OCE and CYBF to co-invest $1 million in young entrepreneurs
TORONTO – May 28, 2013 – Ontario’s young entrepreneurs will soon have new opportunities to get funding for businesses driven by post-secondary innovations, thanks to a new partnership between Ontario Centres of Excellence (OCE) and the Canadian Youth Business Foundation (CYBF).
“We are pleased to be partnering with CYBF to help Ontario’s young entrepreneurs take their business to the next level,” said OCE President and CEO Dr. Tom Corr. “Both organizations have a vested interest in seeing these businesses succeed and I am confident this collaboration will lead to tangible results that will benefit all of Ontario.”
Up to 10 projects would receive $100,000 each over two years with a $50,000 OCE grant plus mentorship from CYBF being the first year award and matching financing from CYBF and the Business Development Bank of Canada in the second year. Details of how projects will qualify will be unveiled in the future.
“We look forward to working with OCE and entrepreneurially-minded young Canadians to provide the necessary financing, mentoring and business coaching needed to start and run their own businesses,” said Julia Deans, Chief Executive Officer, CYBF. “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.”
The memorandum of understanding, signed today at OCE’s Discovery trade show and conference, will see the creation of new two-year programs and projects aimed at helping entrepreneurs aged 18-39 build and develop businesses originating in Ontario’s colleges and universities.
“I’m delighted to see two of our partner organizations working together to create new opportunities for young Ontario entrepreneurs,” said Dr. Eric Hoskins, Minister of Economic Development, Trade and Employment. “The new businesses and new jobs resulting from this initiative will mean a stronger economy for our province.”
About Ontario Centres of Excellence (OCE) Inc.
OCE drives the commercialization of cutting-edge research across key market sectors to build the economy of tomorrow and secure Ontario’s global competitiveness. In doing this, OCE
fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario’s industry, universities, colleges, research hospitals, investors and governments. A champion of leading-edge technologies, best practices and research, OCE invests in sectors such as advanced health, digital media and information communications, advanced manufacturing and materials, and cleantech including energy, environment and water. OCE is a key partner in delivering Ontario’s Innovation Agenda as a member of the province’s Ontario Network of Entrepreneurship (ONE). Funded by the Government of Ontario, the ONE is made up of regional and sector-focused organizations and helps Ontario-based entrepreneurs rapidly grow their company and create jobs.
About Canadian Youth Business Foundation
The Canadian Youth Business Foundation (CYBF) is a national non-profit organization dedicated to growing our nation’s economy one young entrepreneur at a time. We look at character, not collateral, when providing youth aged 18-39 with pre-launch coaching, business resources, start-up financing and mentoring to help them launch and sustain successful businesses. CYBF has been recognized as a global leader in advancing youth entrepreneurship, is a founding member of the global G20 Young Entrepreneurs’ Alliance (G20 YEA), the Canadian member of the Prince’s Youth Business International, and the Canadian Host of Global Entrepreneurship Week (November 18-24, 2013). Visit www.cybf.ca.