CBDC Young Millionaires Program
PE, Canada
Support for Atlantic youth to start a business
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|openingDateMay 09, 2023
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Educational services
grant_single|grantors
- Community Business Development Corporations (CBDC)
grant_single|status
grant_card_status|open
grant_single_labels|preview
If your child is between the ages of 9 and 16, they can develop their entrepreneurial skills through a series of workshops and mentoring designed to help them start a business of their own.
grant_single_labels|projects
The Young Millionaires Program is available across Prince Edward Island through various regional partners, ensuring accessibility to youth in different parts of the province. Participation in the program is contingent upon regional availability and support from designated organizations.
- Central Prince Edward Island, facilitated by Central Development Corporation.
- Eastern Prince Edward Island, facilitated by Active Communities Inc.
- Western Prince Edward Island, facilitated by CBDC West Prince Ventures.
- Charlottetown Area, facilitated by CBDC Central.
- Francophone programs delivered by RDÉE Île-du-Prince-Édouard Inc.
grant_single|admissibleProjectsExample
$200
Montreal
Group vending event for youth entrepreneurs
$200
Ottawa
Financial management training for young entrepreneurs
$200
Toronto
A series of creativity and innovation workshops
$200
Vancouver
Developing a marketing strategy for a youth-run business
$200
Calgary
Customer service skill-building workshop for youth
$200
Halifax
Public speaking workshops for youths
grant_single_labels|admissibility
Eligibility for this grant is determined by specific criteria related to the applicant's profile and readiness to participate in the program.
- Applicants must be youth aged 9 to 16.
- Applicants must complete the program's application process, including submission of a business idea and business plan.
- Interest and enthusiasm for entrepreneurship must be demonstrated.
- Applicants must participate in and complete all required workshops.
- A detailed business plan and a successful interview are required for acceptance.
grant_eligibility_criteria|who_can_apply
This grant is part of the Young Millionaires Program, which is open to youth entrepreneurs aged 9 to 16 in Prince Edward Island, Canada. Applicants must complete the program prerequisites such as attending workshops, submitting a completed business plan, and participating in an interview process to be eligible for the start-up grant. The program welcomes individual applications as sole proprietors or as partnerships, with support provided through local delivery partners. Participants are evaluated on the basis of their application, business idea, business plan, interest, and enthusiasm in entrepreneurship.
grant_eligibility_criteria|who_cannot_apply
This program does not specify any particular industries or types of companies that are excluded from applying. However, it is inherently restricted to individual young entrepreneurs between the ages of 9 and 16, rather than registered companies or established industries.
grant_eligibility_criteria|eligible_expenses
The Young Millionaires Program funds activities that provide youth with both entrepreneurial skills and real-world business experience. Eligible projects include establishing and growing youth-led businesses, creating innovative products, and engaging in market opportunities.
- Creation and development of youth-led businesses with initial start-up support.
- Participation in workshops focused on business fundamentals like marketing and expenses.
- Producing and selling unique products or offering specialized services.
- Engagement in community vending events to gain market exposure.
- Partnering with peers in business initiatives to increase collaborative skills.
- Expanding business reach through strategic planning and exploring online markets.
- Accessing mentorship for ongoing entrepreneurial development.
- Participation in organized events and exclusive year-round venues.
grant_eligibility_criteria|zone
The Young Millionaires Program provides a non-repayable start-up grant which covers specific start-up expenses related to launching a youth entrepreneurial venture.
- Start-up expenses for the business venture.
grant_single_labels|criteria
The evaluation and selection of projects for the Young Millionaires Program are based on the completion of specific requirements and demonstration of interest and enthusiasm for entrepreneurship.
- Completion of the application form with all necessary details.
- Quality and viability of the business idea presented by the applicant.
- Comprehensive development of the business plan.
- Demonstrated interest and enthusiasm for entrepreneurship throughout the application process.
- Successful completion of required workshops on basic business fundamentals.
- Performance during the interview stage.
grant_single_labels|register
Here are the steps to apply for the Young Millionaires Program:
- Step 1: Pre-registration
- Express interest in the program by pre-registering online.
- Keep an eye on the opening of official registration in May.
- Step 2: Official Registration
- Complete the official registration form when it opens in May.
- Provide necessary details about the youth applicant and guardian's consent.
- Step 3: Application Submission
- Submit a filled-out application with the proposed business idea.
- Ensure the application reflects the business idea, enthusiasm, and interest of the youth.
- Step 4: Participate in Workshops
- Attend all scheduled workshops starting in June to learn business fundamentals.
- Engage actively in all workshops to acquire necessary entrepreneurial skills.
- Step 5: Develop Business Plan
- Create a detailed business plan based on the learnings from workshops.
- Include components like marketing strategies, budgets, and operational plans.
- Step 6: Interview
- Participate in an interview to assess the readiness and potential of the business idea.
- Prepare to discuss your business plan and answer any questions.
- Step 7: Program Acceptance
- Wait for acceptance into the program based on application, workshops, and interview results.
- Once accepted, receive a start-up grant to launch the business.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The program has been running since 1992 and is funded by the Atlantic Canada Opportunities Agency’s Business Development Program and Innovation PEI.
- Participants in the program are expected to engage in vending events and activities throughout the summer.
- The Shooting Stars program provides year-round support and mentorship for those continuing their business after initial participation in the Young Millionaires Program.
- The Youth Employment Program complements the entrepreneurial focus by providing skills-based work experience.
- Young Millionaires Program alumni have access to various perks and support options, indicating a strong alumni network and ongoing opportunities beyond initial program participation.
- Success stories highlight the significant earning potential and skill development achieved by past participants.
- Engagement with the community and collaboration with local businesses is encouraged through various program-sponsored events.
grant_single_labels|contact
ymp@centralpei.ca
902-887-3400
Apply to this program
Empowering Youth Through the Young Millionaires Program
The Young Millionaires Program provides a unique summer opportunity for youth aged 9 to 16 to dive into the world of entrepreneurship. This program offers a comprehensive blend of mentorship, training, and financial support to nurture budding entrepreneurs and prepare them for a dynamic business environment.
Expanding Horizons with the Young Millionaires Program
The Young Millionaires Program is a distinguished initiative based in Prince Edward Island, designed to foster entrepreneurial skills among youth aged 9 to 16. By offering a structured curriculum that covers essential business concepts— from creativity and innovation to marketing and public speaking—the program aims to cultivate a new generation of confident, independent, and skilled young entrepreneurs. Since its inception in 1992, the program has been instrumental in guiding youth through the process of starting their own businesses, right from idea development to execution.
Participants in the Young Millionaires Program engage in a series of hands-on workshops that teach fundamental business skills such as record keeping, understanding revenue and expenses, and exceptional customer service. Through these workshops, the youth are encouraged to develop a business idea, create a business plan, and implement their strategies, with the support of experienced mentors and facilitators. This environment not only teaches practical business skills but also instills a strong sense of responsibility and perseverance.
Participants who successfully complete the program requirements, including the workshops and interviews, are awarded non-repayable start-up grants— $150 for individuals and $200 for partnerships. These grants serve as seed capital to launch their entrepreneurial ventures, offering a practical platform for real-world learning and financial literacy at an early age. Furthermore, the program emphasizes learning through practical experiences, enabling young entrepreneurs to navigate challenges, learn from failures, and celebrate successes.
The Young Millionaires Program is made accessible across Prince Edward Island through regional service providers. These include the Central Development Corporation, Active Communities Inc., CBDC West Prince Ventures, RDÉE Ile-du-Prince-Édouard Inc., and CBDC Central, ensuring that youth from various parts of the island can participate and benefit from the program’s expansive network.
Through the years, the Young Millionaires Program has supported numerous successful entrepreneurial ventures. Many of its participants have gone on to develop thriving businesses, creating products and services that not only meet local demand but also sometimes cater to international markets. This is reflected in success stories such as "Seaside Treasures" and "Chloe's Designs," which highlight the program's capacity to nurture ideas into profitable ventures.
Moreover, participants can continue their business journey through the "Shooting Stars" program, which offers further mentoring and development opportunities for those wishing to expand their businesses. This continuity ensures that the skills and experiences gained during the Young Millionaires Program are built upon and utilized to their fullest potential.
In conclusion, the Young Millionaires Program stands as a beacon for young entrepreneurs looking to explore their capabilities, expand their horizons, and make meaningful contributions to their communities. Through a robust system of support and education, this program not only equips youth with entrepreneurial skills but also lays a solid foundation for their future careers and business ventures.
