Applications now open for youth entrepreneurs
Niagara students can again apply for the Ontario Summer Company program, a provincewide youth entrepreneurship initiative delivered locally by Niagara Falls Small Business Enterprise Centre.
The program offers high-school and post-secondary students grants of up to $3,000 to invest in the start up of a full-time summer business.
Successful applicants receive business training provided by the centre, in the downtown Wayne Thomson Building on Morrison Street, and mentoring from local entrepreneurs, accountants and previous Summer Company students.
“Running a business is something that is hard to learn in the classroom, and the lifestyle of an entrepreneur is something you could really appreciate when you do it yourself,” said Dean Spironello, a consultant with the centre.
He said people “wear many hats” when running a business, overseeing aspects such as accounting, marketing and staff.
“Just to experience for yourself juggling all those different responsibilities, you really need to get that first-hand experience, and that’s what Summer Company offers for students. They can really get that tangible, hands-on experience, overseeing all areas of running a business, and getting the feel for the entrepreneurial lifestyle.”
Since 2004, the centre has been delivering Summer Company to local students with funding provided by Ontario’s Ministry of Economic Development, Job Creation and Trade.
“Over the years, we have seen many students continue to run their business after they have completed the program — it helps build a culture of entrepreneurship,” said Spironello.
“The reality of entrepreneurship is that sometimes businesses don’t succeed, but we also have many students that either continue running the business that they started over the course of the summer, or they go on to launch different businesses, knowing now that they have the confidence to be their own boss, and they know what it’s like on a day-to-day basis.”
He said “never before” has there been more resources available for young people to start a business. “Many students use Summer Company as an opportunity to turn a side hustle or hobby into a legitimate business.”
Kyle Morgan, a 19-year-old from St. Catharines, launched Backcountry Coffee Co. in 2019, now called Whitewater Coffee, with the support of the program.
“I was still pretty young, so I knew the idea of running a business, but I didn’t know a lot of the (inner details), so accounting was big … balance sheets, and certain marketing techniques that we can use, marketing strategies,” he said.
To be eligible, applicants must be between the ages of 15 and 29, fulltime students and returning to school in the fall. Each applicant must submit a business plan, startup budget and cash-flow projections to be considered for a grant.
Applications are due May 31. Students can learn more about the program and apply at www.niagarafalls.ca/summercompany.