Oakville News

Award competition has $100,000 up as top prize

Calling all young Oakville entrepreneurs in need of $100,000.

The Business Development Bank of Canada (BDC) is now accepting applications for the 2013 edition of the BDC Young Entrepreneur Award.

Entrepreneurs aged 18-35 are asked to create a short video describing a turning point their company has reached and the solution they propose to take their business to the next level.

First prize is $100,000.

Second prize, consisting of $25,000 in consulting services, will be awarded to the runner-up.

The deadline for submitting applications is April 2, 2013 at noon Eastern Daylight Time.

“Showcasing and supporting Canada’s best business talent is an important aspect of our mandate,” said Michel Bergeron, senior vice-president of marketing and public affairs at BDC.

“The BDC Young Entrepreneur Award is the premier venue to shine a spotlight on some of the challenges young business owners face today.”

Those who enter the contest must be Canadian citizens or permanent residents who have been responsible for the daily management of a Canada-based business for at least two years as of Dec. 31, 2012.

They must also hold at least 20 per cent of the company’s capital stock.

The video need not be professionally produced, but should clearly explain the turning point solution, have good image and sound quality and be memorable.

All entries have to describe a project that has yet to be implemented.

“All companies reach a turning point,” said Bergeron.

“Some may choose to tap into new markets by implementing an Internet strategy, others may decide to acquire new equipment that will increase their overall profitability.

“Recognizing challenges early on and having a plan to tackle individual turning points is important for business and should rank high on an entrepreneur’s agenda.”

Bergeron said winning the award not only brings finalists monetary support, but tremendous exposure, public support and access to people and resources that will ultimately help their companies grow.

“As impressive as the monetary awards may be, a better reason to compete is to get noticed by potential customers and investors,” he said.

Applications must be filled out and submitted online at www.bdcyoungentrepreneuraward.ca.

More information about the 2013 BDC Young Entrepreneur Award eligibility criteria, the application process, the rules and regulations and the format of the video submissions is available on the contest’s microsite.

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