Created in 2001, Summer Company is a provincial program that helps student entrepreneurs by providing financial support and mentorship to participants to create small businesses during the summer months. The goal is to help participants both with material support, by enabling them to generate income, and to endow them with essential skills they'll need as full-fledged entrepreneurs once their education is completed.
This year, as part of
a focus on youth employment in the 2013 budget, the Ontario government is proposing to increase the number of spots available in Summer Company by 20 per cent, going from 500 to 600 positions.
The students who participate in Summer Company range in age from 15 to 29 and their businesses run a huge gamut, from artisanal food production to web development to construction services. Each participant must draw up a business plan and a cash flow forecast as part of the application process.
If accepted, students then go on to learn some business basics, like how to keep books and navigate the regulations in their particular sectors. They receive coaching from local entrepreneurs as they launch their businesses, and also receive up to $3,000 in financial support--some of which is meant to help with the business itself, and some to go towards continued education once the summer is done.
Applications for the 2013 edition of Summer Company will be accepted until June 3. The increased number of spots is contingent on the passage of the provincial budget; a vote on that is expected later this month.
Writer: Hamutal Dotan
Source: Ministry of Economic Development