The Lethbridge College, Community Futures Lethbridge region and the government of Alberta have teamed up to launch a business plan contest giving students a chance to win $20,000 to start up a business.
Sponsored by the Youth Technopreneurship Program, the competition was created to inspire young entrepreneurs to develop technology, science or knowledge-based ideas into a profitable business. Providing the $20,000 prize, the Alberta government proposed the competition to several southern Alberta institutions.
“It’s a contest that was proposed to Medicine Hat College as well as the University of Lethbridge but Lethbridge College was the one institution that really wanted to go for it. They felt that the focus on technology, knowledge based and science was a key element in the competition and thought that our students would really have some interest there,” says Callie Craven, of the LC Business Training and Development department.
Youth Technopreneurship Program (YTC ), Community Futures and the already established Chinook Entrepreneur Challenge (CEC) will be administering the contest. Registration for the contest opened on Jan. 18 there is a 35-year age limit for contest entries. The training will run every Wednesday beginning in Febuary through March at the Community Futures offices on South Parkside drive across from Henderson golf course.
Conducted by GIO consultants, the training includes all aspects of entrepreneurship: strategic planning, finance, marketing, legalities and risk analysis. The deadline for business plan submissions is April. 30 and the screening and judging will take place over the following three weeks.
The $20,000 contest winner will be announced in June and they will have one calendar year to disperse the money. The winner will also be required to keep receipts of their business expenses to ensure it won’t be misspent.
Contestants will also have the option to be paired with a business mentor with experience, or bring their own, if they feel they lack guidance.
Project coordinator Desiree Unvoas urges any interested students to apply, even if they’re not confident on winning or exceed the age limit.
“Even if you have a business idea and it’s not science, technology based or if you exceed the age limit, you can still apply to the Chinook entrepreneurial challenge and have an opportunity to go through the whole process.” She says the experience and knowledge gained will be invaluable no matter what the outcome.
For more application information, visit the Business Training and Development department on the second floor of the IB building or call 320-6044 at the Community Futures office. The official website for the competition is www.chinookchallenge.com.