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February 25, 2009
New program promotes young entrepreneurs
Post-secondary institutions and community organizations invited to partner
Edmonton... Funding from a three-year, $3-million Youth Technopreneurship Program is now available to help run business plan contests for youth across the province starting with recent high school graduates.
Alberta calls on eligible post-secondary institutions or not-for-profit community organizations to become partners in this program.
“This program will support young adults in turning their ideas into marketable products or services, while turning them on to entrepreneurship as a career,” said Doug Horner, Minister of Advanced Education and Technology. The program aims to help young entrepreneurs develop a viable business plan for technology, science or knowledge-based ventures, and according to Horner, “this adds to our growing repertoire of science of solutions.”
The program will provide financial and business support to two groups of young entrepreneurs:
- The first group, eligible for cash prizes of $10,000, includes those who have graduated from high school within the past two years and currently reside in one of the province’s 13 economic regions.
- The second group, eligible for cash prizes of $20,000, includes those entrepreneurs, 35 years old or younger, who are in their final year at an eligible post-secondary institution in Alberta or who have graduated within the past year.
The Alberta government will provide the cash prizes as well as $5,000 for the host organization’s implementation costs. Each host organization is responsible for contest development, coordination, promotion, and implementation, and must also arrange for one year’s free mentorship, professional expertise, and incubation support for the contest winner. Interested organizations are invited to submit a proposal for consideration before December 31, 2009. For more information, please call 780-643-0901 or email techcomm.services@gov.ab.ca.
Horner added, “With each initiative rolling out of the Bringing Technology to Market action plan, our province’s business environment becomes increasingly supportive and entrepreneurial. This program is one more way Alberta is helping to encourage the development of our next-generation economy.”
Other initiatives in the Bringing Technology to Market action plan, announced in June 2008,include the Alberta Innovation Voucher Pilot Program; a provincial scientific research and experimental development tax credit; a product demonstration fund; improved access to early-stage seed and venture capital support; strengthened access to regional business services; introduction of technology development advisors; and enhanced product development centres.
Attachment: Youth Technopreneurship Program details.
Media inquiries may be directed to:
Marie Cusack
Public Affairs Officer
Advanced Education and Technology
780-427-0038
marie.cusack@gov.ab.ca
To call toll free within Alberta dial 310-0000.
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Youth Technopreneurship Program Details
When will the business plan contests take place?
While there is flexibility around the exact dates of competitions, it is expected that most of the business plan competitions and announcements of competition winners for the first round will occur between September 2009 and June 2010. Additional rounds are planned with the anticipation that over time corporate sponsors and more institutional partners will come on board to help ramp up the program.
Who can apply to become a partner in this program?
Targeted eligible post-secondary institutions*:
Grant MacEwan College, Mount Royal College, Northern Alberta Institute of Technology, Southern Alberta Institute of Technology, Bow Valley College, Grande Prairie Regional College, Keyano College, Lakeland College, Lethbridge College, Medicine Hat College, NorQuest College, Northern Lakes College, Olds College, Portage College, Red Deer College, Ambrose University College, St. Mary’s University College, Canadian University College, Concordia University College of Alberta , The King's University College, Taylor University College and Seminary, Alberta College of Art and Design, The Banff Centre.
* some of the other institutions are already engaged in similar competitions
Community Organizations:
One community organization within each of Alberta’s 13 economic regions (http://www.albertacanada.com/regionaldev/1220.html) may host the business plan contest. Interested groups should contact Advanced Education and Technology to learn more about the contest activity in their region and the opportunities to collaborate with others.
Alberta’s post-secondary institutions and community organizations are encouraged to engage a network of partners (local industry, business advisory service providers, consultants and/or entrepreneurs) to help deliver the advisory and mentorship services, provide incubator space or sponsor additional cash prizes for winners.
Are the contests the same across the province?
The contests may vary depending on the organization delivering them. The participating post-secondary institutions or community organizations have the flexibility within the development of the contest criteria and administration to meet local needs and capacities. For example, a college in a rural setting might choose to focus on business plans that involve agricultural technologies. Those administering the program must ensure the overall objectives of the program are met, which includes a practical, experience-based learning opportunity for contest participants where they will interact with business experts for advice and mentorship and get a kick start to their business venture.
Where is more information available?
Program guidelines are available online at www.technology.gov.ab.ca; click on “Youth Technopreneurship Program.” For more information, call 780-643-0901 or email techcomm.services@gov.ab.ca.
Media inquiries may be directed to:
Marie Cusack
Public Affairs Officer
Advanced Education and Technology
780-427-0038
marie.cusack@gov.ab.ca
To call toll free within Alberta dial 310-0000.
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