2015/16 Annual Review Fueling Young Enterprise Table of Contents
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2015/16 ANNUAL REVIEW FUELING YOUNG ENTERPRISE TABLE OF CONTENTS 2 OUR STORY 3 OUR IMPACT TO DATE 4 HIGHLIGHTS OF OUR YEAR 5 BUILDING ENTREPRENEURIAL SKILLS 6 THE MANY FACES OF SUCCESS 11 OUR FINANCIAL RESULTS: HIGHLIGHTS AND MANAGEMENT COMMENTARY 14 OUR VALUED FUNDERS A MESSAGE FROM OUR CEO A MESSAGE FROM OUR CHAIR Futurpreneur Canada has been fueling the entrepreneurial “Over the past year, we’ve supported “Futurpreneur is evolving its passions of enterprising young people in Canada since over 1000 new business owners with operations and its offerings to help 1996. We’re the only national non-profit organization financing and mentoring to start more young entrepreneurs succeed. that provides financing, mentoring and support tools their new businesses. But this only New programs, new services and a to aspiring business owners aged 18-39. Our internationally paints a partial picture of how we transformed funding model mean have supported entrepreneurs. We’ve that more young people across recognized mentoring program matches young entrepreneurs also worked with and supported Canada can access the financing, with a business expert from our network of almost 3000 thousands more entrepreneurs mentoring and resources they need volunteer mentors. through events such as Action to start and grow new businesses. Entrepreneurship, resources including These exciting improvements, VISION: our interactive Business Plan Writer, combined with our almost 20 years Young entrepreneurs flourish within a fully supportive Canada and global initiatives like the G20 Young of supporting young entrepreneurs, create economic and social value for Canadians and the world. Entrepreneurs Alliance, and our have prepared us to support more frequent workshops and seminars. entrepreneurs, in more ways, than MISSION: Our community of Futurpreneurs is ever before.” To play an integral role in the entrepreneurship experience of Canadians growing every year, and inspiring us aged 18-39 by providing financing, mentoring and tools that will help every day.” - John Risley, Chair them build sustainable businesses and create value. Board of Directors - Julia Deans, CEO VISIT FUTURPRENEUR.CA FOR MORE INFORMATION 2 Futurpreneur Canada | 2015/16 Annual Review OUR Supported * * 350 IMPACT 9,160 Community and referral young business owners partners across Canada TO DATE with start-up loans Helped launch More than 7,479 * 2,900* Canadian businesses skilled volunteer mentors More than ** † 65,000 35,000 people have used our jobs created interactive Business Plan Writer More than $224,000,000† in estimated tax revenue *From inception in 1996 to March 31, 2016 **From 2012-March 31, 2016 †Based on Futurpreneur Canada surveys conducted in 2009 and 2012 3 Futurpreneur Canada | 2015/16 Annual Review HIGHLIGHTS MAKING CONNECTIONS ON THE ROAD Through our partnership with In November 2015, we launched The Keg, we hosted almost GEW Canada: On the Road, a 700 young business owners at national marquee initiative for OF OUR YEAR Entrepeer Experience events. Global Entrepreneurship Week These networking events ignited (GEW) that sent three young and strengthened connections entrepreneurs around the country between entrepreneurs and as GEW Ambassadors. mentors in communities across the country. THRIVENORTH We supported the launch of For the second year in a row we MENTORING MATTERS partnered with Prince Rupert LNG We partnered with the Business to increase entrepreneurship in 1,009 Development Bank of Canada for Northern British Columbia. This year, new businesses—more than ever before the national launch of moMENTum, we hosted an enlightening mentoring a mentoring-only offering providing masterclass, a bustling entrepreneur six months of mentoring to aspiring marketplace and the second annual Top three industries supported: entrepreneurs. This initiative was ThriveNorth Business Challenge. a direct response to new business owners who were looking for GOING GLOBAL service, retail mentoring without financing. Last year, over 400 of the world’s best and brightest young entrepre- and food/beverage ACTION ENTREPRENEURSHIP neurs and change makers gathered Action Entrepreneurship 2016 in Istanbul, Turkey, for the 6th annual brought over 1,000 young G20 Young Entrepreneurs’ Alliance entrepreneurs and the people Summit. Futurpreneur led 20 who support them together for Canadians to the summit to expand regional and national events and their international networks and 84% the opportunity to make new urge G20 leaders to foster and of entrepreneurs we supported connections, hear from inspiring support entrepreneurship. were aged 18-34 speakers and attend engaging skill-building sessions. FUNDING FOODIES In partnership with the Guelph Food OPEN FOR BUSINESS Technology Centre, we supported Over the past year we’ve opened food producers and manufacturers 40% new offices, extending our in-person across Canada with financing and of the businesses we supported were reach to more communities than mentoring. We also launched an majority-owned by women ever before. We now have dedicated inspiring marketing campaign to Futurpreneur staff in Edmonton (AB), raise awareness of food production Terrace (BC) and Yellowknife (NWT). as a strong business opportunity. 4 Futurpreneur Canada | 2015/16 Annual Review BUILDING ENTREPRENEURIAL SKILLS Financing is often a must for starting a small business and mentorship is a key ingredient to success, but those aren’t the only things young entrepreneurs need to launch and grow thriving businesses. At Futurpreneur, we offer a variety of high-impact resources that help aspiring and established entrepreneurs and mentors build their entrepreneurial skills and knowledge. POPULAR HANDS-ON COLLABORATIVE Our most popular online resource is our How do entrepreneurs know if their business We collaborate with the Government of interactive Business Plan Writer, supported plan is as good as they think it is? We have a Canada and hundreds of government, business by BMO. This dynamic resource allows users team of in-house Entrepreneurs-in-Residence and non-profit partners across Canada and to customize their business plan and provides who hold regular webinars, boot camps and internationally to ensure that young entrepreneurs tips, tricks and examples along the way to guide one-on-one sessions with entrepreneurs in get the help they need to start and grow successful them through the process. As of March 31, 2016, the planning stages of their businesses. These businesses. For example, we partner with BDC this tool had been used by over 65,000 people entrepreneurial experts work closely with to secure more financing for Futurpreneurs. as they tackled the important task of creating aspiring business owners to ensure they have We’ve also partnered with the Canadian a viable business plan. rock-solid business plans to help them secure Federation of Independent Business (CFIB) the financing they need and get started. to offer Futurpreneur-supported entrepreneurs COMPREHENSIVE a free, six-month introductory membership Our Business Resource Centre, also supported MENTOR-FOCUSED to My Start Up, CFIB’s new resource for new by BMO, has tools, templates and articles for Mentoring is a key component of business Canadian business owners. entrepreneurs at every stage of owning a success, so we partnered with the BDC to business. From understanding entrepreneur- create a series of mentoring crash courses ship and writing a business plan to managing to help mentors and entrepreneurs make the operations and excelling at sales and marketing, most of their mentoring relationships. From how the Business Resource Centre is a hub of useful to kick off a mentoring relationship to having information and advice for any entrepreneur. difficult conversations with your mentor or entrepreneur, we cover the top topics that come up in even the strongest of mentoring relationships. 5 Futurpreneur Canada | 2015/16 Annual Review THE MANY FACES OF SUCCESS The most important success stories we tell belong to the young Futurpreneurs we support. These are stories of overcoming fear, learning from failure, inspiring resilience and demonstrating incredible ingenuity. We’re happy to share just a few of these stories from young Futurpreneur across the country, along with their advice for those who dream of following in their footsteps. 6 Futurpreneur Canada | 2015/16 Annual Review JENISE LEE KRISTIN POCH CERTCLEAN BEATNIK BUS Jenise Lee knew that terms like “natural” and “organic” were not governed Kristin Poch spent her weekends growing up with her father, scouring in the beauty sector in Canada. After losing her brother to cancer, Jenise thrift stores and garage sales for quality vinyl records. After graduating realized that she wanted to solve the problem of potentially cancer-causing from university and struggling to find meaningful work, Kristin was traveling chemicals in products. With this passion and a determination to help consumers and came across mobile retailers that inspired her to revisit her passion for recognize what’s in the products they use every day, Jenise created vinyl. With Futurpreneur’s support, she created Beatnik Bus, a mobile retailer CertClean, a certification that vets cosmetics and personal care products selling vinyl records in Calgary. Since then, she’s been generating lots of that are formulated without ingredients that pose risk to human health. In positive buzz for her business, which is the first of its kind in Calgary, and 2015, Jenise was one of 10 recipients of our Spin Master Innovation