in Canada. In order to be eligible for the award, the student must be a high school graduate or demonstrate equivalency, be a Canadian citizen and have been a resident of Prince Edward Island for at least 6 months prior to the application. The individual recipients of the program are eligible for up to $5,000 in assistance per year to help cover the costs of tuition, books, and materials. Additionally, recipients may qualify for a summer work term placement when they return to PEI in the summer months to work with an Island craft producer. Assistance under this program is in the form of a 75% cost shared contribution to wages up to a maximum assistance of $7.50 per hour for the summer work term. In return for sponsorship, students must agree to return to Prince Edward Island to establish, operate and/or work in a craft manufacturing/production business. This commitment is for a minimum of two years to a maximum of five years, depending on the extent of funding received. Upon graduation, if the applicant fails to return to Prince Edward Island to establish, operate and/or work in a craft manufacturing/production business, the total amount of funding provided must be returned in full to PEIBDI. Contact: Carolyn Villard

5 PEI GOVERNMENT HELPS YOUNG ENTREPRENEURS FINANCING PROGRAMS: Entrepreneur Loan Program Provides entrepreneurs of all ages with up to $50,000 for use as an investment in eligible new and expanding businesses. Loans are to be sourced through participating financial institutions and are fully guaranteed by Prince Edward Island Business Development Inc. for the life of the loan to a maximum of five years. Interest is charged at a floating rate of prime plus two percent. In the case of students starting their own business for the summer months, assistance will be in the form of a $3,000 loan guarantee that must be repaid by October 31 of the same year. Student applicants must be enrolled in a high school, college or university program and intend to return to school in the fall. Eligible businesses include those involved in manufacturing, processing, services, wholesale, retail, franchise and resource-based industries that, with exception of tourism businesses, operate on a full-time basis (minimum of six months of operation). Some specific activities within these sectors may be considered ineligible. Excellent program to assist aspiring entrepreneurs who require more security to attract traditional financing or who do not yet have a credit history, as may be the case with young entrepreneurs. Winter Production Financing Program Provides new and expanding craft and giftware manufacturers in all areas of Prince Edward Island with the financing needed to increase production of their products during the winter months for sale in the peak selling periods. Assistance under this program is in the form of a repayable loan, to a maximum of $10,000 per manufacturer, to be repaid in full by the end of October following the advancement of the funds. No interest is charged on the monies loaned. However, arrears interest at the rate of 1% per month will be charged on any of the four required installments that are overdue. Excellent program for new entrepreneurs to obtain financing for inventory production that may not be normally available to them due to a lack of credit history or a track record in the industry and to use in building a credit history to help in obtaining traditional financing in the future. More information on these programs and the application procedures can be obtained by visiting the Prince Edward Island Business Development web site at or by telephoning

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