Action 9
Action 9: Youth Technopreneurship Program
Overview
What is the Youth Technopreneurship Program?
Interested youth are invited to take part in a business plan contest organized and delivered by participating eligible post-secondary institutions and community organizations across Alberta. Their business ventures must have a technology, science or knowledge-based focus. Contest winners receive a cash prize from Advanced Education and Technology to develop their business plan, as well as incubation support from the post-secondary institution or community organization which includes temporary office space for up to one year, and access to business advisors and expertise to help grow their ideas. There will be competitions for students in their final year at and recent graduates of the eligible post-secondary institutions each with a $20,000 cash prize and competitions for high school graduates in the regions each with a $10,000 cash prize.
What is being announced?
Advanced Education and Technology is inviting proposals from Alberta eligible post-secondary institutions or non-profit community organizations to become partners in the Youth Technopreneurship Program by organizing and delivering business plan contests and providing incubation support for contest winners. To meet the target timelines for the first round of competitions, these organizations should submit proposals to Advanced Education and Technology anytime before the end of 2009. Information on the program and how to apply to be a partner can be found online at http://www.technology.gov.ab.ca/ under the Youth Technopreneurship Program link.
When will the business plan contests take place?
While there is flexibility around the exact dates of competitions, it is expected that most of the business plan competitions and announcements of competition winners for the first round will be delivered between September 2009 and June 2010. This timeframe will give partnering organizations enough time to promote business plan contests and arrange for incubation supports. Additional rounds are planned with the anticipation that over time corporate sponsors and more institutional partners will come on board to help ramp up the program.
Are the contests the same across the province?
The contests may vary depending on the organization delivering them. The participating post-secondary institutions or community organizations will have the flexibility around the development of the contest criteria and administration in order to meet local needs and capacities. For example, a college in a rural setting might choose to focus on business plans that involve agricultural technologies. Those administering the program must ensure the overall objectives of the program are met, which includes a practical, experience-based learning opportunity for contest participants where they will interact with business experts for advice and mentorship and get a kick start to their business venture.
Who is eligible for the program?
The program is targeted at recent high school graduates, post-secondary students and recent graduates through two tracks: the “Post-secondary Track” and the “High School Graduate Track.” Under the Post-secondary Track, young Albertans under the age of 35 who are in their final year of enrolment at a participating post-secondary institution or who have graduated within the past year can apply. The High School Graduate Track is aimed at youth under the age of 25 who have graduated from high school within the past two years. Their business plans must have a technology, science or knowledge-based focus.
Why is this program necessary?
High school graduates, post-secondary students and recent post-secondary graduates are at a critical stage in determining their career path and some may have great business ideas, but could have reservations in choosing entrepreneurship as a profession. This program offers real life experience and presents entrepreneurship as a desirable career path to youth. It also fosters the delivery of relevant skills and training that will benefit youth throughout their careers.
Why is the Youth Technopreneurship Program important to Alberta?
Through the Youth Technopreneurship Program, the Alberta government is nurturing a knowledge-based workforce for a next generation economy. The program helps to build a more entrepreneurial environment by facilitating support, mentorship and funding for young and aspiring technology entrepreneurs throughout our province.
Does this program duplicate other young entrepreneur programs and contests, like those administered by Junior Achievement and 4H?
Although there are some programs in Alberta and across the country which encourage young entrepreneurs, the Youth Technopreneurship Program is unique because it is exclusively aimed at ventures that have a technology, science or knowledge-based focus.
Eligibility
Which post-secondary institutions can participate in the Youth Technopreneurship Program?
The eligible institutions to administer the Youth Technopreneurship Program are:
Baccalaureate and Applied Studies Institutions: Grant MacEwan College and Mount Royal College
Polytechnical Institutions: NAIT and SAIT
Comprehensive Community Institutions: Bow Valley College, Grande Prairie Regional College, Keyano College, Lakeland College, Lethbridge College, Medicine Hat College, Norquest College, Northern Lakes College, Olds College, Portage College and Red Deer College
Independent Academic Institutions: Ambrose University College, St. Mary’s University College, Canadian University College, Concordia University College, King’s University College and Taylor University College
Specialized Arts and Culture Institutions: Alberta College of Art and Design and the Banff Centre
What are the 13 regions?
The regions are based on the 13 Alberta Regional Economic Alliances geographical regions. These can be found online at http://www.albertacanada.com/regionaldev/1220.html. Community organizations will coordinate the business plan competitions within an economic region or parts of a region through appropriate community partners. Generally, one group per region should submit a proposal to administer the Youth Technopreneurship Program on behalf of the key regional partners. Depending on capacity and demand for the program, groups in one region may want to collaborate with groups in another. Interested groups should contact Advanced Education and Technology at (780) 643-0901 or techcomm.services@gov.ab.ca to learn more about the Youth Technopreneurship Program activity in their region and the opportunities to collaborate with others.
If a recent post-secondary or high school graduate has moved away from the institution they attended, can they participate in a contest closer to them?
The eligible post-secondary institutions and community organizations will be responsible for developing the contest rules, which will include applicant eligibility.
What if I am not a recent student?
There are existing programs and services across Alberta offered through organizations like TEC Edmonton, Calgary Technologies Inc. and Community Futures Organizations, or loan programs through Servus Credit Union or Business Development Bank of Canada, that are able to assist entrepreneurs with starting up their ventures. In addition, Advanced Education and Technology offers innovation vouchers through the Innovation Voucher Pilot Program to help small technology and knowledge-driven businesses in Alberta get their ideas to market faster. More information about the Innovation Voucher Pilot Program is available at http://www.advancededandtech.alberta.ca/technology/wwwtechnology_asp/techprior/techcomm/innovoucher/innovoucher.asp.
Why isn’t the program available to youth in Grade 12 or younger?
Based on a review of existing entrepreneurship support programs, it was identified that there was a lack of programs targeted at recent graduates outside of the large urban centres preparing to enter the work world from high school and post-secondary institutions. This is why the target clientele are either high school graduates or post-secondary students or graduates. In addition, high school students may not be able to commit sufficient time and effort to developing their business concepts because of their academic workload.
Why is the program targeted only for certain post-secondary institutions and community organizations?
There are existing student business plan competitions at three comprehensive academic and research institutions. These are the Centre for Entrepreneurship and Family Enterprise Student Competition (University of Alberta) which offers a $6,000 cash prize and the Student Technology Innovation Challenge (Universities of Calgary and Lethbridge) which offers a $6,000 cash prize. The top 3 winners from these two contests are then entered into the TEC VenturePrize student business plan contest to select a provincial winner who receives a $6,000 cash prize. Advanced Education and Technology provides funding to support TEC Edmonton and University Technologies International, the two organizations responsible for administering these contests.
Can a young entrepreneur apply for both the High School Graduate and the Post-secondary Track if the program continues beyond the first two years?
If the program continues beyond the three years budgeted, young entrepreneurs will be able to participate in both tracks if they qualify under the partnering organization’s eligibility requirements.
Contest Info
How many awards will be given out?
For the “Post-secondary Track,” a $20,000 prize will be given out at each post-secondary institution participating in the program. For the “High School Graduate Track,” a $10,000 prize will be given out by each community organization. Advanced Education and Technology estimates that approximately 72 prizes will be given out over the next two years.
What can the prize money be used for?
The prize money must be used for activities related to implementing the business plan. Eligible expenses can include: feasibility studies, intellectual property protection, market development and expansion expenses, product development expenses, or professional services not available through the post-secondary institution or community organization.
Costs and Budget
What’s the budget for this program?
Advanced Education and Technology will allocate up to $3 million over three years for the Youth Technopreneurship Program. This includes prizes and program organization and promotion costs. Exact cost of the program delivery will depend upon uptake by the eligible post-secondary institutions and community organizations and interest from the target youth clients.
Current as of: Wednesday, February 25, 2009
Maintained by: Communications branch, AET
