There are many people who come up with what they think is an innovative idea for a new product or service they'd like to see in the marketplace. It takes a lot of realize those entrepreneurial dreams, however: research, product development, marketing, strategic planning and some seed money, for starters. Offering a hand to a few young would-be entrepreneurs: the Canadian Youth Business Foundation, which is sponsoring an
Innovators Fund for the third year in a row.
Up to 10 entrepreneurs will be selected to participate and will receive "up to $50,000 in financing and an exclusive mentoring package" says Tessa Mintz, a vice president with the CYBF. The Innovators Fund is run in conjunction with Spin Masters Ltd., a toy company that itself was founded by three young Toronto entrepreneurs.
When we ask her what distinguishes entrepreneurs who end up succeeding in the marketplace, she says: "those people who have done their homework--they haven't created an innovation for the sake of innovation, they know who their customer is and what the market looks like."
That quality will be essential in the selection process for participants in the Innovators Fund: Mintz encourages applicants to "really highlight why you're innovative in your space" and clearly articulate what distinguishes their idea from others already in the market, and what will make it appealing to consumers.
Applications for the Innovators Fund are now open and will be accepted until May 21.
Writer: Hamutal Dotan
Source: Tessa Mintz, Vice-President, Volunteers and Programs, Canadian Youth Business Foundation